Monetary Matters with Jack Farley

51:00

Stacy Rasgon: “Demand Is Off The Charts” in...

Monetary Matters with Jack Farley ·

2026/10/08

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 semicap equipment at Bernstein, joins Jack to explain what the market fears and why he thinks the cycle

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61:10

The Most Extreme Shipping Market in History,...

Monetary Matters with Jack Farley ·

2026/10/06

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 chaos. J Mintzmyer, founder of Value Investors Edge, joins Jack to explain why disruption and

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81:45

Ed Zitron on Anthropic's IPO (S-1), AI Debt, and...

Monetary Matters with Jack Farley ·

2026/10/01

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 Anthropic spent $2.75 for every dollar of revenue, worse than OpenAI's $2.60, and that nearly half its sales

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74:44

Token Bill Dwarfs CPU Bill | Ben Pouladian on Meta's...

Monetary Matters with Jack Farley ·

2026/09/30

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 dwarfs the CPU bill, why the key metric is becoming cost per token per megawatt, and why he believes "all

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65:02

The Private Credit Boom is Over: Redemption Requests...

Monetary Matters with Jack Farley ·

2026/09/27

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 discussion concludes by exploring lucrative upcoming merger opportunities in the public BDC space and analyzing

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55:59

Why the Fed May Have to Hike Far Higher Than Expected...

Monetary Matters with Jack Farley ·

2026/09/24

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 large corporates and the AI complex keep borrowing almost regardless of cost. That bifurcation, he says,

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53:13

Energy Shock and Rate Hikes Could Cause a 2022 Style...

Monetary Matters with Jack Farley ·

2026/09/23

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 energy prices and not a substantially higher global neutral rate.Try model portfolios available on

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72:17

Outlook on 5 Key Commodities: Metals Bull Market is...

Monetary Matters with Jack Farley ·

2026/09/20

Try model portfolios available on Plutus and get a 45-day fee waiver when you signup with code OPM45: https://runplutus.com/mm-opm/loginJérémie 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 on copper is very real and happening now. He also gives his outlook for uranium, fertilizer, and oil

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67:43

Why The 30-Year Treasury Lost Its Biggest Buyers |...

Monetary Matters with Jack Farley ·

2026/09/19

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 explains how higher interest rates and Treasury Secretary Scott Bessent’s bond buyback program impact

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63:42

Hawks Take Flight | Joseph Wang on Fed’s Hawkish Hike...

Monetary Matters with Jack Farley ·

2026/09/16

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 consensus, reading the Jackson Hole signals on financial conditions and the new emphasis on the "speed" of

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60:08

Hunting for Value in Mining Stocks Amid Soaring...

Monetary Matters with Jack Farley ·

2026/09/13

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 investments in the assets they think the market is overlooking while running lower net exposure. He also

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73:42

Why Farmland With Centuries of Water Is the Ultimate...

Monetary Matters with Jack Farley ·

2026/09/11

Learn more about LandFund Partners: https://landfundpartners.com/invest#get-startedJack 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 in reserve, down from 110 a decade ago. Two billion more people, more protein per capita, less

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77:10

What Actually Happens When a Life Insurer Fails (It's...

Monetary Matters with Jack Farley ·

2026/09/06

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 this has created a system that socializes losses even more sharply than federal deposit insurance does for

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32:20

“I’m Insanely Bullish on Bonds” | Jared Dillian on...

Monetary Matters with Jack Farley ·

2026/09/03

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 demand. He has moved a large share of his own money into long bonds as a three-to-five-year hold, calling

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61:36

The Certainty Premium: What’s Driving the Tech Sector...

Monetary Matters with Jack Farley ·

2026/08/31

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 software vs. application software and explains the east coast vs west coast divide in assessing

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56:34

The Commodity Bull Market Is Broadening | Jim...

Monetary Matters with Jack Farley ·

2026/08/26

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 central banks keep adding to record gold reserves, and makes the case for why silver could still

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63:59

Time to Reduce Equity Risk: Why Underappreciated...

Monetary Matters with Jack Farley ·

2026/08/26

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/globalmacroIn 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 as the market enters a historically weak seasonal window between August 15th and October 15th. The

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57:54

Is Private Equity Broken? Why the Buyside’s Problems...

Monetary Matters with Jack Farley ·

2026/08/24

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 waiting on delayed exits. The conversation breaks down the real threat of AI automation on financial

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88:08

Why Bessent Blinked | Luke Gromen on Doubling of...

Monetary Matters with Jack Farley ·

2026/08/20

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 that doesn't work: Luke breaks down why entitlements, interest, and veterans benefits now total

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61:33

Ex-Goya COO on the $1.4 Trillion Family Business...

Monetary Matters with Jack Farley ·

2026/08/18

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% to 30% operational efficiencies. The discussion dives into major consumer trends, including the

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