Monetary Matters with Jack Farley

Richard J Murphy, a political economist, chartered accountant, tax reform advocate, and professor emeritus at the University of Sheffield, joins Jack on Monetary Matters to discuss tax reform, economic theory, inflation, deficits, central banking, and more. While the stock market has risen to record heights, there is an increasing uncertainty on the health of the economy. Richard gives his insights into how he believes that we can both increase the productivity of the economy and general welfare by reforming the taxation system.   Follow Richard Murphy on Twitter https://x.com/richardjmurphy?lang=en Follow Jack Farley on Twitter https://x.com/jackfarley96   Murphy’s “The Taxing Wealth Report 2024”: https://taxingwealth.uk/ Murphy’s blog, “Funding The Future”: https://www.taxresearch.org.uk/Blog/ Murphy’s Book, “The Joy of Tax”: https://www.amazon.com/Joy-Tax-Richard-Murphy/dp/059307517X

This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe react to the lack of employment data, discuss the “bubble” in AI capex, gold and silver’s recent rise and examine other signs of market froth pointing to the current stage of the market cycle. Jack and Max also discuss a few interesting short and long opportunities they are playing. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:27 No Jobs Numbers & Government Shut Down 02:12 AI Capex Bubble 09:55 Market Bubbles 19:08 Gold & Silver on the Rise 30:21 Fiscal AI 31:44 Opportunities for Shorting ($SWBI) 46:13 Data Center Buildout Theme 48:21 Rates Market is Too Dovish 52:26 Polling the Audience 55:53 Small Cap Season 57:35 Trusting the Bull Market

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Follow Patrick Perret-Green on Twitter https://x.com/PPGMacro Follow Jack Farley on Twitter https://x.com/JackFarley96 Patrick Perret-Green of PPG Macro is a veteran macro trader and analyst. He joins us today to share his concern over two recent high-profile bankruptcies that have caused jitters in the non-bank financial sector: Tricolor and First Brands. Patrick explains why he is bullish on long-duration sovereign bonds in Australia, the U.K., and Japan. Recorded on September 30, 2025. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Sign up for MacroCapture by MI2 Partners today with coupon codes MM10 (for annual) and MM10Q (for quarterly) to save 10% at: https://portal.mi2partners.com/buy-macro-capture/ 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 Julian Brigden of MI2 Partners and MacroCapture returns to Monetary Matters to update viewers on his thinking about markets and the economy. Follow VanEck on Twitter https://x.com/vaneck_us Follow Julian Brigden on Twitter Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This Other People’s Money episode is brought to you by 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 Jeremy Boynton and Zach Lindquist, managing partners at Pure Crypto, have built one of the best performing crypto fund of funds since their inception 2018. In this interview they discuss their view that the crypto market structure is being changed by ETFs and crypto treasury companies, how they think about manager selection, the subtle differences between crypto VCs and crypto hedge funds, and why they are eschewing new entrants into the crypto fund space in favor of OGs who have managed capital and survived multiple market cycles. They also explain why they are volatility agnostic and prefer to take on crypto market beta rather than invest in market neutral and multi-manager crypto funds. Follow Zach Lindquist on X: https://x.com/PureCryptoLP 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

Take the Monetary Matters poll: https://docs.google.com/forms/d/e/1FAIpQLSdhu6Ez_R0jcLiz75kDNEPe_KzhNefYAT-Jvj1cm-3xVwQ4Zg/viewform?usp=sharing&ouid=113485899782770300642 Imane Bakkar, Founder and Managing Director of Logarisk, joins Monetary Matters to discuss her most recent White Paper, “Weather Is No Small Talk.” She argues that the electricity grid and the financial system are becoming more weather dependent because of the rise of renewable power, AI, climate, and the increasing ownership of the grid by non-bank financial institutions (NBFIs). Recorded on September 9, 2025. Imane’s paper, “Weather Is No Small Talk”: https://logarisk.co/2025/09/01/white-paper-weather-is-no-small-talk/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack and Max break down the September Fed meeting, threats to Federal Reserve Independence, and several stocks such as Acuren, Franco Nevada, and MSCI. Recorded on September 18, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5  YouTube https://rb.gy/dpwxez

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 Since launching Militia Capital in 2021, David Orr has crushed the S&P 500 and is up over 500% net of fees. In fact, during this period, he’s one of few managers to have set the S&P 500 as the hurdle rate for the fund to earn performance fees. In this interview Orr discusses Militia Capital’s growth from $3m to over $160m today, the expansion of the strategy to include two additional external portfolio managers, and why he thinks most hedge fund managers have social media and compliance all wrong. He also discusses his investment philosophy and belief that most “value trap” investors and “story stock” investors don’t know the first thing about real investing. Follow David Orr on X: https://x.com/orrdavid 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 Timestamps 00:00 Intro 00:31 $SMH & SMHX 01:21 Militia Capital’s Growth Into a Multi-Manager 04:57 Twitter & Social Media 07:33 Marketing & 506(c) Hedge Funds 11:11 Benchmarking to the S&P 500 15:00 Comparing to Large Multi-Manager Funds 17:11 VanEck Mid-Roll 18:06 Risk Managing Other PMs & Collaboration 20:06 David’s Investing Philosophy 27:36 Investors Who Don’t Know Anything 38:51 Market timing & the Current Environment 45:40 Trading Macro 48:14 Hunting For New Portfolio Managers 51:32 David’s Favorite Accounts on Twitter 54:04 Rethinking Compliance 57:52 Outro

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 Rob Arnott, founder and chairman of the board of Research Affiliates, joins Jack today for an in-depth conversation on AI, bubbles, asset allocation, weighting in index funds, and other topics. The record heights of today’s markets brought on from excitement in the AI industry remind many of the dotcom bubble, which Rob examines using his decades of experience in the finance industry. With how fast everything moves in these turbulent times, this is one episode a dedicated observers cannot miss. Recorded on September 5th, 2025. Research Papers discussed:“RACWI: Reinventing Cap-Weighted Indexing”: https://www.researchaffiliates.com/publications/articles/1095-racwi-reinventing-cap-weighted-indexing “The AI Boom vs. the Dot-Com Bubble: Have We Seen This Movie Before?”: https://www.researchaffiliates.com/publications/articles/1038-ai-boom-dot-com-bubble-seen-this-before 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 Jack welcomes QI Research’s Danielle DiMartino Booth and Bloomberg Economics’ Chief U.S. Economist Anna Wong to interpret the Bureau of Labor Statistics’ (BLS) recent preliminary 911,000 downward revision to non-farm payrolls. Recorded September 11, 2025. Follow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth Follow Anna Wong on Twitter https://x.com/AnnaEconomist Follow Bloomberg Economics on Twitter https://x.com/economics 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 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 Take the Monetary Matters poll:  https://docs.google.com/forms/d/e/1FAIpQLSdhu6Ez_R0jcLiz75kDNEPe_KzhNefYAT-Jvj1cm-3xVwQ4Zg/viewform?usp=sharing&ouid=113485899782770300642 Aahan Menon of Prometheus Macro returns to Monetary Matters to explain why he still thinks bonds offer a poor risk/reward relative to stocks. He argues that job market weakness is the result of reduced immigration, in other words, weak supply of labor rather than weak demand for labor. Recorded on September 4, 2025. Follow Aahan Menon on X https://x.com/AahanPrometheus Follow Prometheus Macro on X https://x.com/prometheusmacro Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This episode is brought to you by Fundamental Edge. Learn more about their new AI Academy for buyside professionals: https://www.fundamentedge.com/ai-academy Raj Shah and Cullen Rose of Stoic Point Capital Management join OPM for a specials double episode. In the first half we explore their view that we may be in for a repeat of the 2020 to 2021 new issuance cycle and how some of their favorite opportunities are still orphaned securities from that last cycle. They explain why small caps undergoing change events like new issuance or that are misunderstood due to crisis & controversy are their favorite as concentrated small cap investors. Make sure to check out the OPM classic episode we recorded with Stoic Point Capital Management over on the main Other People's Money podcast feed. Follow Stoic Point Capital Management on X: https://x.com/stoic_point Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod

This episode of Monetary Matters is a Sponsored Fireside Chat 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 The AI revolution has spurred a growth in capital expenditure on semiconductors the scale of which the world has never seen before. Today Jack explores this phenomenon in a sponsored Fireside Chat with VanEck’s Angus Shillington and Nick Frasse. Shillington, lead semiconductor analyst and deputy portfolio manager, argues CapEx on semiconductors is increasing so much because cloud computing hyperscalers are unable to keep up with demand, and they feel pressure from their competitors. In addition, the expenditure is being spent by the most profitable companies on earth such as Microsoft and Alphabet (Google). Frasse, a product manager covering thematic suite of ETFs, including $SMH and $SMHX, makes the case that AI is more akin to the industrial revolution than it is to the internet.  The trio discuss why and how the VanEck Semiconductor ETF ($SMH) has outperformed a competitor (letting the winners win), and the newer VanEck Fabless Semiconductor ETF ($SMHX) which gives exposure to fabless semi companies that are powering the AI revolution. Follow VanEck on X https://x.com/vaneck_us Follow Angus Shillington on X https://x.com/angusshillingto Follow Nick Frasse on X https://x.com/NickFrasse Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Learn more about the new AI Academy from Fundamental Edge: https://www.fundamentedge.com/ai-academy There’s no shortage of speculation about how AI will reshape the workforce, but one area where no speculation is needed is the investment industry. AI is already rapidly disrupting the way investment professionals conduct fundamental equity research and shifting the competitive landscape for fund managers and talent alike. In this interview with Brett Caughran, founder of buyside training academy Fundamental Edge, and David Plon, co-founder and CEO of AI powered investment research platform Portrait Analytics join OPM to discuss the areas of the investment process where AI can already make an impact, the pitfalls and weaknesses of AI in its current state, how this is changing the job description for both portfolio managers and analysts, and the surprising reality that the first movers of AI adoption Follow Brett Caughran on X: https://x.com/FundamentEdge Follow David Plon on X: https://x.com/Dplon88 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 01:25 The Rapid Pace of AI Advancements 07:15 How to Start Adding AI to Your Process 15:00 Thesis Monitoring and the Next Frontiers of AI Investment Research 18:45 Current Level of AI Adoption and First Movers in the Hedge Fund World 23:19 Importance of Clearly Defining Your Investment Process Before Adding AI 26:35 The Role of Specialty Investment Tools 29:49 Custom vs Off-The-Shelf Solutions 38:16 Thoughtful AI Prompting is Key 44:01 Biggest AI Pitfalls to Avoid 48:52 How Has AI Shifted the Competitive Landscape? 54:43 AI Investing Bootcamp

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 John Schindler, General Secretary of the Financial Stability Board (FSB), joins Monetary Matters to discuss the rise of non-bank financial intermediation (NBFI), sometimes referred to as “shadow banking.” There are signs that NBFI leverage is growing and NBFI data is not as transparent or available as in the traditional banking system, and these two forces may pose financial stability risks. Schindler shares the FSB’s recommendations for how to ameliorate these potential risks. From the FSB: The Financial Stability Board (FSB) coordinates at the international level the work of national financial authorities and international standard-setting bodies in order to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. Its mandate is set out in the FSB Charter, which governs the policymaking and related activities of the FSB. Reports and recommendations: Final FSB Report on NBFI Leverage (web link): https://www.fsb.org/2025/07/leverage-in-nonbank-financial-intermediation-final-report/ Final FSB Report on NBFI Leverage (pdf): https://www.fsb.org/uploads/P090725-1.pdf Scihndler’s Eurofi speech: https://www.fsb.org/2024/09/building-bridges-the-case-for-better-data-and-coordination-for-the-non-bank-sector/ Global Monitoring Report on Non-Bank Financial Intermediation 2024: https://www.fsb.org/2024/12/global-monitoring-report-on-non-bank-financial-intermediation-2024/ 2021 Report on Money Market Resilience: https://www.fsb.org/2021/10/policy-proposals-to-enhance-money-market-fund-resilience-final-report/ Revised Policy Recommendations to Address Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds: https://www.fsb.org/2023/12/revised-policy-recommendations-to-address-structural-vulnerabilities-from-liquidity-mismatch-in-open-ended-funds/ Liquidity Preparedness for Margin and Collateral Calls: Final report: “https://www.fsb.org/2024/12/liquidity-preparedness-for-margin-and-collateral-calls-final-report/” “High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements: Final report”: https://www.fsb.org/2023/07/high-level-recommendations-for-the-regulation-supervision-and-oversight-of-global-stablecoin-arrangements-final-report/ 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 Fundamental Edge, the leaders in buyside analyst training. Reserve your spot in their new AI Academy: https://www.fundamentedge.com/ai-academy In the online community of FinTwit it is extremely common for hedge funders to have anonymous profiles because of strict regulations, but not all these anonymous profiles are made equal. @hfreflection is one of the most insightful anonymous members of the FinTwit community, especially when it comes to the business and industry of hedge funds. In this interview (while maintaining anonymity) HF reveals key aspects of his path to success and shares the insights he picked up on his journey from analyst to eventually launching his own firm after a long stint at a multi-billion dollar long/short equity manager. He touches on the hard decisions people face at different stages, whether you are a young professional trying to break into the industry, a mid-career analyst trying to find the right seat, or a seasoned professional deciding whether staying put or launching your own fund is the right path forward. Follow HF Reflections on X: https://x.com/hfreflection Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod

This episode 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 Bill Moreland of BankRegData joins Jack to share how many banks’ extensive use of loan modifications have caused reported delinquencies to appear lower than they might otherwise have been. While Moreland acknowledges that modifications play a vital role in securing repayment, he maintains that their popularity over the past 3 years indicates it is unusual and that some banks may be “manipulating the shit out of” the data. Moreland tells Jack about note-on-note financing - a practice wherein a bank sells a loan to a buyer and lends that buyer the funds to buy it - is further used to hide losses within bank balance sheets. Recorded on August 19, 2025.More info about BankRegData: https://www.bankregdata.com/main.asp Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe break down Jerome Powell’s Jackson Hole speech that markets have interpreted as signaling rate cuts are coming in September, the Fed’s long-term reassessment of their policy framework for combatting inflation and maintaining full employment, and Chinese consumer lending fintech companies that Jack is bullish on. Fed Statements on Longer-Run Goals and Monetary Policy Strategy Updated August 2025: https://www.federalreserve.gov/monetarypolicy/monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy-2025.htm Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:34 Fiscal.ai Front Roll 00:53 Jerome Powell Signals Rate Cuts? 06:35 The Fed’s View of the Labor Market 07:41 Updating the Fed’s Policy Framework 11:35 Fiscal.ai Mid Roll 12:58 Lisa Cook, Politics at the Fed, & the Next Fed Chair 21:06 Bullish Outlook on Chinese Consumer FinTech Basket 40:40 Outro

Tor Svelland, CIO and Founder of Svelland Capital, has annualized over 18.5% net of fees since inception in 2017 in their strategy that trades a combination of commodity futures, commodity linked equities, freight derivatives, energy transition linked companies, and electricity producers. Svelland joins Other People’s Money to discuss why he believes new market participants and structural undersupply have made the current environment for commodities trading so exciting. He also discusses how he’s grown his business from personal capital to almost $1 billion in AUM with investors all over the globe. 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 04:09 Trafigura & Goldman Sachs as Commodities Trading Talent Hubs 06:38 Launching Svelland Capital with Personal Capital 09:03 The First Major Hurdles: 3 Years & $100m in AUM 10:56 ESG and the Commodity Market Backdrop 15:59 Underinvestment & Undersupply in Shipping & Commodities 20:41 Trading Global Supply Chains Shifts 23:44 Trade Expression & Commodities Portfolio Construction 29:06 The Effects of New Commodity Market Participants 36:06 TTF Gas Markets & Price Spike Potential 39:38 Multiple PMs & The Benefits of Taking Risk 42:05 Thinking Internationally & Advice for Young Commodities Traders 45:56 International Investor Interest in Commodities 48:00 Managing AUM Growth & Capacity Constraints

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 Renowned trade historian Douglas Irwin joins Jack to compare the ongoing shifts in American trade policy to Smoot-Hawley tariff during the Great Depression and the McKinley-era tariffs of the late 19th century of which President Trump speaks so fondly. Irwin, the John French Professor of Economics at Dartmouth College, and author of “Clashing over Commerce” and “Trade Policy Disaster” among other titles, notes that most economic historians agree that the Smoot-Hawley tariff was not the primary cause of the Great Depression. Rather, while it probably exacerbated the global economic slowdown, trade barriers in a narrow sense served their respective countries' interest in limiting gold outflows. Professor Irwin argues that current tariffs (2% to ~15%) are a greater shock than Smoot-Hawley (38% to 42%), because of the higher rate of change and because U.S. trade as a percentage of GDP is higher now than it was in the 1930s. Jack lobs pro-protectionist arguments that Irwin strongly rejects. The two reflect on balance of payments, with Irwin noting that large capital inflows into the United States are a major cause of the large and persistent U.S. trade deficit. Recorded on August 7, 2025. Douglas Irwin’s books discussed: “Trade Policy Disaster: Lessons from the 1930s”: https://direct.mit.edu/books/monograph/3374/Trade-Policy-DisasterLessons-from-the-1930s “Clashing over Commerce: A History of US Trade Policy”: https://press.uchicago.edu/ucp/books/book/chicago/C/bo24475328.html “Peddling Protectionism: Smoot-Hawley and the Great Depression”: https://press.princeton.edu/books/paperback/9780691178066/peddling-protectionism?srsltid=AfmBOoqh-ZTEvY-wNf7wqitXQpkh-tfA7MEOyqxhKCoeHo7WbyUaJRB9 Douglas Irwin’s papers discussed: “TARIFF INCIDENCE: EVIDENCE FROM U.S. SUGAR DUTIES, 1890-1930”: https://www.nber.org/system/files/working_papers/w20635/w20635.pdf “HIGHER TARIFFS, LOWER REVENUES? ANALYZING THE FISCAL ASPECTS OF THE "GREAT TARIFF DEBATE OF 1888"”: https://www.nber.org/system/files/working_papers/w6239/w6239.pdf Follow Douglas Irwin on Twitter https://x.com/D_A_Irwin 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