The Window of Vulnerability | Tian Yang on Global Imbalances, the Dollar, Growth Vulnerabilities, and Housing (Plus A Special Offering for Monetary Matters Listeners)

Monetary Matters with Jack Farley

https://variantperception.com/monetary-matters-listeners/

16:32

You’re busy—but are you actually growing? In this episode, Nata Salvatori exposes a trap that’s costing service providers time, money, and sanity: chasing busywork that feels productive but doesn’t move the needle. She walks through a clear, five-step growth path—from clarifying your offer, validating through real sales, delivering sustainably, building repeatable systems, to scaling confidently. You’ll learn: How to spot and ditch “fake work” Why clarity beats complexity every time How to use real feedback to validate your offers Delivery tips that prevent burnout System creation that enables scaling How to honor your current phase of growth 📌 Ready to stop spinning your wheels and make real moves? Map your phase, pick your next action, and don’t be afraid to ask for help: 👉 accidentalceo.co/coaching Support the show…

25 days ago 1:15:25

MP3•Episode home

Request sample reports from Variant Perception here:

Monetary Matters listeners can get discounted access to Variant Perception’s Research Subscription by clicking the link above. In addition, for those who sign up to Variant Perception’s Research Subscription, a trial of Variant Perception’s full product suite will be available for one quarter.

Tian Yang, CEO of Variant Perception, returns to Monetary Matters to share his thoughts on global imbalances that have been building in the monetary system for decades. He shares what his data-driven approach indicates about the U.S. Dollar, global equities, and more. He also explains the challenges he sees ahead for U.S. homebuilding companies. Recorded June 19, 2025.

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134 episodes

#Trading #Business News #Business #News #Jack Farley

The Window of Vulnerability | Tian Yang on Global Imbalances, the Dollar, Growth Vulnerabilities, and Housing (Plus A Special Offering for Monetary Matters Listeners)

Monetary Matters with Jack Farley

29 subscribers

published 25 days ago

MP3•Episode home

Request sample reports from Variant Perception here:

https://variantperception.com/monetary-matters-listeners/

Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Variant Perception on Twitter https://x.com/VrntPerception

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

134 episodes

#Trading #Business News #Business #News #Jack Farley

All episodes

Monetary Matters with Jack Farley

1
Top Hedge Funds Are Hiding and It’s Warping Return Data | Jon Caplis of PivotalPath 1:10:45

2 days ago1:10:45

1:10:45

This Other People’s Money episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax Jon Caplis, CEO and founder at PivotalPath joins Other People’s Money to discuss how underreporting of data by the top tier of hedge funds is skewing the data that institutional investors use to make allocation decisions, resulting in undeservedly poor perception of the asset class, and significant underinvestment from institutional investors relying on allocation models. He argues that the top firms’ absence from most data sets has dragged industry wide return metrics down by approximately 400 basis points annually. Caplis also discusses how PivotalPath is combatting this data issue, the performance of hedge funds in 2025, and the mistakes many hedge funds make in communicating with institutional LPs that make up PivotalPath’s client base. Learn more about PivotalPath at https://www.pivotalpath.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 An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation…

Monetary Matters with Jack Farley

1
The 5th Inning | Citrini on Phase II of AI, Semis, Robotics, Healthcare, and Teradyne 1:10:27

4 days ago1:10:27

1:10:27

This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Citrini returns to Monetary Matters to review his “25 Trade Ideas” shared at year-end and to look forward to the next phase of AI. Citrini shares his views on the semiconductor industry, and explains why he thinks the next phase of outperformance could be in robotics. He also talks China, healthcare, and a particular stock that recently caught his interest. Recorded July 10, 2025. Follow Citrini on Twitter https://x.com/Citrini7 Follow Jack Farley on Twitter https://x.com/JackFarley96 Citrini Research: https://www.citriniresearch.com/ Citrindex: https://www.citrindex.com/ Pieces discussed: “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 “Thematic Primer: Artificial Intelligence, Phase 2”: https://www.citriniresearch.com/p/thematic-primer-artificial-intelligence Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez…

Monetary Matters with Jack Farley

1
The Case For Tariffs | Oren Cass on Why Globalization Has Mostly Been Bad, And The Need To Redress Unbalanced Trade 1:04:31

7 days ago1:04:31

1:04:31

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Oren Cass, chief economist at American Compass, joins Jack to make the case that globalization over the past 50 years has been bad for American workers, and that tariffs are needed in order to remedy longstanding imbalances within the global economy. Cass also shares his view on tariffs’ role within the broader American conservative movement. Recorded on June 25, 2025. Oren Cass’ book, “The New Conservatives: Restoring America's Commitment to Family, Community, and Industry”: https://www.amazon.com/New-Conservatives-Restoring-Commitment-Community/dp/B0DXD6CB8M/ref=sr_1_3?dib=eyJ2IjoiMSJ9.Cg1AhfRv1IF_PQOZF9cf-rypEl5AfrYsisPBB9QXvHaosPwFIYLnD9WaHz50kbCfcY87loISitb1GKHjwNxWDw.IPnNIrxv3NdYL_dChBGywJ8HWT_pGd2RsPP8jt2J9T8&dib_tag=se&qid=1752157606&refinements=p_27%3AOren+Cass&s=books&sr=1-3 Follow Oren Cass on Twitter https://x.com/oren_cass Follow American Compass on Twitter https://x.com/AmerCompass Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez…

Monetary Matters with Jack Farley

1
The Market Has Moved from Deflation to Debasement | Warren Pies 1:07:13

9 days ago1:07:13

1:07:13

This Other People’s Money episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXMax Warren Pies, strategist and co-founder at 3Fourteen Research joins Other People’s Money to discuss how the market and economy are transitioning from a deflation to a debasement mindset. He explains why he’s bullish equities, expecting continued disinflation despite his longer-term debasement view, and expecting the Fed to cut 3 times before the end of the year while the economy avoids recession. Pies also looks back on his launching his first year as an ETF fund manager. Follow Warren on X: https://x.com/WarrenPies Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation…

Monetary Matters with Jack Farley

1
The Double Dip Recession | Danielle DiMartino Booth’s Take on Job Market, Credit, Tariffs, and Fed 52:22

11 days ago52:22

52:22

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Danielle DiMartino Booth, CEO and chief strategist at QI Research, returns to Monetary Matters to update listeners on her read of the economic cycle and credit markets. She shares her thesis that the U.S. economy entered recession in early 2024, exited it, and is now entering another recession in a process similar to the double dip recession of 1980-1981. Recorded on June 26, 2025 Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez…

Monetary Matters with Jack Farley

1
Bull Markets' Tumultuous Third Year | Sam Stovall on Earnings Expectations, Sector Outlooks, and bull Case for U.S. Stocks 45:22

15 days ago45:22

45:22

Sam Stovall, CFRA Research’s U.S. Equity Strategist joins Monetary Matters to explain his bullish (with a lowercase b) view on U.S. equities, and offers several overweights and underweights of CFRA Research across the stock market. Recorded on June 25, 2025.Sam Stovall’s book, “The Seven Rules of Wall Street”: https://www.amazon.com/Seven-Rules-Wall-Street-Crash-Tested/dp/0071615172 Follow Sam Stovall on Twitter https://x.com/StovallCFRA Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez…

Monetary Matters with Jack Farley

1
Is Leverage the Solution to America’s Retirement Crisis? | Abdul Al-Asaad of Basic Capital 1:06:00

16 days ago1:06:00

1:06:00

Abdul Al-Asaad, CEO and co-founder of Basic Capital, joins Other People’s Money to discuss how Basic Capital is revolutionizing access to leverage for everyday Americans. He argues that American’s have far too much access to credit for the wrong use, consumption, and far too little access for positive uses like investing in assets that could change their financial future. He discusses how Basic Capital’s term financing works, why most of the capital you receive through Basic Capital is invested in private credit, and why he believes that for many people inaction is a bigger risk than taking a leveraged bet on stocks and bonds. Learn more about Basic Capital: https://basiccapital.com Follow Abdul on X: https://x.com/Abude_al_asaad 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 00:52 Basic Capital Backlash 10:12 Leverage as General Purpose Tool 17:07 Risk in Leverage 20:13 Learning from the Kings of Leverage 25:42 Term Financing 31:46 Private Credit & S&P 500: How Basic Capital Invests 38:51 How Private Credit Works 44:44 Private Credit Hates Basic Capital 48:37 The Risk of Being Left Behind 56:02 Basic Capital Fees and 401k Investing 01:03:32 Building a New Credit Market…

Monetary Matters with Jack Farley

1
Gold’s Time To Shine | Joseph Cavatoni on Central Bank Bullion Purchases, Permitting Reform in U.S., and Global Investor Demand for Gold 56:34

18 days ago56:34

56:34

Joseph Cavatoni, senior market strategist at The World Gold Council, joins Jack to share the developments within the global gold market. Cavatoni shares findings from The World Gold Council’s recent report on central banks’ gold reserves, and he explains current demand trends across the world. He reviews the supply situation and tells Jack about the more mine-friendly permitting regime from the new U.S. administration. Recorded on June 23, 2025.World Gold Council’s Central Bank Gold Reserves Survey 2025: https://www.gold.org/goldhub/research/central-bank-gold-reserves-survey-2025 Follow Joseph Cavatoni on Twitter https://x.com/JCavatoni_WGC?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez…

Monetary Matters with Jack Farley

1
The Healthcare Sector Job Growth is Propping Up the US Economy (For Now) | Eric Pachman 1:26:22

21 days ago1:26:22

1:26:22

Eric Pachman, Chief Analytics Officer at Bancreek Capital Advisors, joins Monetary Matters to discuss how the healthcare sector, the strongest sector for job growth in the whole economy, could falter because of the proposed cuts to spending in the Big Beautiful Bill and potentially even tip the whole economy into a recession. He also discusses how important government spending is in propping up the healthcare industry, making it largely unaffected by the tools the Federal Reserve would likely use to combat a potential recession led by the healthcare sector. Read more from Eric and try Bancreek’s data visualization tools: https://www.bancreek.com/blog Follow Eric Pachman on Twitter: https://x.com/EricPachman Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez…

Monetary Matters with Jack Farley

1
The Window of Vulnerability | Tian Yang on Global Imbalances, the Dollar, Growth Vulnerabilities, and Housing (Plus A Special Offering for Monetary Matters Listeners) 1:15:25

25 days ago1:15:25

1:15:25

Request sample reports from Variant Perception here: https://variantperception.com/monetary-matters-listeners/ Monetary Matters listeners can get discounted access to Variant Perception’s Research Subscription by clicking the link above. In addition, for those who sign up to Variant Perception’s Research Subscription, a trial of Variant Perception’s full product suite will be available for one quarter. Tian Yang, CEO of Variant Perception, returns to Monetary Matters to share his thoughts on global imbalances that have been building in the monetary system for decades. He shares what his data-driven approach indicates about the U.S. Dollar, global equities, and more. He also explains the challenges he sees ahead for U.S. homebuilding companies. Recorded June 19, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Variant Perception on Twitter https://x.com/VrntPerception Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez…

Monetary Matters with Jack Farley

1
Fed Scared of Inflation Resurgence | Jack Farley & Max Wiethe 33:30

29 days ago33:30

33:30

Jack Farley and Max Wiethe break down the market’s reaction to today’s Federal Reserve decision, the Summary of Economic Projections, and Jerome Powell’s press conference. They also discuss parallels between this market and late 2021, debate whether AI is a bubble, and the eternal question of when the next US recession will occur. 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…

Monetary Matters with Jack Farley

1
Equity Market Strength is Masking a Recession | Mike Green 1:14:02

29 days ago1:14:02

1:14:02

Mike Green, Portfolio Manager and Chief Strategist at Simplify, joins Monetary Matters to discuss why the strength of the equity market and other technical factors are obfuscating weakness in the US consumer and broader indicators of economic weakness to the point that it could be masking a recession. Green also discusses his views on inflation, the bond market, and the current stage of the passive investing endgame that he believes is the main culprit driving equity markets higher and higher. Follow Mike Green on Twitter: https://x.com/profplum99 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Jack Farley on Twitter https://x.com/JackFarley96 Read Mike’s Substack here: https://www.yesigiveafig.com Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:46 US Consumer Mirage 08:59 The Impact of High Interest Rates 13:39 Labor Market Weakness Will Eventually Force the Fed to Cut 15:03 Current Stage of the Passive Endgame 25:25 Recession Timing 33:31 How Will Asset Values Fair in the Next Recession? 40:30 Bond Market &Inflation Views 46:38 Uber's Impact on Unemployment 52:03 Tariff Uncertainty & the Fed 54:04 Bonds, Housing, & Other Macro Trades 01:02:03 Bitcoin, Solana, & Other Closing Thoughts…

Monetary Matters with Jack Farley

1
The Fed Will Choose Inflation Over Recession | Vincent Deluard 57:49

5 weeks ago57:49

57:49

Vincent Deluard, Director of Global Macro Strategy at StoneX joins Monetary Matters to discuss why he believes changes to policy makers toolkit and to the structure of the economy mean recessions are “cancelled.” He also discusses why he believes Trump’s MAGA economic policies will be bad for corporate profit margins and his bullish outlook on oil and energy stocks. Follow Vincent Deluard on Twitter https://x.com/VincentDeluard 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 Intro 01:07 Recessions are Cancelled 08:23 The No Recession Feedback Loop 11:11 Impact of Tariffs 13:21 MAGA’s War on Corporate Profits 19:26 Corporate Tax Rates 21:56 Fiscal Balance of Payments Crisis 26:11 Outlook for Inflation, Growth, and Rates 36:07 Outlook for the Stock Market 40:51 US Multiples Compared to Rest of the World 45:18 Bullish View on Oil & Energy Sector 55:15 July Fed Predictions…

Monetary Matters with Jack Farley

1
Capacity Constrained by Design: The 25-Year-Old Building Niche Multi-Manager Hedge Fund Platforms | Zach Levitt 1:00:23

5 weeks ago1:00:23

1:00:23

Zach Levitt, CIO and Founder of Sixth Turn Capital and Opus One Asset Management joins Other People’s Money to discuss how he is standing up multi-manager platforms at just 25 years old by focusing on niche capacity constrained managers. Levitt discusses the benefits of combining uncorrelated capacity constrained strategies in a multi-manager platform, his unconventional path to founding a multi-manager platform, how mentorship has helped accelerate his growth, and how he goes about attracting talented investors to his platform. Follow Zach on X: https://x.com/derivative_bro 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 00:48 Skipping the Analyst Track and Founding a Hedge Fund at 25 07:14 Many Great Track Records Indicate Nefarious Information Was Traded On 09:42 What Does a Good Capacity Constrained Manager Look Like? 13:38 What Level of Correlation is "Uncorrelated" 18:20 What Level of Capacity is "Capacity Constrained"? 21:30 Mentorship Through Podcasts & Cold Outreach 26:13 Convincing Managers To Join Your Platform as a 25 Year Old 28:46 Investor Interest in SMAs vs Commingled Funds 35:25 Battling Startup Costs 39:06 Selling Talented Investors on Your Success Story 43:39 Risk Management and Cutting Portfolio Managers 47:38 Marketing "Hypothetical" Track Records 52:32 Next Stages of Growth 54:20 Assessing the Capacity Limits 57:17 Can PA Traders Become PMs?…

Monetary Matters with Jack Farley

1
Trade Policy Isn't Driving China’s Trade Surplus | Matthew Klein 1:13:35

5 weeks ago1:13:35

1:13:35

Matthew Klein, founder of The Overshoot and UN/BALANCED and co-author of Trade Wars Are Class Wars with Michael Pettis joins Monetary Matters to discuss what factors really lead to major trade and capital flow imbalances between countries. He argues that factors like income inequality, domestic economic policy and decisions being made at the corporate level can have far more impact than country level trade policy. He also discusses why even though extreme trade and capital flow imbalances may be dangerous, implementing improper solutions can exacerbate the damage. Follow Matthew Klein on Twitter: https://x.com/M_C_Klein Follow Jack Farley on Twitter https://x.com/JackFarley96 Read Matthews Substack The Overshoot here: https://theovershoot.co/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:52 Why Trade Wars Are Class Wars 12:13 Trade Surpluses vs Trade Deficits 18:51 Income Distribution Drives Capital Flows 28:28 China's Shifting Income Distribution 33:41 The Problem With China's Growing Trade and Current Account Surplus 41:51 Who is Winning in China? 44:04 How to Combat China's "Cheating on Trade" 49:25 Who Has the Upper Hand in Trade Negotiations? 54:05 Will Tariffs Drive Reshoring? 59:53 How Can the US Restore Balance of Trade? 01:08:29 Conclusions…

Monetary Matters with Jack Farley

1
“The Dollar Gets Annihilated” | Julian Brigden & Jonny Matthews on Fiscal Dominance, Secular Bond Bear Market, and Outlook on Rates & Tariffs 1:33:12

6 weeks ago1:33:12

1:33:12

This conversation was originally recorded for Julian Brigden’s research service, MacroCapture. Sign up for MacroCapture by MI2 Partners today with coupon codes MM10 (for annual) and MM10Q (for quarterly) to save 10% at: https://mi2partners.com/macrocapture-landing-page/ Julian Brigden of MI2 Partners and veteran macro trader Jonny Matthews of SuperMacro join Monetary Matters for a wide-ranging discussion of the forces that are contributing to a global weak market in sovereign bonds. Recorded May 28th and released for Julian’s MacroCapture clients on June 3rd. Follow Julian Brigden on Twitter https://x.com/JulianMI2 Follow Jonny Matthews on Twitter https://x.com/super_macro Follow MI2 Partners on Twitter https://x.com/MI2Partners Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez…

Monetary Matters with Jack Farley

1
What Investors Are Overlooking in AI & Semis | Val Zlatev 1:16:51

6 weeks ago1:16:51

1:16:51

Val Zlatev, Portfolio Manager and Senior Partner at hard tech specialist hedge fund Analog Century Capital Management joins Other People’s Money to discuss what he thinks investors still fail to appreciate about the secular growth of AI and semiconductors. He also discusses why DeepSeek was so misunderstood, other aspects of the AI supply chain, the state of the analog chip cycle, running long/short and market neutral strategies and garnering interest from the large multi-manager platforms. Learn More About Analog Century Capital Management: https://www.analogcm.com/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:15 What is Hard Tech? 02:41 The Evolution of the Hard Tech Sector From the 90s to Now 05:04 Investors Are Underweight Hard Tech 11:09 The Massive Impact of the End of Moore's Law 16:59 New Investment in Semiconductor Capacity 18:08 Why AI Should Be Compared to Cloud, Not Fiber 22:55 What Investors Got Wrong About DeepSeek 25:41 The US Government's Impact on AI & Chips 33:04 The Chinese Government’s Involvement in AI & Chips 35:13 Dominant Players in Chinese Semiconductor Market 39:12 The AI Supply Chain Beyond Semiconductors 43:53 Analog Semiconductors & Power Management 49:55 Winners, Losers, and Fakers in AI 57:03 Research Process for Hard Tech 01:01:25 Dispersion in Hard Tech Returns 01:03:31 Trading and Portfolio Construction at Analog Century 01:08:13 Market Neutral & Garnering Interest From Multi-Manager Platforms 01:12:20 Market Neutral vs Long/Short Investors 01:14:51 The Value of Partners and Team Continuity 01:16:42 Conclusion…

Monetary Matters with Jack Farley

1
Soaring US Debt Burden & The Global Market Reset | Gerard Minack 1:32:18

6 weeks ago1:32:18

1:32:18

To learn more about the VanEck Merk Gold ETF (OUNZ): https://www.vaneck.com/OUNZJack/overview/ To view the prospectus: https://www.vaneck.com/OUNZProspectus Gerard Minack of Minack Advisors joins Monetary Matters to discuss why even though other developed nations like Japan may have higher debt to GDP ratios, factors like net debt, monetized debt, and the overall size of US debt make this comparison flawed. He argues these factors make the current trajectory of US debt levels completely unsustainable and that the bond vigilantes will step in long before even more extreme levels are reached. He also discussed the extreme valuation gap for US assets compared to the rest of the world, why he thinks that gap will narrow, Mag 7 dominance and AI, and why he thinks Japan, not China, is the large Asian market set to outperform. Follow VanEck on Twitter https://x.com/vaneck_us You can find Gerard Minack on Bloomberg Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:24 Van Eck OUNZ 01:00 Interest Rate & Bond Market Views 09:13 Comparing US Debt Levels to Japan 12:21 Comparing Soft & Hard Data 16:19 Two Growth Scenarios Affecting Rates This Year 23:30 Van Eck OUNZ 24:05 The New World of Higher Rates 33:12 How Higher Rates Impact Stocks 43:01 The AI Trade and US Valuations 49:23 The US Valuation Gap vs The Rest of the World 53:12 Mag 7 Dominance 01:03:15 Bearish on Chinese Stocks and Bullish on Japan 01:09:23 Japan's Macro Backdrop 01:16:19 The Neutral Rate & Demographics 01:21:22 No Recessions in Australia 01:26:16 Australian Outlook…

Monetary Matters with Jack Farley

1
American Exceptionalism was a Fiscal Facade | Marco Papic 1:06:24

7 weeks ago1:06:24

1:06:24

Marko Papic, Chief Strategist at BCA Research, joins Monetary Matters to argue that while tariffs may be the catalyst that shifts global appetites for US assets, it will be the necessary shift to fiscal hawkishness that will drive the end of “American Exceptionalism” and outperformance of US markets. Papic also discusses his views on as shift towards a multipolar world and why he views the dual polar world with US and China as competing global hegemons as the least likely outcome when compared with a multipolar reality or the revitalization of the American Empire. Follow Marko Papic on Twitter https://x.com/Geo_papic 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: 01:00 Why TACO (Trump Always Chickens Out) is Wrong 08:29 Recession Risks vs Stock Market Risks 12:21 Comparing Soft & Hard Data 15:12 Timeline for Trade Policy Certainty 20:53 Tariffs as a Catalyst for Domestic Economic Improvements Globally 26:47 The US Fiscal Facade 28:28 China Outlook 30:14 The Big Beautiful Bill & US Fiscal Deficit 41:02 DOGE’s Political Signal Value 48:09 US Defense Spending 51:13 Russia & Ukraine War 56:07 Foreign Policy in a Multipolar World 01:03:01 Middle East Stability…

Monetary Matters with Jack Farley

1
Patient Value Investing and America’s Industrial Advantage | Bob Robotti 1:14:07

7 weeks ago1:14:07

1:14:07

Bob Robotti, legendary value investor and President and CIO of Robotti and Company Advisors, is one of a very select group of investors with a 30+ year track record of S&P 500 outperformance. Here he joins Other People’s Money to discuss long-term value investing, why he likes to invest in companies perceived to be facing headwinds, and his view that American based industrial companies are competitively advantaged for reasons completely unaffected by trade policy. He also discusses how he operates both an advisory business and a broker dealer business and how the broker dealer has served as a starting point for many other great value investors. Learn More About Robotti Advisors: https://advisors.robotti.com Follow Bob Robotti on X: https://x.com/BobRobotti 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 01:27 Patient Capital 08:05 Investing in Companies with Headwinds 12:13 Building Products Businesses 16:08 North American Industrial Advantage 22:41 Industries Returning to the USA 27:18 Valuing Businesses on Cost of Replacement 30:56 The Links Between Lumber, Building Products, and Housing 33:24 Engaging With Management in Long-term Positions 39:04 Trading Around Long-Term Positions 47:57 Buying Stocks After They've Gone Up 52:56 Trading Against Each Other 55:01 Having a Broker Dealer and Advisory Business 59:15 Jumping From the Sell Side to the Buy Side 01:04:08 Capital Churn 01:06:03 All US Equity Investors Should Compare Themselves to the S&P 500…

Monetary Matters with Jack Farley

1
Regime of Uncertainty | Steve Hanke on Money Supply Shock, Tariff and Current Account, and Why Recession Remains Base Case For 2025 45:11

7 weeks ago45:11

45:11

To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: https://www.vaneck.com/OUNZProspectus Learn more: https://www.vaneck.com/OUNZJack/overview/ Steve Hanke, author of “Making Money Work” and Professor of Applied Economics The Johns Hopkins University in Baltimore, joins Monetary Matters to share his thoughts on the anemic bank credit growth, fiscal and tariffs policy in the United States, and the global Dollar system. Recorded May 20, 2025. Follow VanEck on Twitter https://x.com/vaneck_us Follow Steve Hanke on Twitter https://x.com/steve_hanke Follow Jack Farley on Twitter https://x.com/JackFarley96 Steve’s book, “Making Money Work: How to Rewrite the Rules of Our Financial System”, on Amazon: https://www.amazon.com/Making-Money-Work-Rewrite-Financial/dp/1394257260 “Making Money Work” from Publisher (Wiley): https://www.wiley.com/en-us/Making+Money+Work%3A+How+to+Rewrite+the+Rules+of+Our+Financial+System-p-9781394257270 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez…

Monetary Matters with Jack Farley

1
Economic Policy To The Fore | Jason Furman on Deregulation, Tax Cuts, Tariffs, and Healthcare 37:39

8 weeks ago37:39

37:39

Jason Furman, former Chairman of Council of Economic Advisers for President Obama and Aetna Professor of the Practice of Economic Policy jointly at Harvard Kennedy School (HKS) and the Department of Economics at Harvard University, joins Monetary Matters to share his view of the Trump administration’s “three-legged stool” of tariffs, deregulation, and tax cuts. Recorded May 20, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Jason Furman on Twitter https://x.com/jasonfurman Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez…

Monetary Matters with Jack Farley

1
Fiscal Decay, EM Parallels, and What’s Next for the Dollar | Nicolás Dujovne 1:25:14

8 weeks ago1:25:14

1:25:14

Nicolás Dujovne, CIO and founder of Tenac Asset Management and former Treasury Minister of Argentina joins Monetary Matters to discuss the evolution of emerging market economies, EM debt investing, and why even though the US’s failure to address fiscal issues may be reminiscent of emerging markets it still falls short of full EM status even if it risks the US Dollar’s reserve currency status over the long run. Dujovne also identifies the opportunities he's watching now, explains why he thinks the dollar is moving lower, and makes the case for EM debt becoming more common in investor portfolios. Learn more about Tenac Asset Management: https://tenacam.com 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: 00:46 The Impact of the Dollar on EMs Like Argentina 04:59 The Impact of the Fed and US Rated on EMs Experiencing Crisis 08:15 The Causes of Argentina's Inflation 15:17 The Mechanics of Money Printing 18:38 Macro Investing in Emerging Markets 28:30 Dollar Bonds vs Local Currency Bonds 34:55 Why Do Countries Issue Dollar Bonds? 40:05 The Case for EM Debt as an Asset Class 44:21 Balance of Payments 47:51 Economics vs Trading 52:58 Rebalancing the US vs the Rest of World 55:40 The Weakening US Dollar 57:54 Tariff Impacts on US GDP 01:01:36 One Year Dollar Outlook 01:03:25 Current Positioning 01:05:26 Current Market Anomalies 01:08:52 Is the US Becoming an Emerging Market 01:13:54 LATAM Tariff Winners 01:17:16 Opinions on Milei 01:21:18 Argentina Market Views…

Monetary Matters with Jack Farley

1
The Holy Grail of Macro | Prometheus Macro’s Aahan Menon on Why Tariffs Won’t Cause A Recession And Why Buying Dips Only Works In An Expansion 1:43:54

8 weeks ago1:43:54

1:43:54

Monetary Matters listeners can get a 25% discount to Prometheus Macro: https://www.prometheus-macro.com/monetarymatters Aahan Menon, founder and CEO of Prometheus Macro, returns to Monetary Matters to share his in-depth macro process. He talks about how returns come from three factors: carry, mean reversion, and trend, and about how these three factors interact with other macro variables. Prometheus Macro is a trusted source for Jack and Monetary Matters listeners can get discounted access to Aahan’s research service by using the link below. Annual subscriptions can be purchased at 25% off the monthly subscription rate, and monthly subscribers can get a 10% discounted rate. https://www.prometheus-macro.com/monetarymatters Follow Aahan Menon on Twitter https://x.com/AahanPrometheus Follow Prometheus Macro on Twitter https://x.com/prometheusmacro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez…

Monetary Matters with Jack Farley

1
Is Private Credit a Systemic Risk? (A Regulator’s View) | Fabio Natalucci 1:25:12

9 weeks ago1:25:12

1:25:12

Fabio Natalucci, CEO of the Anderson Institute for Finance & Economics, joins Monetary Matters to discuss his work at the IMF on the potential risks to the global financial system that the growth of private credit may pose. They also discuss the affects that tariffs will have not just on the economy but the functioning of the financial system. Learn more about the Anderson Institute: https://www.andersen.com/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:48 A Regulator's View of Private Credit 12:58 Private Credit Replacing the Banking System 15:46 New Types of Private Credit Investors 19:34 Private Credit Liquidity 24:11 Private Credit Leverage 29:00 Geographical Regulatory Risks 30:23 Is Private Credit Investment Grade? 36:01 Private Capital's Entry to the Insurance Business 41:49 Derivatives in Private Credit and Collateralized Fund Obligations 45:44 Economic and Financial Implications of Tariffs 01:01:53 The Risk of Foreigners Selling US Assets 01:09:53 Taiwan Life Insurance Markets 01:12:37 Does Trump Want a Weaker Dollar? 01:15:37 Lack of Consumption Ex-US 01:20:29 The Anderson Institute…

Monetary Matters with Jack Farley

1
The Fed and The Flu | David Kotok on How Pandemics Transform Economies and Markets 1:04:57

9 weeks ago1:04:57

1:04:57

David Kotok, Co-Founder & Strategic Advisor at Cumberland Advisors, joins Monetary Matters to discuss insights from his new book, “The Fed and the Flu: Parsing Pandemic Economic Shocks.” Kotok cites data over millennia to show that pandemics typically cause natural real interest rates to decline, and productivity and inequality to rise. Kotok argues that we must prepare for the next pandemic and shares his view on the origin of the COVID virus. Part II of an interview recorded on April 4, 2025, with the first part having aired on April 7, 2025. David Kotok’s book, “The Fed and the Flu: Parsing Pandemic Economic Shocks”: https://www.amazon.com/Fed-Flu-Parsing-Pandemic-Economic-ebook/dp/B0DCK1ZHJT Paper, “Longer-Run Economic Consequences of Pandemics”: https://www.nber.org/system/files/working_papers/w26934/w26934.pdf Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow David Kotok on Twitter https://x.com/DavidKotokGIC Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez…

Monetary Matters with Jack Farley

1
Milton Berg: “Overwhelming” Evidence of Bullish Action In Stock Market 1:24:41

9 weeks ago1:24:41

1:24:41

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

Monetary Matters with Jack Farley

1
Ken Rogoff on Past, Present, and Future of U.S. Dollar Hegemony 1:07:59

9 weeks ago1:07:59

1:07:59

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

Monetary Matters with Jack Farley

1
The Global Trade Reset Was Inevitable | George Magnus 1:20:38

10 weeks ago1:20:38

1:20:38

George Magnus, famed economist and Associate at the China Centre Oxford, joins Monetary Matters to discuss how the global trade reset was inevitable because of unsustainable trade imbalances built up prior to the Trump administration. They also discuss the likelihood of tariffs being lowered and the relative strength of the US and China in trade negotiations. Follow George Magnus on Twitter https://x.com/georgemagnus1 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez…

Monetary Matters with Jack Farley

1
Wait & See | Jack & Max on May Fed Meeting, Shipping Volumes, China Stimulus, and Tariff Newsflow 50:18

10 weeks ago50:18

50:18

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

Monetary Matters with Jack Farley

1
Getting Ready For A Protracted Bear Market | Last Bear Standing 1:06:48

10 weeks ago1:06:48

1:06:48

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

Monetary Matters with Jack Farley

1
End of Free Trade Era Should Not Spook Long-Term Investors | Kara Murphy 53:16

11 weeks ago53:16

53:16

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

Monetary Matters with Jack Farley

1
How Hedge Funds Have Managed Market Turmoil with Jack and Max 57:18

11 weeks ago57:18

57:18

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

Monetary Matters with Jack Farley

1
Opportunities In Agricultural Commodities | Teucrium's Sal Gilbertie on Grain Stockpiles, Trade Disruptions To Crops, and Ripple (FIRESIDE CHAT) 46:14

11 weeks ago46:14

46:14

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Learn more about Teucrium’s Model Commodity Portfolio: https://insights.teucrium.com/commodities1subscribe Golden Grain Cycle: https://insights.teucrium.com/golden-grain-cycle This Fireside Chat is a sponsored conversation with the CEO of Teucrium, Sal Gilbertie. Sal’s company offers access to agricultural commodities such as corn ($CORN), soybeans ($SOYB), wheat ($WEAT), sugar, as well as broad commodity indices ($TAGS & $TILL) and 2x levered Ripple ($XXRP). Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Sal Gilbertie on Twitter https://x.com/GilbertieSal Follow Jake Hanley on Twitter https://x.com/MacroView_Jake Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez…

Monetary Matters with Jack Farley

1
The Financial Sector Prepares for Recession | Marc Rubinstein 1:20:26

12 weeks ago1:20:26

1:20:26

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

Monetary Matters with Jack Farley

1
Hidden Mortgage Market Shifts Are Creating Opportunities | Matt Jozoff of Trevally Capital 50:42

12 weeks ago50:42

50:42

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

Monetary Matters with Jack Farley

1
Tariffs Aren’t Going Away | PIMCO’s Policy Head Libby Cantrill on Trade and Tax Environment In New U.S. Administration 55:18

12 weeks ago55:18

55:18

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

Monetary Matters with Jack Farley

1
Preparing For A Real Credit Cycle | Danny Moses on Tariff Fatigue, Private Credit, Gold, Tarnishing of U.S. Brand, and Why Stocks Still Aren’t Cheap 1:11:27

12 weeks ago1:11:27

1:11:27

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

Monetary Matters with Jack Farley

1
Breaking The Dollar System | Freya Beamish 1:11:47

13 weeks ago1:11:47

1:11:47

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

Monetary Matters with Jack Farley

1
The World Is Dumping U.S. Assets | Julian Brigden 1:35:02

13 weeks ago1:35:02

1:35:02

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

Monetary Matters with Jack Farley

1
Dodging Tariff Turmoil in Nordic High Yield Credit | Måns Levin of Ridge Capital 51:50

13 weeks ago51:50

51:50

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

Monetary Matters with Jack Farley

1
Lyn Alden: Challenge America’s Trade Deficit, Challenge The U.S. Dollar | Alden on China, Gold, and Financial and Economic Impacts of Tariffs 1:09:12

14 weeks ago1:09:12

1:09:12

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

Monetary Matters with Jack Farley

1
When the Market Crashes… They Profit | Wayne Himelsein on Logica Capital’s Long Volatility Playbook 56:24

14 weeks ago56:24

56:24

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

Monetary Matters with Jack Farley

1
Why Trump Is Likely To Negotiate Trade Deals | Charles Gasparino on Tariffs, White House Factions, and Protectionist Conservative Coalition 54:10

14 weeks ago54:10

54:10

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

Monetary Matters with Jack Farley

1
“Going Full Reagan” | Tian Yang on Trump Administration’s Bet To Shrink U.S. Trade Deficit, Signs of Market Panic, and Dollar Outlook 59:58

14 weeks ago59:58