Monetary Matters with Jack Farley

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 Cantos Capital Management and the Kao Family Office, to unpack the real energy risks facing the U.S. economy. The conversation opens with Venezuela and the Trump administration’s push to reshape global oil supply. Michael explains why Venezuela’s vast reserves are unlikely to move the market quickly, why OPEC spare capacity still caps oil prices, and why he remains structurally bearish on oil despite constant fears of shortages. From there, the focus shifts to what Michael believes is the true vulnerability: natural gas. He lays out a three-pillar thesis centered on premature electrification, the explosive growth of AI data centers, and expanding LNG exports. Together, these forces are driving electricity demand higher for the first time in decades, straining a power grid that increasingly depends on natural gas for baseload generation. The episode concludes with a discussion of how Michael is positioning for this shift, why he favors natural gas mineral rights over commodities or equities, and why natural gas is fundamentally different from oil when it comes to geopolitics and government intervention. Read Michael’s Substack, “Macro/Geopolitics/Investing - The Energy Achilles' Heel of America” here: https://www.urbankaoboy.com/p/re-macrogeopoliticsinvesting-the Follow Michael Kao on Twitter: https://x.com/UrbanKaoboy Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction to Geopolitical Energy Security 00:46 US Energy Concerns and Venezuela 01:33 Venezuela's Oil Production Potential 03:22 Natural Gas: The New Dependency 04:49 Challenges in Oil Production and Pricing 15:16 The Role of Natural Gas in the Energy Market 20:58 The Future of Natural Gas and Electricity Demand 31:13 Investment Strategies in Natural Gas 32:03 Challenges and Risks in Natural Gas Trading 33:45 Advantages of Mineral Rights Investments 38:16 Global and Local Dynamics of Natural Gas 40:39 Data Centers and Energy Demand 42:39 Future of Natural Gas and Market Trends 52:26 Investment Considerations and Strategies 01:03:12 Conclusion and Final Thoughts

This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: ⁠https://fiscal.ai/mm In this episode, Jack Farley and Max Wiethe break down what really happened in markets in 2025 and what it means for investors heading into 2026. While U.S. equities delivered strong returns and continued to attract record foreign capital, global markets quietly outperformed, with emerging markets, Europe, Japan, and parts of Asia posting significantly higher total returns. The conversation digs into why the “U.S. is the only game in town” narrative broke down, how currency hedging changed foreign capital flows, and why countries like South Korea and China dominated performance. Jack and Max also explore sector-level winners and losers, the ongoing strength of AI and semiconductors, and the rise of speculative excess in areas with little fundamental support. Looking ahead, they debate the biggest risks for 2026, including AI valuations, private credit, labor market weakness, and the growing disconnect between corporate profits and employment. The episode closes with a discussion of tariffs, geopolitics, precious metals, and where real opportunities and hidden risks may lie as the global bull market continues to evolve. Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction 00:47 US Market Performance in 2025 02:37 Global Market Comparison 04:25 Top Performing Countries and Sectors 05:08 Worst Performing Markets 11:29 Sector Analysis and Trends 16:50 Speculative Stocks and Quantum Computing 19:59 AI Trade and Precious Metals 23:55 Silver Market Dynamics and Supply Constraints 25:02 Biggest Risks to Market Stability in 2026 26:58 Bond Market and Inflationary Concerns 30:28 Private Credit and Market Risks 36:02 Tariffs and Their Impact on the Market 41:29 Geopolitical Special Situations: Venezuela 44:15 Upcoming Interviews and Fiscal AI

Harley Bassman, managing partner at Simplify Asset Management and widely known as the “Convexity Maven,” joins Monetary Matters to break down the hidden risks shaping today’s markets. He explains why inflation is likely to remain structurally higher, why massive fiscal deficits matter more than Fed policy, and how passive flows continue to support equities despite growing cracks underneath. The conversation dives deep into bonds, mortgage-backed securities, credit risk, gold as an alternative currency, and why convexity is the key concept investors consistently underestimate. Bassman also outlines practical portfolio hedges designed to perform when markets move to extremes, offering a rare, long-horizon framework for navigating uncertainty in 2026 and beyond. Read Harley’s 2026 Stocking Stuffers here: https://www.convexitymaven.com Follow Harley Bassman on Twitter: https://x.com/ConvexityMaven Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction to Financial Crises and Convexity 00:30 Meet the Convexity Maven: Harley Bassman 01:08 Macro View: Inflation and Economic Drivers 01:48 Demographics and Spending Trends 03:24 Immigration and GDP Growth 04:21 Fiscal Policy and Inflation 05:36 Bond Market Predictions 13:27 Equity Markets and Passive Flows 17:31 Mortgage-Backed Securities: A Safe Bet? 23:51 Leveraged Trades and Interest Rate Hedges 32:09 Comparing Long Duration Investments 33:50 Understanding Positive Carry in Options 40:36 Private Credit and High Quality BDCs 48:48 Investing in Big Oil and MLPs 55:03 Gold as an Alternative Currency 01:00:12 Portfolio Construction and Sizing 01:01:50 Conclusion and Future Episodes

Monetary Matters can get 25% off Citrini Bundle (Citrindex AND Citrini Research) here through January 14: https://www.citriniresearch.com/subscribe?coupon=398e4269 The investor known only as Citrini returns to share his thematic watchlist for the new year, aka “26 Trades for 2026.” The conversation pivots from the hardware-focused "phase one" of the AI trade toward "phase two," which focuses on companies utilizing AI to streamline bloated bureaucracies and increase margins. Citrini details his high-conviction "AI Bureaucracy Alpha" framework, identifying firms that could significantly reduce headcounts and improve profitability through automation. Beyond labor, the interview explores critical bottlenecks in the supply chain, specifically highlighting the importance of advanced packaging and custom silicon. They also dive into commodities like natural gas and copper, analyzing how AI data center demand is creating a potential supply squeeze. Finally, Citrini discusses his "Post-Traumatic Supply Disorder" theory, identifying cyclical sectors that are currently showing extreme capital discipline after years of trauma. Recorded December 24, 2025. Pieces Discussed:“26 Trades for 2026: A Thematic Watchlist for the New Year”: https://www.citriniresearch.com/p/26-trades-for-2026 “Carving Up the TPU: Leftovers for Jensen or Just Gravy on the AI Trade?”: https://www.citriniresearch.com/p/carving-up-the-tpu “Robotics Update: Revealing Teradyne’s Vulcan Contract Win, Citrini’s China Supply Chain Tour, and Robotics Basket Winners”: https://www.citriniresearch.com/p/robotics-update Follow Citrini on Twitter https://x.com/Citrini7 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

In this episode of Other People’s Money, Matt Ober, General Partner at Social Leverage, discusses how the data economy is evolving for providers, vendors, and investors. He explains how AI is reshaping data business models, highlights emerging data sources in what he calls the “degenerate economy,” and argues that many alternative data sets once considered sources of alpha are rapidly becoming commoditized beta. Matt also shares how Social Leverage uses data to make seed stage venture investments, how its approach differs from that of mega VC firms, and where the firm is currently focused. He reflects on his career path from quantitative hedge funds to venture capital and how the expanding role of data shaped his trajectory in the investment business. Before joining Social Leverage, Matt was Chief Data Scientist at Third Point, where he built the firm’s data analytics and technology platform supporting investments across equities, structured credit, venture capital, and cryptocurrency. Earlier, he was Head of Data Strategy at WorldQuant and a founding member of WorldQuant Ventures, focused on private investments in fintech, data, and technology. Sign up for Matt’s newsletter The Rollup: https://www.mattober.co/ Follow Matt on X: https://x.com/obermattj Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Introduction 01:21 The Business of Data 03:28 Data Pricing and AI Impact 04:36 Challenges for Data Companies 07:31 Emerging Data Sets and Buyers 14:25 Social Leverage's Investment Strategy 17:07 Venture Capital Market Dynamics 21:22 Fund of Funds and Network Value 22:40 Insights on Software and AI 25:54 Beehive vs. Substack 29:46 Hedge Fund Journey and Data Evolution 31:41 The Data-Driven Investment Strategy 32:05 Scaling Up: From Millions to Billions 32:24 Global Data Acquisition 32:49 Building a Data-Driven Ecosystem 33:06 Transition to Third Point 33:43 Integrating Data with Investment Processes 34:34 Challenges and Politics in Hedge Funds 35:49 Evaluating Data Sets and Their Impact 37:43 The Evolution of Data in Investment 38:49 The Role of Data in Hedge Fund Success 43:10 From Hedge Funds to Venture Capital 52:08 The Future of Wealth Management 55:00 The Rise of Prediction Markets 59:35 Conclusion and Final Thoughts

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Jack welcomes Maria Vassalou, head of the Pictet Research Institute, to discuss global demographic decline and how technological revolution is imperative to prevent economic stagnation. They talk about why aging populations in countries like China, Japan, and Italy pose a fundamental threat to traditional economic growth as dependency ratios are projected to exceed 50%. Maria argues that while these trends seem "gloomy" in isolation, the rise of robotics and AI provides a critical remedy by substituting for scarce labor and significantly boosting productivity. The episode concludes with a look at the "winners" and "losers" of this shift, identifying housing, healthcare, and food as resilient sectors, while cautioning that countries must invest heavily in technology now to avoid long-term GDP flatlining/decline. Recorded December 12, 2025.  “Demographics and Technology” Paper (by Maria Vassalou PhD & Pictet Research Institute): https://www.pictet.com/us/en/about/pictet-research-institute/publications-and-press/demographics-and-technology More info about Pictet Research Institute: https://www.pictet.com/us/en/about/pictet-research-institute/publications-and-press/FT-coverage-30oct2025 Follow Maria Vassalou on LinkedIn linkedin.com/in/maria-vassalou-ph-d-2b771511 Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe   Jay Shambaugh, former Under Secretary of the Treasury for International Affairs, joins Jack to discuss U.S. economic relations, China, and more. He draws on his years of expertise to deliver important insights into how America has realigned itself in the world economic order in the second Trump administration. Recorded on December 17th, 2025.   Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jay Shambaugh on Twitter https://x.com/jaycshambaugh Follow Jack Farley on Twitter https://x.com/jackfarley96   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Read about Indian Aerospace & Defense and sign up for Dispatches From India: https://www.gymkhanapartners.com/dispatches/major-sector-inflection-india-defense-and-aerospace Andrei Stetsenko, partner and portfolio manager at Gymkhana Partners, discusses the explosive growth of India's economy, its strategic shift toward global defense and aerospace leadership, and under appreciated small-cap companies. Follow Andrei on X: https://x.com/astetsen Follow Jack on X: https://x.com/JackFarley96 Follow Gymkhana Partners on X: https://x.com/GymkhanaFund Timestamps: 00:00 Introduction to Indian Aerospace 01:26 Gymkhana Partners: Investment Philosophy 04:09 Valuation and Sectoral Differences 05:36 India's Economic Growth 14:34 Government Policies and Reforms 18:20 Indian Consumer Market 26:03 US-India Trade Relations and Tariffs 28:06 Aerospace & Defense Sector in India 31:49 Investment Opportunities in Indian Aerospace 37:43 Complexities of Indian MRO & Sika's Growth 42:41 Defense Sector Opportunities 46:53 Indigenization of Indian Defense Procurement 56:06 HoldCo Dynamics & Maharashtra Scooters 01:05:56 Gymkhana’s Investment Strategy & Performance 01:13:34 AI Investments & Alphabet's Strategy 01:18:19 Conclusion Disclosure: Andrei’s business partner is Jack's father and Gymkhana Partners is a consulting client of Monetary Matters parent company. Disclaimer: This presentation is for informational purposes only and should not be construed as investment advice. It is not a recommendation of, nor does it constitute an offer to sell or solicitation of an offer to buy, any security, strategy, or investment product. The research for this presentation is based on current public information that Farly Capital considers reliable. However, Farley Capital does not represent that the research or the presentation is accurate or complete, and it should not be relied on as such. The views and opinions expressed herein are current as of the date of this report and are subject to change. Past performance is no guarantee of future results. Certain statements contained herein are forward looking. There is no guarantee such forward looking statements will materialize, and results may differ entirely from what is described. The holdings identified in this presentation do not represent all of the securities purchased, sold, or recommended for Gymkhana Partners L.P. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities in this list. Past performance does not guarantee future results. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to Gymkhana Partners L.P.’s performance will be provided upon request. Any market index referred to in this presentation has been selected for purposes of comparing the performance of an investment in Gymkhana Partners L.P. with a well-known, broad-based equity benchmark. Viewers should not consider any comparative index shown in this document to be a performance benchmark for Gymkhana Partners L.P. The statistical data regarding such an index has been obtained from sources believed to be reliable. The nature of such indices differs from that of Gymkhana Partners L.P. Gymkhana Partners L.P. is not restricted to investing in those securities that comprise any such index; its performance may or may not correlate to any such index and should not be considered a proxy for any such index. Historical performance results for indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results.

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe In this episode of Monetary Matters, Jack sits down with Steve Hou, Senior Quant Researcher at Bloomberg, to discuss the structural forces reshaping the global economy. Hou argues that we have entered a "structurally, modestly more inflationary regime" driven by five key forces: Decarbonization, Demographic aging, Deglobalization, Debt/Fiscal Dominance, and a secular rise in global Defense spending. The conversation explores the "Baumol Effect” and Mike Green’s theory of the poverty level.  Hou also provides a deep dive into his "Reformers Index," a quantitative strategy he is working on at Bloomberg Indices that ignores traditional "quality" stocks to find companies at a fundamental inflection point. By identifying firms moving from "bad to less bad,” such as Uber, Palantir, and Robinhood, Hou demonstrates how systematic fundamental momentum can outperform the broader market. Recorded December 12, 2025. Follow Steve Hou on Twitter https://x.com/stevehou Follow Steve Hou on LinkedIn https://www.linkedin.com/in/steve-hou-001/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Why do institutional investors continue to flock to hedge funds when the average fund underperforms the S&P 500? In this deep-dive interview, Andrew Beer, founder and managing member of DBI, joins Jack Farley to pull back the curtain on the "broad insanity" of the institutional investment world and the evolution of the multi-strategy "pod" model. Andrew argues that much of institutional decision-making is driven by "non-economic considerations" and the "principal-agent issue," where allocators are more concerned with career risk and avoiding difficult conversations with investment committees than they are with maximizing returns. We explore why "smooth" returns in private equity and private credit are often used to mask underlying volatility and correlation issues. Follow Andrew Beer on LinkedIn https://www.linkedin.com/in/andrewdbeer/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Over the last 8 years, Yaron Naymark, founder and managing partner of 1 Main Capital, has patiently grown his concentrated long-biased hedge fund by outperforming major equity benchmarks like the S&P 500. Any manager who has been in his shoes though will tell you that outperforming the market isn’t enough to attract the institutional capital necessary to seriously scale a fund. Here he discusses the importance of consistency of communication with investors, how his portfolio management has evolved, and the other operational improvements he has made that have helped spur growth. He also discusses a $20m strategic investment from Cannell Capital he took in 2025 and how he thinks about these types of “seed” deals. Sign up for 1 Main Capital’s distribution list: https://www.1maincapital.com Follow Yaron Naymark on X: https://x.com/1MainCapital Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Introduction and Personal Insights on Investing 00:43 Guest Introduction and Fund Background 00:55 Fund Growth and Milestones 02:41 Challenges and Turning Points 03:20 Marketing and Investor Relations 07:41 Economic Considerations and Fund Management 10:51 Investment Philosophy and Strategy 27:08 Podcasting and Public Engagement 28:55 Transparency in Investment Strategies 29:41 Audience Growth and Distribution 31:03 Pitching Ideas and Raising Capital 32:20 Investment Minimums and Investor Relations 33:37 Marketing and Outreach Strategies 36:57 Switching to Jefferies and Other Service Providers 42:57 Strategic Investment from Cannell Capital 51:54 Hiring an Analyst and Future Plans 55:19 Managing Fund Capacity and Performance 58:40 Conclusion and Contact Information

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe In this interview, Chanos breaks down why hosting GPUs is a commodity business with low returns and why the depreciation of AI chips (like Nvidia’s) creates a massive financial risk for companies like CoreWeave and Oracle. He also discusses the dangers of private credit, the accounting tricks at Live Nation, and why the "unprofitable" nature of today’s AI customers makes this cycle riskier than the Dotcom era. Recorded on December 11, 2025. Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jim Chanos on Twitter https://x.com/RealJimChanos Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Luke Gromen of Forrest For The Trees argues that the US is facing the "Mother of All Crises": a forced choice between losing the AI race to China or destroying the US Treasury market. In this deep dive, we cover why the electrical grid is the ultimate bottleneck, why Bitcoin is flashing a warning signal for 2026, and the mathematical path to $15,000 gold. Recorded December 1, 2025. Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Luke Gromen on Twitter https://x.com/LukeGromen Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This episode is brought to you by VanEck. Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMXMax Sam Gaer, CIO of Directional Strategies at Monarq Asset Management, joins Other People’s Money to discuss how he uses quantitative directional strategies to trade crypto assets and produce an institutional quality return stream that has outperformed bitcoin at scale. He explains how his experience as a market maker, executive, and self-taught electronic exchange technologist driving some of the most important technological advances in finance led him to “burn the boats,” leave tradfi, and go all in on building institutional crypto strategies with Monarq. He also discusses how institutional appetite for crypto hedge fund strategies is growing with increased regulatory clarity, greater availability of institutional level funds, and evolving market opportunities in crypto-native and crypto-linked tradfi assets. Follow Sam Gaer on X: https://x.com/samg67 Follow Monarq on X: https://x.com/monarq_mgmt Follow VanEck on X: https://x.com/vaneck_us Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:43 Q4 Crypto Volatility 06:21 A Disappointing Year for Crypto Bulls 10:29 Taking Advantage of Extreme Volatility 12:50 Triple Barrier Risk Management 15:43 $REMX 16:26 Responsible Leverage 17:17 Is the 4-Year Cycle Over 21:55 Early Days Pit Trading 24:16 Building Electronic Exchange Technology 26:38 CEO of NYMEX Europe and NYMEX IPO 27:24 Move to FINRA 28:43 Building and Selling a Volatility Hedge Fund 29:15 Burn the Boats 32:14 Joining Monarq 37:14 Differences Between Crypto Fund Managers and TradFi 39:17 Institutional Adoption of Crypto Hedge Funds 44:27 Can Crypto Strategies Scale to Meet the Demand? 47:19 The Crypto TradFi Collision 49:57 The Difference Between Institutional and Non-institutional Quality Crypto Funds 54:13 Hyper Liquid and Other Market Improvements in Crypto 59:26 Will TradFi Take Over Crypto? 01:01:31 Digital Asset Treasuries 01:08:46 The Next Stage for Monarq

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Erik Norland, Chief Economist at the CME Group, joins Jack Farley to discuss the wild volatility in commodity markets. With Silver up over 80% in the past year, Erik breaks down the technological shift from photography to solar panels that is driving demand. They discuss the global fiscal situation, where major economies from the US to Brazil are running deficits between 6% and 8% of GDP , creating a bid for gold prices as investors seek assets central banks can't print. Norland also covers copper, oil, and agricultural commodities. Recorded December 4, 2025. Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Erik Norland on LinkedIn uk.linkedin.com/in/erik-norland-a089124 Follow Jack Farley on Twitter https://x.com/JackFarley96 Erik Norland’s articles: google.com/search?q=erik+norland+cme&oq=erik&gs_lcrp=EgZjaHJvbWUqBggAEEUYOzIGCAAQRRg7MgoIARAuGLEDGIAEMgYIAhBFGEAyBggDEEUYPDIGCAQQRRg8MgYIBRBFGD0yBggGEEUYQTIGCAcQRRhB0gEHNTk3ajBqN6gCALACAA&sourceid=chrome&ie=UTF-8 “What’s Driving Platinum and Palladium Prices?”: https://www.cmegroup.com/openmarkets/economics/2025/Whats-Driving-Platinum-and-Palladium-Prices.html “Four Major Drivers of the Gold-Silver Price Ratio”: https://www.cmegroup.com/insights/economic-research/2025/four-major-drivers-of-the-gold-silver-price-ratio.html “Is Crude Oil at a Major Inflection Point?”: https://www.cmegroup.com/insights/economic-research/2025/is-crude-oil-at-a-major-inflection-point.html Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Learn more about the VanEck Rare Earth and Strategic Metals ETF: www.vaneck.com/REMXJack In this episode of Monetary Matters, Jack sits down with Michael Pettis, Senior Fellow at the Carnegie Endowment, to deconstruct the massive economic imbalances between China and the rest of the world. For decades, the global economy has relied on a specific mechanism: China suppresses domestic consumption to subsidize manufacturing, and the US runs massive deficits to absorb that excess supply. Pettis argues this model has reached its limit. They discuss the concept of "economic involution," why China’s shift from real estate bubbles to manufacturing bubbles is dangerous for Europe and the US, and why the current tariff regimes are merely shifting trade routes rather than solving the problem. If you want to understand why the trade deficit keeps growing despite political intervention, and what a "Great Rebalancing" actually looks like, this is a must-listen. Recorded on November 24, 2025. Trade Wars Are Class Wars book:  https://www.amazon.com/Trade-Wars-Are-Class-International/dp/0300244177 Michael Pettis’ Work At Carnegie Endowment For International Peace: https://carnegieendowment.org/people/michael-pettis?lang=en Follow VanEck on Twitter https://x.com/vaneck_us Follow Michael Pettis on Twitter https://x.com/michaelxpettis Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Monetary Matters listeners can get 20% of Prometheus Macro Substack here: https://www.prometheus-macro.com/subscribe?coupon=a60c1c9f Aahan Menon, founder of Prometheus Macro and a trusted "quant's quant" for sophisticated hedge funds, joins Jack Farley to explain why his models are signaling a meaningful shift down in risk. While previously striking a bullish tone, Aahan reveals why his institutional strategies have moved from "max bullish" to neutral on equities and commodities. Aahan breaks down a concerning divergence in the economy: while GDP and spending are being propped up by a surge in AI CapEx and top-heavy consumption, the underlying labor market is weakening. He explains the "circularity" problem of AI investment—eventually, CapEx must turn into consumption, which requires wage growth that is currently stalling. Later in the conversation, Aahan challenges core macro beliefs, presenting data on why long-term economic forecasting and tracking "rates of change" generate negligible or negative alpha. He also details his current positioning, including being short homebuilders, long French bonds against Japanese JGBs, and his "Crisis Protection" portfolio. Recorded on November 25, 2025. Follow Aahan Menon on Twitter https://x.com/AahanPrometheus Follow Prometheus Macro on Twitter https://x.com/prometheusmacro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez