Monetary Matters with Jack Farley

Andrew Granato, Assistant Professor of Law at the University of Texas at Austin, and Pranjal Drall, JD/PhD candidate at Yale, join Jack Farley to discuss their paper "Private Credit, State Backstop: How Private Equity Socializes Risk Through Insurers." Private equity ownership of life insurers has grown from roughly $23 billion in 2009 to about $700 billion by 2024, and Granato and Drall argue thi...

Jared Dillian, author of The Daily Dirtmap and the new book “The Awesome Portfolio”, returns to argue that the bond bear market is a sentiment story that has gone too far. Jared calls the market's obsession with deficits and inflation a "mind virus," notes that the $2 trillion deficit is only 6% of GDP versus 12% in 2010, and points out that everyone measures bond supply while nobody measures dema...

Max Wiethe sits down with Capelight Partners founder Jeff Keller to dissect the massive Q3 technology sector divergence and the rapidly shifting landscape of AI investments. Keller breaks down why the market is rewarding near-term certainty in the tech sector and why he doesn’t like the "blow-off top" comparison between AI and the ARK implosion of 2021. He also gives his outlook for usage-based so...

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): https://teucrium.com/corn Jim Wiederhold, Commodity Indices Product Manager at Bloomberg, joins Monetary Matters for a deep dive into what's really driving this commodities cycle. We start with the AI buildout and why it's quietly becoming one of the biggest demand stories in copper and silver, not just semiconductors. From there, Jim breaks down why...

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/globalmacro In this episode of "Other People's Money," host Max Wiethe welcomes back Warren Pies, co-founder of 3Fourteen Research, to unpack why macro risks are suddenly taking control of the stock market. Pies explains his tactical decision to downgrade stocks and commodities to neutral, shifting capital into cash...

In this episode of Other People's Money, host Max Wiethe sits down with High Yield Harry to examine the major trends in Wall Street compensation and careers, and why 2026 may be the year of the investment banker. Harry shares data from Buy Side Hub to detail buy-side compensation trends, career mobility bottlenecks, and why private equity professionals are resorting to non-recourse loans while wai...

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): https://teucrium.com/corn Luke Gromen — founder of Forest for the Trees (FFTT) Research — returns to Monetary Matters the same week Treasury Secretary Scott Bessent doubled the size of Treasury buybacks, and Luke argues it's the first real admission that the U.S. has what his firm calls an "emerging market hard currency debt spiral problem." The math...

Andy Unanue, Founder and Managing Partner of AUA Private Equity Partners and former COO of Goya Foods breaks down the trillion-dollar opportunity in US food, beverage, and pet wellness family businesses. Andy shares how his experience in a family-run business shaped his firm's strategy of partnering with lower-middle-market, family-run companies across those sectors and explains how AUA unlocks 15...

Robin Wigglesworth — editor of FT Alphaville and author of A Fabulous Debt: The Epic Story of How Bonds Built the Modern World — joins Jack Farley to unpack the hidden debt fueling the AI buildout. Wigglesworth reveals that off-balance-sheet leverage from hyperscalers like Meta, Google, and Microsoft jumped from roughly $1 trillion to $1.5 trillion in a single quarter, hidden in lease structures a...

Milton Berg, one of Wall Street's legendary market technicians, returns to Monetary Matters to explain why he believes the recent crash across the S&P 500, Nasdaq 100, KOSPI, and semiconductor stocks has already bottomed — and why he's still positioned long despite major caveats. The positive divergence call: Milton breaks down why the S&P 500's July 29th low held above its June 9th low even as th...

Monetary Matters listeners can get 20% off subscriptions for one year here (billed quarterly): https://pernasresearch.com/register/monetary-matters/?coupon=monetarymatters In this episode of Monetary Matters, Jack Farley sits down with Deiya and Dean Pernas of Pernas Research to discuss their contrarian investment strategies and overarching market themes. The brothers delve into the massive energy...

Victor Haghani — founder of Elm Wealth, co-author of “The Missing Billionaires” and former founding partner of Long-Term Capital Management — joins Monetary Matters to explain why the stock market doesn't follow a random walk. Drawing on his new paper "Who Killed the Random Walk?", Victor lays out a model where value investors, static asset allocators, and "extrapolators" interact to produce the e...

In this episode, host Jack sits down with Tian Yang, co-founder and head of research at Variant Perception, to analyze the current macroeconomic landscape and equity market outlook. Tian shares why macro indicators point to a broadly supportive "risk-on" environment over the next three to six months despite recent pullbacks in semiconductor and tech stocks. He discusses the exhaustion of the agent...

In this episode, Jack sits down with Kathryn Rooney Vera, Chief Market Strategist at StoneX Group, to unpack the Federal Reserve's decision to hold interest rates and Chair Warsh's transition toward a quieter, laissez-faire communication style. Kathryn shares her macroeconomic outlook, forecasting that we may still see rate hikes post-election unless widespread AI adoption delivers a significant p...

Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm Luke Gromen, founder of Forest for the Trees, sites down with Max Wiethe to dissect the escalating crisis in the global bond market. Gromen argues that off-balance sheet liabilities, such as baby boomer retirements and surging veterans' benefits, are colliding with massive defense spending to force a dangerous inflationary spi...

In this episode of Monetary Matters, host Jack sits down with Nicholas Brooks, Head of Economic and Investment Research at ICG, to discuss the true health of private credit and corporate balance sheets. Brooks argues that underlying corporate fundamentals and EBITDA growth remain highly resilient against macroeconomic and geopolitical noise. He notes that corporate interest coverage ratios are sta...

Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb Free E-book from Teucrium: https://insights.teucrium.com/why-investors-turning-to-commodity-etfs In this episode of Other People's Money, Max Wiethe sits down with hedge fund manager Russell Clark to discuss why he believes the U.S. Treasury market is a much larger and more dangerous speculative bubble than AI. Clark de...

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): https://teucrium.com/corn Private credit has ballooned to roughly a trillion dollars, but Nick Nemeth of Mispriced Assets argues the danger isn't the banking system — it's insurance. In this Monetary Matters interview with Jack Farley, Nemeth lays out how private-equity-owned insurers have become highly leveraged holders of private credit and CLOs, wh...

Moritz Seibert and Moritz Heiden of Takahe Capital dive deep into the mechanics of high-octane trend-following strategies and unpack why they target 25-30% annualized volatility, bucking the institutional trend of lower volatility to capture massive outlier trades like the recent cocoa and gold runs. They explore the heated debate between dynamic position sizing and classic approaches, revealing w...

In this episode of Monetary Matters, Jack Farley sits down with semiconductor analyst Ben Pouladian of BEP Research to unpack the complex hardware supply chain powering the AI revolution. Pouladian pushes back against the bear argument that the current boom is merely a dot-com bubble repeat, explaining why Nvidia's ability to generate "intelligence" differs vastly from Cisco's networking commoditi...

Sean McGould, CEO and CIO of $19 billion hedge fund manager The Lighthouse Group, joins OPM to discuss navigating today's bull market by targeting diverse sources of global alpha. The conversation focuses on Japan as a new source of alpha, spurred by the country's historic corporate governance reforms, the unwinding of cross-shareholdings, and the new NISA guidelines driving unprecedented retail i...

Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm It's no secret that the new Fed chair, Kevin Warsh, prefers the Federal Reserve to have a smaller balance sheet, perhaps a much, much smaller balance sheet. The consequences of this range from the mundane to the profound, but what is without question is that in order to reduce the Fed's balance sheet, there need to be addition...

Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm In this episode of Monetary Matters, host Jack sits down with Josh Pristaw, President of the $73 Billion real estate firm Clarion Partners, to decode the smartest institutional property plays for the new 2026 market cycle. Pristau incisively breaks down why Clarion avoids the massive concentration risks of direct data center d...

In this episode, veteran investor and macro strategist Erik from the Erik YWR Substack breaks down his bold bull thesis projecting the S&P 500 to hit 10,000 by the end of 2027. Drawing on his past investing experience in Africa, Erik introduces "Project Zimbabwe," explaining why higher inflationary eras trigger an "upward crash" where nominal assets like stocks and real estate surge even when the...

Leading IPO researcher Jay Ritter, widely known as "Mr. IPO" and the director of the IPO Initiative at the University of Florida's Warrington College of Business breaks down the historic 2026 public market landscape. Ritter analyzes the unprecedented potential for a wave of mega-IPOs from tech giants like SpaceX, OpenAI, and Anthropic. He dives into the realities of staggering price-to-sales ratio...