Monetary Matters with Jack Farley

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Steve Hou of Silicon Data joins Monetary Matters on the day the Fed held rates with two hawkish dissents, Alphabet and Microsoft reported earnings, and two days after Anthropic’s S-1 filing. Silicon Data publishes the GPU renta...

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Vincent Deluard, Director of Global Macro Strategy at StoneX, breaks down why a broader equity bear market may already be underway beneath surface-level index strength. Deluard unpacks the approaching stagflationary squeeze, dr...

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Citrini teamed up with Anthropic and used Claude to design scorpion antivenom candidates in just 64 hours, and 17 of them bound in the lab. The experiment led him to a striking conclusion: AI is commoditizing drug design, and t...

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ George Noble, the former Fidelity portfolio manager who ran the Fidelity Overseas Fund and started his career working for Peter Lynch, returns to Monetary Matters to argue that AI is a bubble and the bill is coming due. George...

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Is the AI trade finally cracking, or is this just another shakeout before the next leg higher? Jack and Max dig into the growing stress in AI-linked credit, where lenders and bondholders are starting to question how much debt t...

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Jim Bianco of Bianco Research called the 2022 bond bear market and stayed bearish on bonds for six years. Now, for the first time since then, he’s constructive. Jim explains why 5% yields aren’t punishing but normal: rates shou...

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Ben Inker, Co-Head of Asset Allocation at GMO, joins Other People’s Money to discuss why the IPOs and subsequent shareholder unlocks of SpaceX, Anthropic, and OpenAI will bring an unprecedented amount of equity issuance and pop...

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Charles Lemonides, CIO and founder of ValueWorks LLC, joins Other People’s Money to discuss why the 18-year bull market still has room to run. Lemonides argues that we have not yet reached the explosive "liftoff" phase typical...

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Semiconductor earnings have roughly doubled this year, yet chip multiples have compressed and the stocks are still well off their June highs. Stacy Rasgon, Managing Director and Senior Analyst covering U.S. semiconductors and s...

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Crude tanker rates have exploded to more than $1 million per day on some Middle East Gulf to China voyages, roughly 25 times normal levels, as the Iran war and disruption in the Strait of Hormuz throw global oil shipping into c...

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Ed Zitron, author of the Where's Your Ed At newsletter and host of the Better Offline podcast, returns to Monetary Matters to break down Anthropic's leaked IPO prospectus, as reported by Reuters. Ed argues that in 2025 Anthropi...

Ben Pouladian of BEP Research returns to Monetary Matters to break down who's winning and losing in AI right now, starting with Meta's Muse, the consumer agent he calls the "McDonald's version" of AI, and why he thinks its revenue will come mostly from ads rather than subscriptions, especially across WhatsApp-first markets like India and Brazil. Ben explains why the token bill for agentic AI dwarf...

James Elbaor, Founder and Portfolio Manager at Marlton LLC joins OPM to discuss why the private credit boom is officially over. Elbaor explains how artificial intelligence is threatening the SaaS businesses that make up over half a trillion dollars of private credit exposure, while also detailing how liquidity gates are currently trapping investors in massive interval funds like BCRED. The discuss...

Henry Peabody, senior investment strategist at GMO, joins Monetary Matters to explain why the Fed has an unofficial third mandate: managing how credit flows through an economy that is increasingly outside the banks. With private credit and fixed-rate borrowing loosening the link between Fed policy and the real economy, Henry argues that rate hikes are hitting consumers and weaker borrowers while l...

Eric Wallerstein, Chief Macro Strategist at Clocktower Group, joins OPM to discuss why he sees substantial risk that the Fed is making a policy mistake by hiking into a supply shock that could cause a 2022 style bear market. He also explores the global coordination of rate hikes and why he believes the participation of lower growth economies like Canada indicate that this is a reaction to higher e...

Try model portfolios available on Plutus and get a 45-day fee waiver when you signup with code OPM45: https://runplutus.com/mm-opm/login Jérémie Boyer, co-founder of Aurelion Research, joins OPM to give his outlook for 5 key commodities. He explains why after avoiding earlier downside volatility in gold he just got the buy signal he’s been waiting for, and why the longer-term AI driven bull thesis...

Jack Farley is joined by David Busch, Chief Investment Officer of Trajan Wealth, to discuss rising U.S. Treasury yields, persistent inflation, and the Federal Reserve's monetary policy trajectory. Busch breaks down the structural drivers behind elevated bond yields, including $40 trillion in national debt, geopolitical energy shocks, and massive corporate debt issuance for AI infrastructure. He ex...

This Monetary Matters episode is brought to you by Fiscal.ai. Get 15% off any paid tier at: ⁠https://fiscal.ai/mm/ Former Fed trader Joseph Wang joins Jack Farley live to break down Chair Kevin Warsh's third meeting — and his first rate hike, framed as "removing a dose of accommodation" against a Middle East oil-shock backdrop. Joseph explains why he called the hawkish move well ahead of the conse...

Precious metal and base metal prices have soared as have many mining stocks, but despite this, Freddy Brick, partner at Muddy Waters Capital says that the industry feels closer to left for dead than euphoric. He explains why that setup and the consistency of the mispricing in the sector brought them to launch a fund with the help of mining expert Darren McLean allowing them to take concentrated in...

Learn more about LandFund Partners: https://landfundpartners.com/invest#get-started Jack Farley speaks with John Farris, founder & CEO of LandFund Partners and former World Bank agricultural economist, about the tightening global food equation — and where the return actually comes from in farmland. The setup: if the world stopped growing crops tomorrow, John says there are roughly 70 days of food...

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...