Other People's Money with Max Wiethe

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  Hunting for Value in Mining Stocks Amid Soaring Metals Prices | Freddy Brick | Muddy Waters Capital 13.09.2026 1t

  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 discusses how they think about hedging in the sector, why they take a bottom-up approach to portfolio construction, and how they approach short and long activism in the sector. Follow Muddy Waters on X: https://x.com/muddywatersre 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 01:28 Approach to Portfolio Construction 07:56 Fraud Report Origin 09:35 Block Models Explained 15:27 Why Juniors Are Distressed 21:19 Finding Mispriced Projects 25:12 Venture Like Investing 28:25 Promoters and Capital Raising 33:43 Sentiment and Cycles 38:28 M&A Wave Ahead 43:27 Trading Vol and Hedging 46:57 Long Activism Approach 50:23 Scaling the Strategy 55:10 When Alpha Shows Up
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  The Certainty Premium: What’s Driving the Tech Sector Divergence? | Jeff Keller 31.08.2026 1t 1min

  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 hyperscaler capex. Follow Jeff Keller on X: https://x.com/jeffkeller1 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 01:13 Tech Sector Divergence 05:23 Cyber Infra Valuation Risks 08:09 Why Themes Beat Stock Picking 12:01 Valuation and Forecast Limits 17:35 Retail Crowding Warning 20:15 2021Parallels 23:33 Rising Rates and Funding the AI Buildout 27:28 Mag Seven Return Profile Shift 29:43 CapEx is Existential 35:17 Meta Breakdown 39:38 Investor Positioning Themes 41:34 Long Biased Long Short 43:55 What Would Break AI? 46:26 AI Echo Chamber Risk 49:06 Factor Awareness Extremes 51:55 Deleveraging July Playbook 56:58 Year End Watchlist 58:58 Anthropic IPO and SpaceX Effect 01:01:06 Conclusion
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  Time to Reduce Equity Risk: Why Underappreciated Macro Risks Could Derail the Bull Market | Warren Pies 25.08.2026 1t 3min

  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 as the market enters a historically weak seasonal window between August 15th and October 15th. The conversation dives deep into the Federal Reserve's true reaction function, the mispriced odds of a September rate hike, and the hidden political pressures driving the committee's choices. Furthermore, they discuss the critical data behind the AI build-out, including H200 GPU availability and the potential impact of major lab IPOs like Anthropic on the broader software sector. Save $500/year on Caliban AI from 3Fourteen Research: https://www.3fourteenresearch.com/monetary-matters Follow Warren Pies on X: https://x.com/WarrenPies 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 01:21 Why Macro Takes Over 03:19 Earnings Season Structure 05:43 Upcoming Macro Catalysts 08:24 Fed Hike Odds Mispriced 10:37 Political Pressure on Fed 15:29 Sponsor Break HFGM 17:45 Coin Flip Meeting Dynamics 19:42 Rates Curve and Term Premium 24:54 How to Position in September 26:53 Tech Breadth and AI Cracks 30:17 Lab ARR Reality Check 34:40 Tech Leadership Needed 38:17 Data Center ROI Debate 40:36 Election and Policy Risk 43:44 AI Issuance Scapegoats 47:35 Energy as Diversifier 51:48 Anthropic IPO Impact 55:01 Software Versus Semis 58:28 Pair Trades and Correlations 01:01:19 Fade Macro Risk Playbook 01:02:55 Conclusion
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  Is Private Equity Broken? Why the Buyside’s Problems Are Making 2026 “The Year of the Banker” | High Yield Harry 24.08.2026 57min

  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 modeling and grunt work, emphasizing why finance professionals must develop real-economy operating skills to survive. They also address the surge in private credit redemptions, retail investor panic, and whether buying small businesses is replacing the traditional mega-fund career path. Check out Buyside Hub: https://www.buysidehub.com Follow High Yield Harry on X: https://x.com/HighyieldHarry 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 00:45 Year of the Banker 03:38 Private Credit Redemptions 07:04 Retail Flows and Gating 10:18 Comp Trends and Hiring 13:17 Career Pyramid Reality 15:13 AI Reshapes Analyst Work 17:16 Big Firms vs Small Shops 20:27 Operators and Real Economy 23:56 Agents and Human Edge 26:39 Who Gets Displaced? 31:46 Rates and Longer Holds 37:42 Software Credit Time Bomb 41:16 Choosing Your Career Track 47:22 Top Jobs and Trading 51:56 Closing Takeaways 54:03 Banking Cycles and Layoffs 57:03 Conclusion
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  Ex-Goya COO on the $1.4 Trillion Family Business Opportunity in Three Consumer Sectors | Andy Unanue 13.08.2026 1t 1min

  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 humanization of pets, the rise of ethnic food markets, and the impact of GLP-1 drugs on snacking habits. Finally, Andy offers actionable advice on navigating generational wealth transfers, building positive workplace cultures, and transitioning family enterprises for long-term success. Learn more about AUA Private Equity Partners: https://auaequity.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 00:51 Goya Roots to PE 02:48 Market Size Focus 04:21 Operational Playbook 07:26 Exit Paths for Families 09:34 PE Exits and Buyers 13:18 Leaving Upside for the Next Buyer 16:17 Macro Trends Tailwinds 21:22 Beverage Bets and Risk 28:29 Authenticity Wins Consumers 31:41 Marketing and Internet Shift 36:10 Deal Sourcing and Moats 39:08 Co-Manufacturing Advantage 41:14 Regional Brands and Add Ons 44:56 Manufacturing Renaissance 53:34 Wealth Transfer and Family Offices 58:58 AUA Future and Wrap Up
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  Luke Gromen: Yield Curve Control is the Only Way to Stop a Global Bond Crisis 28.07.2026 1t 8min

  Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm Luke Gromen, founder of Forest for the Trees, sites down with Max Wiethe to dissect the escalating crisis in the global bond market. Gromen argues that off-balance sheet liabilities, such as baby boomer retirements and surging veterans' benefits, are colliding with massive defense spending to force a dangerous inflationary spiral. He unpacks how "defense stimmies" from nations like Japan and Germany are turning historical creditors into aggressive bond sellers, putting immense pressure on yields. Throughout the conversation, Gromen also issues a stark warning about the AI tech bubble, the incoming policies of new Fed Chair Kevin Warsh, and why China's massive gold accumulation is a major red flag for the US dollar. Read The Forest for the Trees: https://fftt-llc.com Follow Luke Gromen on X: https://x.com/LukeGromen 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 00:52 Bond Selloff Explained 04:54 Debt Spiral Mechanics 08:22 Global Defense Stimulus 09:58 Real Yields Reality Check 13:20 Fed Chair Fantasy 15:34 Sponsor Break Fundrise 16:57 AI Trade Meets China 20:52 Labor Data Warning 23:02 AI Backstop Coming 26:28 No Long Bond Floor 30:44 Gold Revaluation Debate 35:27 China Gold Buying Surge 36:31 Oil Reserves And Leverage 39:19 Pain Contest with The West 43:22 Inequality and Instability 47:18 Dollar Down Yield Trap 50:03 Buy the Dip 52:12 Gold Targets and Gradualism 54:50 Bitcoin Lags Tech Risk 58:47 Warsh Fed No Good Options 01:02:55 What Breaks First? 01:05:33 Bonds Are the Biggest Bubble
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  Interest Rates to 10%: Why the Treasury Market is the Real Speculative Bubble (Not AI) | Russell Clark 22.07.2026 1t 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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  Turbocharged Trend Following: Why Capturing the Market’s Biggest Trends Means Embracing High Volatility | Moritz Seibert & Moritz Heiden | Takahe Capital 16.07.2026 1t 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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  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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  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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  Inside The Platform Helping 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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  The US Manufacturing and Electrification Megatrends Are Here and They’re Way More Than AI | Chris Semenuk 18.06.2026 1t 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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  The AI Chip Bubble: Why South Korea & Taiwan Are In the Danger Zone | Michael Fritzell | Asian Century Stocks 06.06.2026 1t 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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  How This Real Estate Investor is Betting on an AI Boom (It’s Not Data Centers) | Tom Shapiro 26.05.2026 1t

  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
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  Things Are Going to Get Even Crazier: The Macro Regime Shift | Andreas Steno Larsen 25.05.2026 1t 8min

  Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm Andreas Steno Larsen, macro researcher from Real Vision, joins Max Wiethe on Other People’s Money to discuss the shifting macro regime where inflation has returned and is pushing US Treasury yields over 5%. They discuss the market’s expectation for interest rate hikes and how the new Fed chair Kevin Warsh will react to this environment. They also discuss the other dominant force in markets right now, the AI buildout. Steno Larsen argues that things are going to get crazier before the cycle turns later this year, but in the meantime the shortages in the AI supply chain are creating unappreciated winners in the technology sector. Follow Andreas Steno Larsen on X: https://x.com/AndreasSteno 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 00:50 Inflation and the Big Macro Shift 01:43 Transitory Inflation Debate 04:19 Bond Trade Timing 06:13 Steep Curve Playbook 09:41 Why Steepening Helps 12:24 Strong Dollar EM Risk 14:35 HFGM Unlimited Funds 16:51 India Data Versus Rupee 18:24 Energy Supply Countdown 21:23 LatAm Underperformance 23:27 AI Inflation Link 26:52 Korea Semis Surge 28:26 Momentum with Earnings 30:39 Quantum Hype Warning 32:24 Semis Cycle Peak Question 34:47 Late Cycle Winners Flip 39:01 IPO Supply and Rotation 43:35 Valuation Metrics Reframed 46:11 Hidden Scarcity Trade 49:21 Goods Inflation Returns 51:15 AI Jobs and Robotics 54:07 White Collar Disruption Map 59:53 LLMs and Bad Facts 01:04:47 Momentum vs. Value Edge 01:06:15 Rapid Fire Outlook and Wrap
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  Lending Where the Banks Won’t Go: What’s Fueling Europe’s Growing Real Estate Private Credit Market? 12.05.2026 1t 2min

  Learn more about the Fundrise Income Fund here: https://fundrise.com/mm In this episode of Other People's Money, Thomas Lloyd-Jones, Co-founder and CIO of Zenzic Capital, joins the show to unpack the nuances of the real estate private credit market. He explains how the media often conflates direct lending with the broader asset class, overlooking real estate and asset-backed lending. Lloyd-Jones details how increasing banking regulations are forcing traditional lenders to retreat, creating a widening gap for opportunistic credit funds to step in. This podcast is for informational purposes only and not an inducement to invest with Zenzic Capital. Zenzic Capital’s investment products are limited to professional clients only. The information within this podcast should not be relied upon as tax, legal or investment advice. Learn more about Zenzic Capital: https://zenziccapital.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 01:52 Private Credit Breakdown 03:32 BDCs And Redemptions 06:35 Allocation Failure Debate 08:47 Regulation and Fragmentation 12:07 Basel III Shift 14:10 Fundrise Income Fund 15:10 Systemic Risk and Leverage 17:36 Banks’ Retreat is Opportunity 20:56 Good vs. Bad Risk Premia 24:39 Senior Finance 28:44 Downside Protection and Spotting Bad Deals 37:48 Macro Matters for Exits 40:13 Finding Fixable Distress 43:22 Geopolitics and Rate Shock 47:01 Preferred Equity Playbook 51:49 When Development Risk Pays 54:52 Student Housing Reality Check 59:40 Macro Allocation Framework 01:01:59 Conclusion
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  SpaceX IPO: Why This Hedge Fund Manager is Fading the Hype | Moez Kassam 30.04.2026 46min

  Monetary Matters is now streaming daily as part of Monitoring the Situation. Join us live on X and YouTube from 4 to 5 PM ET Monday through Friday @MTSlive for live interviews and analysis breaking down the market’s most important situations. This is recording of a recent live interview from MTS. Hosts Jack Farley and Max Wiethe are joined by Moez Kassam, the Chief Investment Officer of Anson Funds. Moez breaks down his strategy for generating alpha by acting as a contrarian and fading the crowd during times of rampant market speculation. In this episode, we cover: • The SpaceX IPO Rumors: Moez discusses the potential mechanics of the largest expected IPO in history and the rumors of early investor unlocks. He also details the "Day 9" trading strategy surrounding Nasdaq index inclusion. • The Massive Cannabis Opportunity: Learn why Anson Funds believes the U.S. cannabis sector could see a 400% move in a few years. Moez breaks down the DEA's descheduling process and the elimination of the restrictive 280E tax code. • Software and Activism: Why the indiscriminate selling of software stocks has created a massive opportunity for free cash flow investors and activist campaigns. • Navigating Emerging Tech: A candid assessment of AI, Space, and Quantum technologies. Moez explains why Quantum is facing a massive discount rate and why investors should be wary of the "me-too" space stocks. • Crypto & Private Credit: Insights from the recent Trump Crypto Conference and why the extreme negative sentiment around private credit makes its 10-15% yields highly attractive. Follow Moez Kassam on Instagram: @munchingmoez Follow Moez Kassam on X: https://x.com/MunchingMoez 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 02:10 SpaceX IPO Setup 05:49 Index Inclusion Trade 07:21 S-1 Filing Reality Check 08:32 Elon Rolls Up Businesses 12:12 Shorting Space Me Toos 13:35 AI, Space, Quantum Hype 16:18 Software Selloff and Activism 18:42 Cannabis Contrarian Bet 21:44 Descheduling Mechanics 24:30 AI & Semis: Crowded Trade? 26:10 Crypto Mood Shift 29:29 Media Activism Plays 31:16 Software Cash Flow vs Hype 34:49 Measuring Market Sentiment 37:51 Bitcoin Crowd Psychology 40:06 Shipping and Energy Contrarian 41:16 Canada: Gold & Oil Pulse 43:35 Process Over Predictions 45:50 Private Credit Negativity 46:34 Outro
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  From Soros to Old Farm: How to Identify the Market’s Top Thematic Risk-Takers | Kieran Cavanna | Old Farm Partners 29.04.2026 1t 1min

  This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Kieran Cavanna, the founder and CIO of Old Farm Partners and former head of external managers at Soros Fund Management joins Other People’s Money to break down his high-conviction approach to thematic investing, explaining why "making the main thing the main thing" is the secret to capturing outsized returns in the public markets. From his time working under legendary macro investor Scott Bessent to his current focus at Old Farm Partners, Kieran shares how he identifies "asymmetric" opportunities where the upside is massive and the downside is protected. If you've ever wondered how the world’s most sophisticated allocators source managers and structure co-investments to beat the market, this is an interview you can't miss. Listen to the Thematic Investors Podcast: https://www.youtube.com/playlist?list=PLTSvmgAOiFVttgxmUaO4hSgMxutOwyS9T 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 01:17 Soros External Managers 03:36 What Makes Great Managers 07:01 Spotting Skill Vs Luck 08:47 Risk Management 12:37 Geography and Benchmarks 15:21 Style Drift and Communication 18:57 Fees and Multi Strat Debate 22:30 Spinouts and Independence 26:47 Co-Investing in Public Markets 30:06 Allocator Base and Drawdown Focus 31:12 Family Office Allocators 32:13 Private Credit Shift 36:57 Big Launches Small Wins 38:40 AI CapEx Main Event 41:26 Defense Tech Next Theme 42:44 Asymmetry Not Binary 44:51 Cross Sector Blind Spots 49:51 Crowded Trades Unwind 52:58 Macro Themes Bottom Up 57:37 Risks and Hedging 59:42 Thematic Investors Podcast
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  "I Don't Believe the Stagflation Narrative": How the Strong Consumer and AI Tailwinds Shape Sean Emory's Bullish Blueprint | Avory & Co 14.04.2026 1t 10min

  This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS): https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT): https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this episode of the OPM podcast, Avery and Co. founder Sean Emory explains why he firmly rejects the stagflation narrative and believes the consumer remains in fine shape. Emory argues that despite the psychological impact of higher gas prices, strong tax refunds and a stable housing market are continuing to support consistent consumer spending. He breaks down how this stable macroeconomic view aligns with his fundamental investment approach, detailing high-conviction bets on consumer-oriented companies like Clear Secure and First Watch. The conversation also explores how Emory leverages these macro insights alongside bottom-up analysis to identify long-term value in technology platforms such as Block, Zoom, and Omnicell. Listen to Avory’s Podcast here: https://www.avory.xyz/insidescooppodcast Follow Sean Emory on X: https://x.com/_SeanDavid 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 01:26 Avery Investing Style 02:56 Oil Shock Consumer Check 06:27 Housing Inflation Outlook 10:37 K Shaped Economy 13:50 AI, Employment, and Flows 18:06 Pictet AI-Enhanced Equity ETFs 19:41 Using AI for Investment Research 28:12 How AI is Making Trading More Short Term 31:09 Block ($XYZ) Investment Thesis 36:26 Zoom ($ZM) Investment Thesis 43:35 Defining Small Caps 45:57 Omnicell ($OMCL) Investment Thesis 53:42 Zillow ($Z) and Airbnb ($ABNB) Investment Thesis 54:58 Zillow Flywheel Explained 01:02:02 Housing Catalysts 01:04:30 Waiting Out AI Valuations 01:07:31 SpaceX IPO Speculation 01:09:31 Outro
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  "The Best Time to Invest": How AI Disruption is Reshaping Software Valuations | Ben Topor | Titan Capital Partners 09.04.2026 1t 2min

  This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS): https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT): https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Max Wiethe sits down with Ben Topor, founder of Titan Capital Partners and author of Decoding the Software Landscape, to unpack the seismic shifts happening in the tech investment world. Topor explains how AI is commoditizing the software application layer and shares why the recent correction in software valuations makes this a prime time to invest. The conversation also delves into the booming secondary market, the structural differences between US and Israeli tech hubs, and how startups can build unbreachable AI-proof moats through distribution and proprietary data. Finally, Topor reveals the strategic tactics founders use to outmaneuver tech giants by moving in silence and misdirecting competitors. Follow Ben Topor: https://x.com/ben_topor 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 02:10 Mapping the Software Landscape 03:45 What AI Changes in Software 09:13 AI Led M&A Wave 13:36 Valuations and Timing 15:34 Secondaries Liquidity Thesis 17:33 Pictet AI-Enhanced Equity ETFs 19:08 How Titan Buys Secondaries 21:07 Why Companies Stay Private 23:00 Finding Category Leaders 26:47 Reading Financial Symptoms 28:37 Mispriced Gems or Turnarounds? 31:25 Exit Paths Today 35:17 Investing in Israel 38:16 Cybersecurity Edge 41:08 Too Much Capital 43:38 AI Proof Moats 45:17 What Counts as Data 46:40 Private Credit Risks 50:36 Down Rounds Reframed 53:51 Titan’s Value Add 57:18 Competitive Maneuvering 01:02:37 Conclusion