Monetary Matters with Jack Farley

Jack is joined by George Goncalves, Head of US Macro Strategy at MUFG Securities Americas Inc, and Joseph Wang, publisher at FedGuy.com and former senior trader for the New York Fed, to probe the challenges the Federal Reserve faces at its December meeting and the new year. Recorded on November 25, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 Y...

Ask anyone and they will tell you it has never been harder to start a hedge fund. That’s why so many of the most successful launches of late have been funds emerging from a prior firm with the backing of the big boss, otherwise known as spinouts. Julian Robertson’s Tiger Cubs are the perhaps most famous spinouts, but it is still an extremely popular trend today. Farid Guindo, CIO and founder of Dr...

Dr. Elham Saeidinezhad, Term Assistant Professor of Economics at Barnard College, Columbia University, and Market Structure Fellow, Jain Family Institute, joins Jack to share her upcoming papers on banks as synthetic hedge funds and interest rate swaps as synthetic funding. Recorded on November 23, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 Y...

Warren Pies of 3Fourteen Research joins Jack to share his views on why the stock market isn’t overvalued and why he is recommending to clients an underweight commodities stance. Pies argues that small-caps and mid-caps aren’t destined to do great if the bull market continues. Recorded on November 19, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5...

Dan Rasmussen has built his firm Verdad Capital into a billion-dollar asset manager on the back of one core activity, producing high quality research. Since Verdad’s inception in 2014, they have produced almost 500 pieces of research that they publish on their website weekly and distribute both on Twitter and to their large email list of readers. This research serves two functions. It’s both the b...

James Davolos, portfolio manager for Horizon Kinetics, joins Jack to share his investment philosophy for investing in companies with strong pricing power that benefit from inflationary environments. Recorded on November 14, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Horizon Kinetics on Twitter https://x.com...

Veteran trader Jason Shapiro joins Jack to share how he perceives positioning across FX, Equities, commodities, and bonds. He thinks the crowded long dollar trade has created a set-up for the Euro to rally, and he estimates that traders are a bit too short of oil and natural gas. Equities is in the “too hard” column so he is neutral, however he sees some short-term risks. Recorded on November 12,...

Hedge fund strategies like distressed, long short equities, relative value, etc. are well defined and understood by allocators. As a result, funds that fit neatly into these style boxes can easily answer the question, “what type of fund are you?” But what if you don’t fit neatly into one of these boxes? Be too exact and no one will search for your niche strategy. Push the envelope to fit into one...

Citrini, the thematic cross-asset investor known for his prescient and profitable calls on AI and GLP-1s, joins Monetary Matters to review with Jack his “Trump basket” which since its inception in March 4, 2024 to November 8, 2024 is up 87% (his Trump market neutral basket is up 32% over the same time horizon). Citrini explains why he created the basket and how its performance tracked and often pr...

The Federal Reserve continued its course of interest rate cuts in the first FOMC meeting following the election of Donald Trump and a defiant Chairman Powell strongly rejected any notion that Trump’s presidency could affect the independence of the Federal Reserve. Here, Jack Farley and Max Wiethe discuss the Fed’s move in light of recent data, the stock market’s run both before and after Trump’s e...

Harris Kupperman, CIO and Founder of Praetorian Capital joins Max Wiethe to share how he’s grown his firm to over $300 million in AUM, largely by breaking the institutional mold. They discuss Kupperman’s choice to build a strategy with UHNW investors and family offices in mind rather than traditional institutional investors and the benefits of a diversified base of LPs. They also discuss the firm’...

Email info@monetary-matters.com to inquire about Henley & Partners, and Jack will connect you with Basil. Basil Mohr-Elzeki, Managing Director and Head of Americas for Henley & Partners, joins Jack on Monetary Matters to explain why more millionaires than ever are going to relocate countries in 2024. He delves into the causes of this phenomenon, the nuances of citizenship and residency investment,...

Jeff Snider of Eurodollar University joins Jack to explore whether the inverted yield curve signal has been proven wrong, and just how strong or weak the U.S. economy is. Recorded on October 28, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jeff Snider on Twitter https://x.com/JeffSnider_EDU Jeff’s YouTube Chan...

Building a successful hedge fund is hard. It’s even harder when you’re fighting the perpetual upward momentum of the market. Despite this headwind, Carson Block, CIO and Founder of Muddy Waters Capital, has made his firm into a successful fund management business and taken down billion-dollar frauds in the process. In this interview with Max Wiethe, Block explains why starting a fund became necess...

David Rosenberg, founder and president of Rosenberg Research & Associates Inc., joins Jack Farley on Monetary Matters to argue why a recession is likely to occur as soon as 2025. Rosenberg points to the low savings rate and argues that fiscal deficits and a stock market price bubble are boosting consumer spending and that this will reverse if the stock market stops going up. Recorded on October 25...

Chris Whalen of Whalen Global Advisors & Institutional Risk Analyst joins Jack Farley to explain why bank stocks are partying like it’s 1997 again. Recorded on October 21, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Chris Whalen’s latest book, “Seeing Around Corners,” https://www.freedommortgage.com/seeingaroundcor...

Investing legend Jim Rogers joins Jack Farley on Monetary Matters to share timeless investing lessons. Rogers warns that people who blindly follow financial pundits without doing their own analysis are likely doomed to underperform, and he explains why he is a long-term bull on Chinese shares. Rogers argues that the unprecedented sovereign debt levels in the U.S. will reignite inflation, and expla...

Jim Bianco of Bianco Research and Bianco Advisors joins Monetary Matters to share his views on inflation, the labor market, and bonds. Bianco argues that the reason the unemployment rate has gone up is because the large amount of immigration into the U.S. has increased the labor force. Bianco makes the case that inflation is headed higher and bond yields now are probably headed higher. Recorded on...

Jared Dillian, author of The Daily Dirtnap and of “Night Moves: And other stories” joins Monetary Matters to discuss his thoughts behind a recent piece he wrote called “The Next Big Short: Hidden Risks Behind Private Equity's $8 Trillion Market.” Jared explains why he has shorted private equity companies and why he thinks private equity has peaked as an asset class and is destined for underperform...

SPECIAL “ASK ME ANYTHING” PROMOTION: Leave a rating and review for Monetary Matters on Apple podcast and ask Jack any question you want. Jack will answer some of the questions in future episodes. You can write the question in the body of the review, or you can send your question to to info@monetary-matters.com alongside a screenshot of your review. Brian McCarthy of Macrolens LLC joins Jack Farley...

Lyn Alden of Lyn Alden Investment Strategy joins Monetary Matters to explain why she is bullish on Chinese equities on a multi-year time horizon, and to share why she thinks nothing will stop the American economy because of the large amount of fiscal deficits the U.S government is running. Recorded on September 30, 2024. Teucrium’s US Agriculture ETFs provide exposure to commodities like corn, whe...

Despite rising tensions in the Middle East, today’s guest thinks that the price of oil is headed not higher but lower. Paul Sankey of Sankey Research joins Jack Farley on Monetary Matters to share why he thinks the price of oil is headed to as low as $50 as millions of barrels of capacity come online in Guyana, the U.S., and elsewhere, and as Saudi Arabia begins to focus on market share once again...

Harley Bassman, managing partner at Simplify Asset Management, outlines his favorite trades right now and explains why he thinks bonds are fully cooked without an imminent recession. He argues that selling interest rate vol is one of the best ways to play this fully cooked bond market and explains how new issue agency MBS and other callable bonds can be used to take advantage of the richness in bo...

China’s central bank just shocked markets with several impressive sounding stimulus measures, causing the biggest one-week rally in Chinese stocks since 2008. But how effective is this stimulus actually going to be to the Chinese economy? Leland Miller, co-founder & CEO of China Beige Book, joins Monetary Matters to weigh on this very important issue. Leland says he thinks the rally in Chinese sto...

Neil Dutta, Head of Economic Research at Renaissance Macro Research, joins Monetary Matters to update his prior call that the US economy would not enter a recession. He explains why a soft landing is still his base case and why he thinks the Fed is properly positioned to engineer that outcome even if soft economic data forces them to cut rates more aggressively. Recorded on September 21, 2024.  __...