Monetary Matters with Jack Farley

David Steinberg, founder and chief investment officer of Marlowe Partners, joins Jack for a very special episode of Monetary Matters. Steinberg recounts what he learned working for Soros and Scott Bessent at Quantum, and how he developed his investment style of high concentration in single-name equities. David and Jack talk Humanization of Pets, semis, music publishing, and David’s secret pastime...

This Monetary Matters episode is brought to you by VanEck.  Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Louis Vincent Gave, Founding Partner & Chief Executive Officer at Gavekal, joins Monetary Matters to share his perspective on China in 2025 and beyond. Recorded on January 20, 2025. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/...

Almost everyone who works in finance dreams of one day showcasing their trading or investing prowess by starting their own hedge fund, but being a good trader is only one line item in a long list of skills required to be a successful hedge fund manager. Benn Eifert, Managing Partner of QVR Advisors, who himself has built his firm into one that manages $2 billion in assets, discusses the important...

There are always many narratives about what drives markets higher or lower but increasingly investors are turning to quantitative measures like style factors to decouple the signal from the noise and pinpoint what is actually behind major market moves. In this interview, Chris Carrano VP of Strategic Research at Venn by Two Sigma breaks down the orthogonal market factors that drove asset prices in...

This Monetary Matters episode is brought to you by VanEck.  Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Investing involves substantial risk and high volatility, including possible loss of principal. Visit vaneck.com or call 800.826.2333 to read and consider the prospectus, containing the investment objective, risks, and fees of the fund. Carefully read before investing...

If you weren’t in large and often expensive technology stocks you likely struggled as a hedge fund manager in 2024. For small/mid-cap value investors like Kyle Mowery, Portfolio Manager and Founder of Grizzly Rock Capital, who’ve sold their investors a mandate that makes it nearly impossible to go buy the NVIDIAs of the world you can only fall back on communication and the clear expectations you’v...

Steve Hou, Researcher at Bloomberg Indices, joins Monetary Matters to share his work on Treasury Issuance patterns and equity index construction. Hou explains that “the supply effect” (i.e. the degree to which issuance of long-term bonds rises bond yields is related to stock/bond correlation). He shares several findings from his work on indices related to pricing power, research and development (R...

Jack Farley and Max Wiethe of the Monetary Matters network break down the sell-off in stocks after a strong December jobs report and hot inflation expectations reading surprises markets. Recorded afternoon of January 10. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Other People’s Money on:  Apple Podcast https://bit...

Mel Mattison, investor, monetary theorist, and former fintech executive, joins Monetary Matters to share how he’s thinking about the next few years for the financial system. Stunned that Mel’s “6,000 by year-end 2024” prediction actually happened, Jack asks Mel why he now expects a violent correction in early 2025 while at the same time extending his S&P 500 forecast to the stunningly high 15,000...

When was the last time you heard about an exciting new mutual fund launch? It’s probably been a while. Despite ETFs, hedge funds, and burgeoning asset classes like private credit taking all the headlines, mutual funds still control over $20 trillion in AUM. So, how does one raise assets in the 2020s with a product many associate with a time gone by? Eric Crittenden, CIO and Founder of Stand Point...

Jason Cave, Senior Consultant at Potomak Global Partners, has over 30 years in bank and financial regulatory experience having worked at both the FDIC and FHFA. In this interview, Cave explains why he’s expecting a much better environment for banks of all sizes in the new regulatory regime under Trump. He discusses why he thinks the FDIC will finally open up bank M&A, the Basel III Endgame will be...

Citrini just raised the price of Citrini Research by 25%. Monetary Matters listeners can get access to the LOWER 2024 pricing with this link (offer expires February 15): https://www.citriniresearch.com/subscribe?coupon=d11a5439 The cross-asset thematic investor known only as Citrini returns to Monetary Matters. James reflects on his trades of 2024 in his “Citrindex” which was up 65% in 202 (Januar...

With the end of year approaching and SOFR/IOR spreads widening, Darrell Duffie, renowned and prolific monetary scholar, joins Monetary Matters to share his views on why liquidity strains often appear at quarter- and year-end. Duffie explains his work on the September 2019 repo blowout and shares his findings that timing of bank payments is a better predictor of SOFR/IOR stress than the SOFR/IOR sp...

Having raised over $450m in less than 6 months, Warren Pies, Founder of 3Fourteen Research and Portfolio Manager of $FCTE, has had one of the most successful independent ETF launches of all time. Despite the seemingly overnight success of his fund management business, the real story is about the steady growth of his research business that feeds into everything they do. He explains how his research...

Today’s episode is brought to you by the Teucrium Wheat Fund. War, weather, inflation—even monetary policy—drive wheat prices. See disclaimers below. Explore the opportunities at: https://bit.ly/Teucrium Michael Howell of Crossborder Capital joins Jack on Monetary Matters to share his outlook on global liquidity from three sources: central banks, cross border flows, and the private sector. Howell...

Danielle DiMartino Booth, CEO & Chief Strategist of QI Research, joins Monetary Matters to share her views on the December Federal Reserve FOMC meeting and her outlook on markets and the U.S. economy in 2025. DiMartino doubles down on her call that the U.S. economy is already in a recession, and explains why she thinks on January 29 2025 will be the day that the true weakness of the job market wil...

Jack welcomes Max Wiethe, business partner and host of Other People’s Money podcast, to break down December’s Federal Reserve meeting. Jack shares why he bought puts prior to the Fed’s meeting and his views for the market after its steep sell-off of nearly 3%. Max and Jack debate to what extent the monetary policy is hawkish, the bull case for the dollar, and how many cuts (if any) the Fed will do...

Noel Smith, founder of Convex Asset Management has spent most of his career outside of the world of managing other people’s money. Instead, he traded his own capital as a proprietary trader. Prop traders are famed for generating staggering rates of return, but because they have no interest in raising money, their secrets and strategies generally remain behind closed doors. However, he has decided...

Vincent Deluard, director of global macro for StoneX, joins Monetary Matters to share why he thinks there is a perfect storm of macro headwinds that in April to May of 2025 may put a halt to the relentless rise in U.S. stocks.  Deluard argues that the lower inflation of 2024 will result in a lower cost-of-living-adjustment (COLA) adjustment for 2025 U.S. government programs such as Social Security...

Today’s episode is brought to you by the Teucrium Wheat Fund. War, weather, inflation—even monetary policy—drive wheat prices. See disclaimers below. Explore the opportunities at: https://bit.ly/Teucrium Felix Zulauf, renowned macro investor and founder of Zulauf consulting, joins Jack on Monetary Matters to share his current views on stocks, bonds, and commodities. Zulauf expects a >1000 point co...

Jamie Carter, Partner and Managing Director at Variis Partners has spent much of his career focused on the world of long-only emerging-market investment boutiques. In this interview with Max Wiethe, Carter discusses the huge differences between building a long only business and a hedge fund business, why launching fund vehicles out of the UK has become more difficult, the differences in raising ca...

Jack Farley welcomes Max Wiethe, his business partner and host of the Other People’s Money podcast, for a conversation about the job market, the stock market, and the recent central banking conference they attended. Recorded on December 6, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Max Wiethe on Twitter http...

A stalwart of the “no recession” camp for many years, Juliette Declercq of JDI Research joins Jack to argue why she thinks that recession is now the greater risk than inflation for 2025 and beyond. Declercq argues that U.S. economy has been growing beyond organic levels by relying upon debt growth and immigration. She explains her bullish view on the dollar, the two-year note, and her views on sto...

Since Aristides Capital’s inception in August 2008, Chris Brown has returned over 1,000% for their investors with a stunning 16-year track record of no losing years. In this interview with Max Wiethe, Brown explains how they’ve been able to sustain these results and grow their business to over $300m in AUM all while operating far from the typical financial centers where hedge funds cluster. They d...

Andy Constan joins Monetary Matters to explain why he thinks financial markets are abnormal. With credit spreads extremely tight, the yield curve flat, and an expensive stock market, Andy estimates that all assets are expensive to cash and that financial markets are required to return to normal in order for inflation to return to normal. Recorded on November 26, 2024. Follow Monetary Matters on: A...