Monetary Matters with Jack Farley

Epizody

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  Interest Rates to 10%: Why the Treasury Market is the Real Speculative Bubble (Not AI) | Russell Clark 22.07.2026 1h 5min

  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 details his macroeconomic outlook, arguing that a shifting political landscape focused on 7% wage growth and lower living costs will eventually push the 10-year Treasury yield up to an astonishing 10%. To stabilize affordability for younger generations, he predicts real estate will remain flat nominally while heavily declining in real terms. Clark also breaks down the massive capital expenditures in AI, viewing them as defensive strategies by legacy tech giants to protect their moats rather than mere speculation. Finally, Clark also warns about sectors reliant on low rates and the severe illiquidity and mispriced risks currently lurking within the private credit and private equity markets. Read Russell’s Substack: https://www.russell-clark.com Follow Russell Clark on X: https://x.com/rampagingruss Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod SOYB Fund Page & Prospectus: www.teucrium.com/soyb Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility. Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund. This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb. Marketing Agent: PINE Distributors LLC. Timestamps: 00:00 Intro 01:38 Why Treasuries Look Risky 04:33 Foreign Reserves Shift from Gold to Bonds 08:59 Politics Turns Inflationary 14:12 Japan Leads 16:09 Wage Inflation Drives Yields 20:37 Sponsor Break SOYB 21:58 High Real Rates New Normal 26:14 Trading Long View vs Noise 29:09 Housing Tug of War 34:02 Politics Converge Anyway 36:03 Chips Are New Oil 38:38 Is AI a Bubble? 44:12 AI and Wage Politics 50:37 Strategic AI Spending 54:17 Leverage Unwind Risks 59:29 Private Credit Red Flags 01:04:13 Wrap Up and Links
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  Nick Nemeth: Private Credit Will Blow-up Insurance System | Immense Leverage, Shaky Loans, and Retirement System That Actually Does Have Run Risk (via Surrenders) 20.07.2026 1h 14min

  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, why he thinks annuity surrenders could spark a run with no federal backstop, and how adjusted EBITDA, layered leverage, and lax loan ratings mirror the setup before 2008 — except, in his view, the scale looks more like 1929. He closes with contrarian rankings of Apollo, Ares, Blackstone, and Blue Owl. Recorded July 14, 2026. Teucrium on X https://x.com/TeucriumETFs Nick Nemeth on X https://x.com/NickNemo17 Jack Farley on X https://x.com/JackFarley96 Nick Nemeth’s article, “The Smart Money Is the Subprime This Time”: https://mispricedassets.substack.com/p/the-smart-money-is-the-subprime-this Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are  Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today.  Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs  CORN Fund Page & Prospectus: www.teucrium.com/corn  This material must be preceded or accompanied by a prospectus. The prospectus is available at  https://teucrium.com/corn. Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and  instruments whose underlying investments include commodities and futures are not suitable for all investors. Past  performance does not guarantee future results.  For further discussion of these and additional risks associated with an investment in the Funds please read the  respective Fund Prospectus before investing.
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  Turbo Charged Trend Following: Why Capturing the Market’s Biggest Trends Means Embracing High Volatility | Moritz Seibert & Moritz Heiden | Takahe Capital 16.07.2026 1h 16min

  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 why letting winners run is crucial for massive returns. The conversation also touches on the emerging world of perpetual futures on decentralized platforms and why keeping trading models simple often beats complex fundamental analysis. Follow Moritz Seibert on X: https://x.com/moritzseibert Follow Moritz Heiden on X: https://x.com/moritzheiden Follow Takahe Capital on X: https://x.com/TakaheCapital Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 01:14 Do You Need Big Trends 03:21 Smooth vs Choppy Trends 05:00 Oil Curve Positioning 07:43 Model Design Not Discretion 09:24 Why Trend Funds Differ 16:02 Classic Trend Playbooks 19:04 Sizing Beats Entry 25:01 Perpetual Futures Reality 32:41 High Octane Philosophy 35:22 Letting Winners Get Huge 39:04 Why Trends End Late 41:55 Price Only vs Fundamentals 46:28 What’s Trending Now 49:57 Spreads Underperforming 52:37 When Signals Die 57:49 Simple Robust Parameters 01:00:59 Design Without Optimization 01:05:43 Diversification and Investors 01:09:32 Uniqueness and Market Mix 01:14:21 Who Buys High Vol 01:15:54 Conclusion
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  The Semiconductor Earnings Boom Is Just Getting Started | Ben Pouladian on why AI is Real, Nvidia is Mispriced, and Capacitors Are Overrated 14.07.2026 1h 27min

  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 commodities. He reveals that the true bottleneck in AI deployment is no longer a GPU shortage, but rather a severe lack of energized land and the tradesmen needed to build physical data centers. The conversation also dives into Pouladian's "token dollar" thesis, exploring how the global race for maximum compute-per-watt has become a modern geopolitical space race between the U.S. and China. For investors, Pouladian breaks down his top stock picks, including his unwavering bullishness on Nvidia, Apple's vital role in consumer AI privacy, and Bloom Energy's unique solution to the data center power crunch. Whether you are an institutional investor or just curious about the future of tech, this deep dive offers a clear roadmap for navigating the massive capital expenditures driving the semiconductor super-cycle. Recorded July 8, 2026. Follow Jack Farley on X https://x.com/JackFarley96 Follow Ben Pouladian on X https://x.com/benitoz Ben’s Pieces on BEP Research we discussed: “The Token Dollar”: https://bepresearch.substack.com/p/the-token-dollar “Bloom Energy Is Actually Getting Deployed”: https://bepresearch.substack.com/p/bloom-energy-is-actually-getting Most recent piece, which addresses recent short reports on Bloom: https://substack.com/home/post/p-206941568 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
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  Breaking Down the Multi-Manager Playbook: How This $19B CIO Thinks About Alpha | Sean McGould | The Lighthouse Group 07.07.2026 59min

  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 investment. Additionally, McGould breaks down how the AI capital expenditure arms race is shaping global equity issuance and explains why the multi-manager "pod shop" model is the true modern successor to Wall Street's legacy proprietary trading desks. Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Japan Market Shift 01:29 Lighthouse Group 04:53 Why Hedge in Bull Runs? 10:43 Equity Issuance Signals 13:33 Capex Versus Meme Raises 16:27 AI Inside Lighthouse 18:20 Specialists vs. Generalists 19:42 AI Fuels Asia Outperformance 21:18 Japan Reforms and Nikkei 24:43 Korea Value Up Program 27:44 Fixing Incentive Imbalances 32:34 Sector Pair Trades Explained 33:56 Factor Neutrality Pitfalls 34:44 AI and Narrative Factors 41:54 Why Liquidity Means Capacity 44:34 Hidden Alpha in Regulation 50:30 Hedging Regulatory Unknowns 53:50 Peak Pod Shop Debate 57:40 Diversification and Market Liquidity
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  The Ultimate Playbook for Reducing The Fed’s Balance Sheet | Professor Darrell Duffie on 4 Tools For Federal Reserve To Shrink Reserve Demand In Banking System 05.07.2026 1h 3min

  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 additional tools to reduce reserve demand from the banking system.  Stanford Professor Darrell Duffie returns to Monetary Matters to explain that to safely reduce Fed assets, policymakers must first address the liability side of the ledger by drastically lowering commercial banks' high demand for reserve balances. If the Fed simply sells off assets without adjusting this structural demand, it risks losing control of interest rates and sparking extreme volatility in repo funding markets, similar to the disruptions witnessed in September 2019. To prevent such a liquidity crisis, Duffie outlines four crucial policy tools from his latest research: utilizing temporary open market operations, easing stringent liquidity regulations, implementing software-driven liquidity savings mechanisms, and tiering the interest rates paid on excess reserves. While some of these proposed banking plumbing changes are already successfully utilized by other global central banks, their adoption remains highly debated within the Federal Reserve. Ultimately, integrating these innovative monetary tools could provide the necessary framework for the Fed to achieve a vastly smaller footprint in the financial markets over the coming decade. Recorded June 30, 2026.  Darrell Duffie website: https://www.darrellduffie.com/ Pieces discussed:  “The Payment System Puts a Floor on the Fed’s Balance Sheet,” Spring 2026: https://www.darrellduffie.com/uploads/1/4/8/0/148007615/duffie_bpea_payments.pdf “An Efficient Liquidity Savings Mechanism,” June 3, 2026: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6869662&__cf_chl_f_tk=0_Jrq4.M1jw0cY9jkTQugQHw531LRaR5X__LMj_0U.Q-1783272074-1.0.1.1-6nR7OVxYRqdVjoMHJTtUJ6A5vRg.ls3f_TfIWkVJqoo Follow Jack Farley on X https://x.com/JackFarley96 Follow Fundrise on X https://x.com/fundrise?lang=en Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
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  The Real Estate Cycle Is Turning | Josh Pristaw on The New Cycle in Real Estate, Opportunity in Senior Living, Why AI Data Centers Are Too Big For Most Investors 04.07.2026 54min

  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 development, opting instead to capitalize on the AI and e-commerce boom through their $42 billion industrial and logistics portfolio. He reveals senior housing as the firm's highest conviction asset class, driven by an undeniable demographic tsunami where 10,000 Americans turn 80 daily, demanding a quintupling of current supply pipelines. Listeners will also gain deep insights into the multifamily rental market's recovery, which is currently being fueled by peak household formation demographics and stabilizing lease trade-outs. Conversely, Pristau outlines a starkly bearish case for non-trophy office spaces, citing massive tenant replacement costs and functionally obsolete designs. Whether you are navigating commercial real estate investing, private credit ripples, or core-plus fund strategies, this interview delivers a masterclass on finding high-yield stability in a shifting macroeconomic landscape. Follow Jack Farley on X https://x.com/JackFarley96 Follow Fundrise on X https://x.com/fundrise?lang=en Pieces discussed: “A Golden Opportunity for Senior Housing”: https://www.clarionpartners.com/insights/senior-housing-opportunity “U.S. Core Real Estate: A New Cycle is Emerging”: https://www.clarionpartners.com/insights/us-core-real-estate-a-new-cycle “Building into the Future: The Case for U.S. Industrial Development”: https://www.clarionpartners.com/insights/us-industrial-development Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
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  What If It’s Still Early? | Erik YWR on $10,000 S&P 500 by 2027 Case, Hyperscaler ROIC, AI CapEx, Semis, Exchanges, and Reverse Crash Risk In “Project Zimbabwe” 02.07.2026 1h 6min

  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 broader economy feels sluggish. He challenges today’s market bears by comparing the current AI and semiconductor boom to the 1999 dot-com era, arguing that accelerating earnings growth and revolutionary technology could justify significantly higher market multiples.  Beyond the tech trade, Erik highlights massive opportunities in European and Japanese banks transitioning back to a "risk-on" posture, alongside financial exchanges like CME and ICE that stand to thrive on rising market speculation. He also candidly addresses his toughest underperforming trades in Hong Kong and Chinese tech, differentiating between mainland China's robust hardware plays and Hong Kong's heavily disrupted e-commerce software sector. Ultimately, Erik warns that the greatest long-term risk for investors isn't a temporary 20% market correction, but the wealth erosion of sitting on the sidelines while the cost of living skyrockets around them. Recorded June 29, 2026. Follow Erik YWR on X https://x.com/erik_ywr?lang=en Follow Jack Farley on X https://x.com/jackfarley96 Erik YWR’s Substack https://www.ywr.world/ Pieces Discussed In Interview: “YWR: S&P $10,000 Update,” June 16, 2026:https://www.ywr.world/p/ywr-s-and-p-10000-update “YWR: Global Factor Model,” June 27, 2026: https://www.ywr.world/p/ywr-global-factor-model-9b9 “YWR: Friday Money Maker(s),” June 19, 2026 (on ICE CME and Exchanges):  https://www.ywr.world/p/ywr-friday-money-makers  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
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  Top IPO Scholar on Unprecedented IPO Wave & Why IPOs Underperform the Market | Jay Ritter 30.06.2026 51min

  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 ratios, warning that while AI offers immense technological promise, eye-watering trillion-dollar valuations leave very little room for error. Ritter also cuts through the hype surrounding retail access to venture capital and private equity, explaining why extra layers of middlemen, "volatility washing," and an evaporating illiquidity premium mean average investors aren't actually missing out on a free lunch. Professor Ritter’s IPO Data: https://site.warrington.ufl.edu/ritter/ipo-data/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 00:58 Meet Mr IPO 01:40 2026 is Unprecedented 02:52 Do IPOs Signal Tops 04:27 How IPO Pricing Works 05:57 SpaceX Valuation Risks 09:26 TAM Hype and Cursor 13:27 2026 Versus Past Waves 16:17 Must Own AI Exposure 19:46 Regulation and Unintended Effects 27:29 Geopolitics and Dual Use 29:10 Will IPO Volume Boom? 32:40 VC/PE = No Free Lunch 35:36 Retail Access Fee Stacking 39:14 Volatility Washing and Perps 49:09 Sentiment and Final Takeaways
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  Rothschilds, Railroads, & Ruin | Liaquat Ahamed on “1873” (New Book!) 29.06.2026 54min

  Liaquat Ahamed, legendary financial historian and author, joins Jack to discuss his latest book, "1873: The Rothschilds, the First Great Depression, and the Making of the Modern World.” Ahamed unpacks the 1873 financial crisis, explaining how Germany's abrupt move from silver to gold during a market panic triggered a massive global scramble for precious metals and severe deflation. He details the preceding infrastructure boom driven by the Rothschilds' bond market expansion, which eventually collapsed due to excessive railroad construction and the infamous Credit Mobilier corruption scandal. Transitioning to modern markets, Ahamed compares the 19th-century railway mania to today's trillion-dollar global AI and data center investment boom. He warns that fierce competition in the AI sector could lead to poor returns and a series of mini boom-bust cycles. While expressing concern over modern speculative bubbles in crypto and loose central bank policies, Ahamed remains hopeful that these technological innovations will spark a significant productivity jump. Recorded June 9, 2026. “1873”: on Publish Penguin Random House: https://www.penguinrandomhouse.com/books/306461/1873-by-liaquat-ahamed/ “1873”: on Amazon: https://www.amazon.com/1873-Rothschilds-Depression-Making-Modern/dp/1594204179 Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
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  Inside The Platform Helping to Invest Like Substack & FinTwit's Top Researchers | Plutus 24.06.2026 47min

  In this episode of Other People's Money, host Max Wiethe sits down with Shashank Chiranewala, founder of the new investment platform Plutus, to explore the future of independent research and portfolio management. Shashank explains why his platform is fundamentally different from the copy trading trend, emphasizing the importance of aligning model portfolios with an investor's unique risk-reward needs rather than blindly following a single strategy. They dive into the technical nightmares of executing global, active strategies on your own—like navigating foreign market rules and tracking errors—and how Plutus provides an automated, seamless execution solution for both individual and professional investors. Finally, they discuss why top independent researchers from Substack and FinTwit are choosing to list their portfolios on Plutus rather than launching traditional fund vehicles. Check out Plutus: https://www.runplutus.com/ Follow Plutus on X: https://x.com/RunPlutus Follow Shashank on X: https://x.com/sonny_seattle Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 01:37 The Broken Options 03:54 From Research to Investing 04:28 Why Not Copy Trading 07:56 SPY and Portfolio Fit 12:25 Building Multi Portfolio Strategies 14:58 Menu vs Tools Debate 20:34 Execution Is the Moat 25:17 Meet the Research Partners 28:18 Who Uses Plutus? 32:04 Creators and Regulation 36:26 Big Vision and Tokenization 38:42 Taxes and Compliance 44:43 How the Platform Works 46:32 Conclusion
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  Ed Zitron: The AI Bubble is Bleeding Cash, Here Are The Receipts 21.06.2026 1h 10min

  Ed Zitron is one of the most prolific skeptic of the AI Boom. Having just reported OpenAI’s 2025 financial loss, he joins Jack to argue that the sheer size of the losses by the large language model (LLM) companies are unsustainable and the operational costs of training and running LLMs far exceeds the revenue customers are willing to pay. Ed also discusses Meta’s confusing AI strategy, the risk (and fall?) of the tokenmaxxing era, and Anthropic’s suspension of Fable 5. Recorded June 19, 2026.  Pieces discussed in the interview: “Exclusive: OpenAI Losses Increased Nearly 8X in 2025, With Spending Hitting $34 Billion”: https://www.wheresyoured.at/exclusive-openai-financials/ “AI Is Slowing Down”: https://www.wheresyoured.at/ai-is-slowing-down/ “AI's Brokenomics”: https://www.wheresyoured.at/brokenomics/ “OpenAI spending hit $34bn last year ahead of planned IPO”: https://www.ft.com/content/e15b0d7e-ff6b-4f16-ba7a-4068feddb828?syn-25a6b1a6=1 Follow Ed Zitron on X https://x.com/edzitron Follow Jack Farley on X https://x.com/jackfarley96Ed’s newsletter: https://www.wheresyoured.at/  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
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  Jim Chanos & Val Zlatev: Long and Short Alpha in AI, Semiconductors, Neoclouds, and Data Centers | MacroMinds Symposium 2026 20.06.2026 55min

  In this panel at MacroMinds Symposium, Jack Farley sits down with legendary short seller Jim Chanos and Val Zlatev, Portfolio Manager and Partner at Analog Century Management, to analyze the long and short opportunities of the AI and semiconductor boom. Chanos highlights a significant timing disconnect wherein chip suppliers recognize revenues immediately while hyperscalers capitalize their massive infrastructure costs—a trend mirroring the late-1990s CapEx boom before tech earnings collapsed by 40%. Chanos expresses deep skepticism toward "neo-cloud" data center developers like CoreWeave, modeling a very generous ten-year GPU lifespan (depreciation schedule) to forecast low pre-tax returns on invested capital. From a micro perspective, Val Zlatev outlines the structural upside for high-demand memory stocks, noting they trade at cheap forward multiples because physical supply chain constraints hard-cap semiconductor equipment manufacturing growth at 30% annually. The discussion also scrutinizes Elon Musk’s projection for one terawatt of compute capacity, breaking down the immense real-world barriers facing space data centers, including launch costs, space radiation, and maintenance logistics. They also dissect the SpaceX S1 filing, revealing that the primary rocket launch division continues to lose money despite the profitability of Starlink. Recorded on June 4th at MacroMinds Symposium. About MacroMinds: At MacroMinds, our vision is to unite the investment community in support of organizations that are making a meaningful difference in the lives of students and their families. By partnering with high-impact nonprofits that serve socio-economically disadvantaged communities and schools, MacroMinds is committed to helping close the educational gap and expand opportunity across the New York area. MacroMinds website: https://macrominds.org/ https://macrominds.org/donate/ Charities supported by 2026 Symposium: NYC First: https://macrominds.org/nyc-first/ Opportunity Music Project: https://macrominds.org/opportunity-music-project/ 100 Women in Finance: https://macrominds.org/100-women-in-finance/ Follow Jim Chanos on X https://x.com/RealJimChanos?lang=en Follow Jack Farley on X https://x.com/jackfarley96 Follow Monitoring The Situation (MTS) on X https://x.com/MTSlive  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
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  The US Manufacturing and Electrification Megatrends Are Here and They’re Way More Than AI | Chris Semenuk 18.06.2026 1h 19min

  In this episode of Other People’s Money, host Max Wiethe sits down with Chris Semenuk, an investment partner at Tema ETFs, to discuss the massive secular tailwinds driving the US manufacturing and electrification renaissance. Semenuk argues that after a three-year recession and decades of underinvestment, US industrial capacity and manufacturing are finally entering a powerful recovery cycle. Moving beyond the hype of AI and hyperscalers, they explore how "boring" short-cycle industrial companies like those producing essential components like ball bearings, pneumatics, and filters are primed for extraordinary earnings growth. They also discuss how America’s electrification mega trend goes beyond the AI data center buildout. Follow Chris on X: https://x.com/ChrisSemenuk Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Manufacturing Recession Ends 00:46 Meet the Industrial Bull 02:00 Proof Reindustrialization Is Real 05:28 What Reindustrialization Really Means 07:49 Why Companies Build Here 12:45 Advanced Goods Not Old Jobs 15:52 AI Hype Versus Reality 17:27 Picking the Equipment Winners 21:46 Inside Factory Wall Plays 23:26 Short Cycle Sequencing 27:53 Destocking Rates Tariffs Fog 32:28 Why Stocks Held Up 37:03 Valuing Cyclical Industrials 45:05 Tariffs Drive Onshoring 50:31 Humanoids And Automation 54:31 Grid Demand Inflection 57:05 Behind the Meter Reality 01:01:10 Rural Utilities Winners 01:08:22 High Voltage Bottleneck 01:14:40 Service Backlogs and Duration 01:18:28 Secular Tailwinds Wrap Up
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  Regulatory Risk is Coming For AI | David Woo on AI Data Center CapEx and Iran War 15.06.2026 1h 5min

  Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): https://teucrium.com/corn In this episode of Monetary Matters, host Jack Farley sits down with independent economist and strategist David Woo to break down the hidden realities behind global tech markets and macroeconomics.  Woo reveals how component inflation and artificial "token maxing" have created an optical illusion of accelerating corporate earnings, obscuring a real-term slowdown in tech hyperscaler CapEx. Rather than arguing that artificial intelligence lacks power, Woo presents a stark AI bear case rooted in imminent global regulatory crackdowns as advanced frontier models like Claude Mythos introduce severe cybersecurity and national security risks. He predicts that the broader AI industry is rapidly heading toward intense competition and commoditization, which will ultimately turn current hardware shortages into a massive compute glut.  Turning to geopolitics, Woo details why he remains heavily bullish on oil as active military conflicts between Iran and Israel continue to jeopardize the blockaded Strait of Hormuz. Applying game theory to President Trump's ongoing ceasefire negotiations, he asserts that Iran is exploiting Washington's public push for a deal to extract tougher terms that will inevitably drive energy prices even higher. Recorded June 10, 2026. ____ Jack Farley on X https://x.com/JackFarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez __ This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are  Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today.  Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs  CORN Fund Page & Prospectus: www.teucrium.com/corn  This material must be preceded or accompanied by a prospectus. The prospectus is available at  https://teucrium.com/corn. Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and  instruments whose underlying investments include commodities and futures are not suitable for all investors. Past  performance does not guarantee future results.  For further discussion of these and additional risks associated with an investment in the Funds please read the  respective Fund Prospectus before investing.  CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading  Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds,  which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the  Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading,  LLC is the Sponsor for CORN, CANE, SOYB, and WEAT.  PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with  Teucrium Investment Advisors, LLC and Teucrium Trading, LLC. 
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  America’s $205 Billion Government Fund You’ve Never Heard Of | Conor Coleman, Head of Investments at Development Finance Corporation (DFC) 10.06.2026 29min

  Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): https://teucrium.com/corn Conor Coleman, Head of Investments and Chief of Staff at the Development Finance Corporation (DFC), joins Monetary Matters to explain the DFC’s capacity as the international investment arm of the United States Government and its central role in economic statecraft. He and Jack discuss the Ukraine Mineral Deal, Strait of Hormuz Reinsurance Program, as well as several other deals and programs around the world that the DFC is involved in. Recorded June 8, 2026. Development Finance Corporation (DFC) website: https://www.dfc.gov/ DFC Project Data: https://www.dfc.gov/what-we-do/active-projects U.S.-Ukraine Reconstruction Investment Fund: https://www.dfc.gov/investment-story/investing-ukraines-reconstruction-and-americas-security “US Agency to Own 20% of Graphite Miner Syrah in Critical Minerals Push”: https://www.bloomberg.com/news/articles/2026-03-26/us-agency-to-own-20-of-graphite-miner-syrah-in-critical-minerals-push ____ Jack Farley on X https://x.com/JackFarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are  Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today.  Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs  CORN Fund Page & Prospectus: www.teucrium.com/corn  This material must be preceded or accompanied by a prospectus. The prospectus is available at  https://teucrium.com/corn. Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and  instruments whose underlying investments include commodities and futures are not suitable for all investors. Past  performance does not guarantee future results.  For further discussion of these and additional risks associated with an investment in the Funds please read the  respective Fund Prospectus before investing.  CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading  Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds,  which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the  Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading,  LLC is the Sponsor for CORN, CANE, SOYB, and WEAT.  PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with  Teucrium Investment Advisors, LLC and Teucrium Trading, LLC.
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  “Sleepwalking into Crisis”: Why The Oil Market Hasn’t Imploded Yet | Kpler’s Matt Smith 07.06.2026 1h 8min

  Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): https://teucrium.com/corn In this episode of Monetary Matters, host Jack sits down with Matt Smith, the Director of Research at Kepler, to analyze how the global oil market is sleepwalking into a major supply crisis four months into the Iran war conflict. With the Strait of Hormuz closed for over three months, approximately 11 million barrels per day of crude supply have been removed from the market, forcing a global reduction of 9 million barrels per day in refinery runs. Smith explains that China's sudden decision to halt buying and scale back its own refinery operations temporarily freed up 4.5 million barrels per day for the global market, masking the true severity of the physical shortage. Meanwhile, the United States has acted as a primary buffer by heavily exporting refined products overseas, which has caused domestic inventories—particularly at the Cushing pricing hub—to deplete rapidly toward critical operational bottoms. Despite these deep structural deficits, headline benchmarks remain under $100 due to seasonal demand lulls and political interventions, leaving the trading market in a temporary state of complacency. Ultimately, Smith warns that a major market breakdown could occur as early as July when these dwindling stockpiles finally run dry and force a dramatic price response. This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are  Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today.  Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs  CORN Fund Page & Prospectus: www.teucrium.com/corn  This material must be preceded or accompanied by a prospectus. The prospectus is available at  https://teucrium.com/corn. Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and  instruments whose underlying investments include commodities and futures are not suitable for all investors. Past  performance does not guarantee future results.  For further discussion of these and additional risks associated with an investment in the Funds please read the  respective Fund Prospectus before investing.  CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading  Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds,  which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the  Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading,  LLC is the Sponsor for CORN, CANE, SOYB, and WEAT.  PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with  Teucrium Investment Advisors, LLC and Teucrium Trading, LLC. 
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  The AI Chip Bubble: Why South Korea & Taiwan Are In the Danger Zone | Michael Fritzell | Asian Century Stocks 06.06.2026 1h 8min

  In this episode of Other People’s Money, host Max Wiethe sits down with Michael Fritzell, author of Asian Century Stocks, to break down the massive valuation divergence playing out across Asian equity markets. Michael explains why he believes the skyrocketing AI and memory chip sectors in South Korea and Taiwan have entered dangerous bubble territory, fueled by unsustainable profit estimates that ignore looming Chinese supply. Instead of chasing the tech hype, he highlights the massive upside hidden in overlooked South Korean small caps and Japanese growth stocks that are trading at single-digit multiples despite solid fundamentals. Tune in to discover how corporate governance reforms, insider buying trends, and a forming "New Cold War" are creating the ultimate stock-picker's market. Read Asian Century Stocks: https://www.asiancenturystocks.com/ Follow Michael on X: https://x.com/MikeFritzell Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Korea Chip Bubble Warning 00:42 Why Asia Diverges Now 02:26 AI Mania Hits Korea 04:37 Bubble Case for Memory 06:40 China Supply Response 09:18 Memory Versus Logic Chips 11:33 Speculation on the Ground 13:41 Western Investors Pile In 15:44 Japan Reforms and Yen Boom 18:26 Korea Governance Fixes 24:20 Korea Small Cap Hunting 25:45 K Beauty and Cultural Exports 30:52 Finding Ideas Before The US 31:57 Nintendo Versus Memory Costs 33:19 Nintendo Release Drought 35:36 Switch 2 Execution Questions 37:39 Family Console vs Roblox 38:25 Iran War Energy Shock 41:50 India & China Underperformance 45:17 China Crackdowns Risk 50:42 The China Gray Zone Trade 54:25 New Cold War Lines 56:54 Hunting Value Across Asia 01:02:19 Reforms and Value Programs 01:04:06 How Much to Allocate to Asia 01:07:41 Where to Follow Michael
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  Overvaluation Meets Macro Risk: Why This Massive Asset Manager is Getting Bearish | Jim Masturzo | Research Affiliates 31.05.2026 1h 18min

  Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode of Monetary Matters, host Jack Farley sits down with Jim Masturzo, Chief Investment Officer at Research Affiliates, to discuss the changing macroeconomic landscape and the underlying flaws of the traditional 60/40 portfolio. Masturzo explains that the recent positive correlation between stocks and bonds requires investors to find true diversifiers, though he still sees tactical opportunities in trading range-bound bond yields. The conversation explores the AI-driven market narrative, with Masturzo highlighting that the U.S. market is significantly overvalued at a CAPE ratio of 40 and examining the resulting ripple effects on software stock valuations. Finally, he details his bullish conviction trade on commodities amidst severe geopolitical supply chain risks and introduces his firm's new fundamentally weighted RAFI Growth Index. Follow Research Affiliates on X: https://x.com/RA_Insights Follow Jack Farley on X: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Market Overvaluation Setup 00:53 Meet Jim Masturzo 01:23 60 40 Under Pressure 02:50 Finding True Diversifiers 06:24 Why Yields Stay Bounded 11:29 Government Backstops And YCC 14:09 Fed Balance Sheet Fears 17:28 Sponsor Break HFGM 19:44 Range Intact Tactical View 25:26 Private Credit Shift Risks 28:36 Stocks Rally And AI Narrative 33:31 CAPE Valuations Explained 36:19 Earnings Growth Skepticism 39:00 AI Adoption Reality Check 45:53 AI Investing Limits 49:26 Why Earnings Forecasts Fail 54:18 SaaSpocalypse and Risk Framework 01:02:37 Valuation Multiples and GAAP Focus 01:06:44 Conviction Trades Commodities and Bonds 01:14:38 Research Affiliates and RAFI Indices 01:16:21 Fundamental Growth Index Explained
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  How This Real Estate Investor is Betting on an AI Boom (It’s Not Data Centers) | Tom Shapiro 26.05.2026 1h

  Learn more about the Fundrise Income Fund here: https://fundrise.com/mm In this episode of Other People's Money, GTIS Partners founder and CIO Tom Shapiro breaks down how massive macroeconomic shifts, including AI and inflation, are reshaping the global real estate landscape. He explains why his firm is heavily betting on a San Francisco recovery driven by the booming AI sector, and how they are scooping up properties at steep discounts to replacement costs. Shapiro also details the severe oversupply challenges currently stalling popular Sun Belt cities, alongside the firm's strategic push into industrial logistics to capitalize on domestic reshoring trends. Finally, he shares decades of expertise on navigating the complex Brazilian real estate market, offering a masterclass on global investment strategies in a high-interest-rate environment. Learn more about GTIS Partners: https://www.gtispartners.com/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 01:30 Macro Shocks and Inflation 02:30 AI Disruption Risks 04:27 Tracking Jobs and Households 06:09 Immigration and Rate Politics 08:03 Build to Rent Bill Fallout 11:57 Affordability and Mortgage Rates 14:41 Fundrise Income Fund 16:36 Regional Winners and Losers 17:12 Sun Belt Oversupply Pain 19:57 San Francisco Comeback Thesis 24:35 AI Occupancy and Investment Plays 28:28 Picking Buildings Block by Block 30:02 Picking the Right Building 30:21 Safety and City Recovery 33:39 AI Jobs and Office Demand 35:17 Froth and Real Revenues 37:39 Data Centers NIMBY Debate 39:54 Reshoring and Warehouse Boom 44:09 Real Estate Capital Markets 49:07 Why Brazil Worked 52:46 Brazil Rates and Currency 55:15 Politics and China Pull 58:44 US Outlook and Wrap Up