Monetary Matters with Jack Farley

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/ Citrini teamed up with Anthropic and used Claude to design scorpion antivenom candidates in just 64 hours, and 17 of them bound in the lab. The experiment led him to a striking conclusion: AI is commoditizing drug design, and the real bottleneck is now experiments, and monkeys. We get into what AI can and can’t speed up in drug discovery, why he’s bullish on the companies that run experiments, and why a monkey shortage may be the most important constraint in preclinical testing. Then we turn to AI hardware: Citrini was one of the earliest and loudest bulls on the trade, and today he’s light on it, even short some of it. He explains why he rotated out of semis, what lab revenue needs to look like to justify today’s spending, and what would bring him back. We also cover CoreWeave, DeepSeek’s reported 80% margins, his long-Meta, short-Google trade, the 2028 Global Intelligence Crisis piece, and homebuilders. Recorded evening of October 21, 2026.Follow Citrini on X https://x.com/citrini CItrini Research Substack https://www.citriniresearch.com/ “Citrini Therapeutics: We Wanted to Use Claude to Create a New Drug. Here’s What Happened.”: https://www.citriniresearch.com/p/citrini-therapeutics Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Important Information  The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before  investing.  There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.  An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/  Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.  Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.  Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.  The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC. 

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/ George Noble, the former Fidelity portfolio manager who ran the Fidelity Overseas Fund and started his career working for Peter Lynch, returns to Monetary Matters to argue that AI is a bubble and the bill is coming due. George explains why he thinks hyperscaler depreciation could exceed $500 billion a year by 2030, enough to wipe out the profits of the companies spending it, and why he calls AI “shale”: a capex arms race that no one can afford to stop. He lays out why he’s short CoreWeave, Tesla, and SpaceX, which he calls a cash-flow-negative AI play with a rocket company attached, and why he believes CoreWeave and many of the neoclouds are zeros short of a bailout. Jack pushes back on Micron’s margins, Elon’s execution, and whether the market has already priced in the risk. George also covers why rising cost of capital is the trigger, why he’s long gold and energy, and why he thinks we’re in “the beginnings of the awakening phase.” It’s a wide-ranging, combative conversation from one of the market’s most vocal AI bears. Recorded October 21, 2026. TO BE CLEAR EXACT QUOTE WAS “SHORT OF A BAILOUT I AM HIGHLY CONFIDENT COREWEAVE IS A ZERO.”  Follow George Noble on X https://x.com/gnoble79 Jack Farley on X https://x.com/JackFarley96 George Noble’s Substack, “The Noble Update”: https://substack.com/@georgenoble/posts Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Important Information  The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before  investing.  There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.  An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/  Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.  Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.  Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.  The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.  Learn More about Sarmaya LENS https://sarmayaetf.com/

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/ Is the AI trade finally cracking, or is this just another shakeout before the next leg higher? Jack and Max dig into the growing stress in AI-linked credit, where lenders and bondholders are starting to question how much debt the data center buildout can really support. They break down SpaceX’s earnings and what the numbers reveal about the economics behind one of the most closely watched companies in the world. From there, the conversation turns to semiconductors and whether chip stocks are pricing in a slowdown or still running on hype. Along the way, they look at where the risks are building, who’s most exposed if AI spending cools, and how investors can position for both outcomes. Whether you’re long the AI trade, short it, or somewhere in between, this episode is for you. Important Information The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing. There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically. An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee. The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

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/ Jim Bianco of Bianco Research called the 2022 bond bear market and stayed bearish on bonds for six years. Now, for the first time since then, he’s constructive. Jim explains why 5% yields aren’t punishing but normal: rates should roughly track nominal GDP growth, and he expects the U.S. economy to grow at 5–6% nominally. He makes the case that inflation is stuck at 3% because the era of cheap Chinese goods is over, and explains why oil is already effectively $200 a barrel once you count tanker costs and naval security in the Strait of Hormuz. He also covers why diesel shows up in the price of everything, and why Kevin Warsh scrapping forward guidance has left markets feeling around in the dark. On credit, Jim explains why the blowout in CCC bonds, CoreWeave included, is a handful of problem kids in detention rather than a canary in the coal mine. On AI, he argues it’s 1997, not 2000, and that the bigger risk may be that AI works. Follow Jim on X: @biancoresearch Bianco Research: biancoadvisors.com 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 Important Information  The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before  investing.  There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.  An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/  Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.  Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.  Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.  The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.  Learn More about LENS Sarmaya ETF https://sarmayaetf.com/

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/ Ben Inker, Co-Head of Asset Allocation at GMO, joins Other People’s Money to discuss why the IPOs and subsequent shareholder unlocks of SpaceX, Anthropic, and OpenAI will bring an unprecedented amount of equity issuance and pop the AI bobble. Inker explains how this mechanism was responsible for popping tech bubbles in 2000 and 2021 and the mathematical relationship between below average equity returns and equity supply. He also outlines how this equity supply in conjunction with a slowdown in the AI buildout from realizations of an AI overbuild could send the stock market down as much as 50% with even greater pain for the most AI linked companies. Read GMO’s Q3 2026 Quarterly Letter: https://www.gmo.com/globalassets/articles/quarterly-letter/2026/gmo-quarterly-letter_3q-2026.pdf 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 Important Information The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing. There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically. An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee. The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC. Timestamps: 00:00 Intro 01:10 AI Bubble Setup 06:12 Equity Supply Matters More 10:44 IPO Wave Math 15:32 Sarmaya LENS ETF 16:59 Dotcom Fiber Parallel 20:32 Finding Non-AI Bets 24:06 Passive Flows and Liquidity 29:40 Credit Risks and Spillovers 37:51 Can Government Backstop AI? 41:48 Credit Stress Check 45:36 Energy Portfolio Benefits 48:13 Value Versus Growth Spreads 50:10 Ex-US AI Winners 54:34 Big Tech Commoditizes Compute 57:00 What If Mega Caps Go Sideways? 01:01:53 Memory: Cyclical Peak Earnings Trap 01:05:09 The Major Crash Scenario 01:10:44 Conclusion

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/ Charles Lemonides, CIO and founder of ValueWorks LLC, joins Other People’s Money to discuss why the 18-year bull market still has room to run. Lemonides argues that we have not yet reached the explosive "liftoff" phase typical of late-stage bull markets and explains why the biggest gains often come right before the turn. He shares his strategy for finding "growth in value's clothing," highlighting high-upside opportunities in semiconductors, rideshare, delivery, and offshore energy. Plus, he breaks down where he sees extreme overvaluation in the market and breaks down his most compelling short positions. Learn more about ValueWorks: https://www.valueworksllc.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 Important Information The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing. There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically. An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/ Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee. The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC. Timestamps: 00:00 Intro 01:00 Are We in a Bubble? 04:14 Rates Growth and Bonds 07:04 Value Investing Reframed 09:37 Micron Peak Earnings Debate 11:20 Intel Foundry 15:24 Sarmaya LENS ETF 16:52 Sizing Themes and Diversifying 18:41 Undervalued Challengers: Lyft & Instacart 29:10 Energy Sector Setup 35:40 Portfolio Construction & Shorts 37:47 Shorting Texas Pacific Land Trust 41:24 Royalty Trusts and Mesabi 47:16 Retail Shorts: Casey’s & Grocers 52:43 AI Industrials, Quantum, & Aerospace 55:37 Offshore Wind and Conclusion

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 peak isn't here yet. Fresh off his annual Silicon Valley roadshow, Stacy says demand is "off the charts," nobody has enough compute, and the real constraints are land, power, and clean rooms rather than customer appetite. He explains why Nvidia and Broadcom have lagged the "bottleneck" trades in memory, optics, and power, and why both could trade at 11–12x earnings if their growth targets hold. The conversation covers the HBM-driven memory squeeze, his path to $300 billion-plus in wafer fab equipment spending, and why he leans toward Applied Materials in semicap. Stacy also explains why he doesn't hate Intel for the first time in his career, why traditional cycle indicators may no longer work, and how today's AI buildout differs from the dot-com bubble. Recorded October 5, 2026.  Stacy Rasgon on X https://x.com/Srasgon Stacy Rasgon on LinkedIn https://www.linkedin.com/in/stacy-rasgon-6924963/ 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 Important Information  The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before  investing.  There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.  An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/  Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.  Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.  Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.  The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

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 inefficiency are rocket fuel for ship owners, why "ton miles" are the real commodity, and why real-time AIS ship-tracking data in the Strait can't be trusted. J argues today's spot rates are unsustainable on a timescale of days or weeks, warns that the BWET freight ETF (up roughly 4,000% this year) could get smashed when rates turn, and lays out the wave of new tanker supply set to arrive in 2027–2028. He separates rates, ship values, and tanker equities, flagging Nordic American (NAT) as an avoid, naming Okeanis Eco Tankers (ECO) and TORM (TRMD) as the quality names, and explaining why product tankers may finally be catching up. We also cover the aging dark fleet, a potential US diesel export ban, and why J sees dry bulk as the most attractive segment in shipping today, with CMB Tech (CMBT) as his top pick and China's push into Guinean iron ore as a major tailwind. Recorded September 30, 2026. J Mintzmyer on X https://x.com/mintzmyer Jack Farley on X https://x.com/JackFarley96 Pieces Discussed: “CMB.TECH: Updates From Our Top Shipping Pick Of 2026”: https://seekingalpha.com/article/4944783-cmbtech-updates-from-our-top-shipping-pick-of-2026?gt=e5bc41646f6cc54e “Dry Bulk Shipping Momentum Poised To Continue”: https://seekingalpha.com/article/4946334-dry-bulk-shipping-momentum-poised-to-continue?gt=b81339756f928160 “Here's What Happens To Shipping When The Strait of Hormuz Reopens”: https://seekingalpha.com/article/4949498-heres-what-happens-to-shipping-when-strait-of-hormuz-reopens Value Investor’s Edge: https://www.vieresearch.com/ Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Important Information  The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before  investing.  There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.  An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/  Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.  Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.  The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC. 

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 ran through Google and Amazon, two companies that also compete with it. We discuss Anthropic's $518 billion in compute commitments, why AI "run rate" figures can be misleading, and what the reported surge in 2026 revenue does and doesn't tell us. Ed also gives his take on Meta's Muse and OpenAI's Dots, and on whether AI agents can win over consumers. Then we turn to the credit markets: CoreWeave's borrowing costs, Oracle's ratings risk, data center SPVs trading below par, and how much of this debt sits with private credit lenders. Ed closes with his predictions for the Anthropic IPO and what he expects the AI build-out to look like by this time next year. Recorded afternoon of September 30, 2026. Ed Zitron on X https://x.com/edzitron Jack Farley on X https://x.com/JackFarley96 Pieces Discussed: “Dead Money” (Sep 29, 2026): https://www.wheresyoured.at/dead-money/ “Premium: The Hater's Guide To AI Debt (Part 2)” (Sep 25, 2026): https://www.wheresyoured.at/premium-the-haters-guide-to-ai-debt-part-2/ Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Important Information  The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before  investing.  There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.  An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/  Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.  Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.  Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.  The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC. 

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 roads and rockets lead to NVIDIA." He makes the case against AMD, including his open letter to Lisa Su and the scaling challenges of the Helios rack, and argues that NVIDIA GPUs are the "Rodeo Drive" of digital real estate because they are fungible and financeable in a way custom ASICs are not. Jack pushes back with TrendForce data showing every part of the AI supply chain is tight except GPUs, and Ben responds that commodity bottlenecks like memory and hard drives get crushed once supply catches up, while the true bottleneck is powered, permitted land. They discuss the growing data center backlash and whether the base case should be 25 gigawatts rather than 43, Anthropic's S-1 and its roughly half-trillion-dollar compute commitments, and whether AI lab revenue can double again next year. The conversation closes with scaling laws, why models will segment like grades of gasoline, AI's move into biology and drug discovery, and stock ideas including Meta, Lam Research, and Lattice Semiconductor. Recorded September 29, 2026. “Meta's Muse Rally Bought the Wrong Layer. We modeled a billion agent users. The investment case turns on activity, token costs and trust”: https://newsletter.bepresearch.com/p/metas-muse-rally-bought-the-wrong?utm_source=profile&utm_medium=reader2 Jack Farley on X https://x.com/JackFarley96 Ben Pouladian on X https://x.com/benitoz BEP Research: https://www.bepresearch.com/ Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

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 why asset managers utilizing permanent capital vehicles are being rewarded with premium market multiples. Try model portfolios available on Plutus and get a 45-day fee waiver when you signup with code OPM45: https://runplutus.com/mm-opm/login Follow James on X: https://x.com/jameselbaor 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 JFMW Partners LLC (“Promoter”) is providing this endorsement of, and information related to, the advisory services offered by Namsoft Advisors LLC ("Namsoft"). Promoter is not a current client or investor in any Namsoft advisory account or private fund. Promoter receives cash compensation from Namsoft in the form of a flat referral fee of $750 for each client that engages Namsoft as a result of Promoter's promotional activities. Because Promoter is compensated for this endorsement, a material conflict of interest exists, as Promoter has a financial incentive to promote Namsoft's services to you. This endorsement is delivered as part of a podcast or other audio program produced by Promoter and does not constitute investment advice or a recommendation that any particular advisory arrangement is suitable for you. Timestamps: 00:00 Intro 01:42 Private Credit Redemptions Continue 07:03 IPO Window Shuts & Credit Fund M&A 15:28 AI Threat to SaaS Borrowers 16:51 Sponsor Message Plutus 18:17 Private Credit vs Private Equity 24:25 Systemic Risk and Wrappers 29:15 Public vs Private BDC Gap 34:46 Why Interval Funds List 39:44 Alt Managers Valuation Reset 43:33 Permanent Capital Explained 50:17 Hedge Funds vs Private Equity 54:41 Pershing Square Liquidity 01:04:17 Conclusion

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, means the Fed may have to take rates higher than anyone expects to cool demand, adding risk to markets. Jack and Henry discuss the opacity of private credit, why the credit cycle is "one of the most dependable things in finance," why recoveries on software loans could be close to zero, and the lessons of BDCs in 2008. Henry also shares how GMO is positioning in fixed income: less duration and less vanilla credit risk, more short-duration structured credit, and a preference for emerging market local debt. They close on the dollar, where long-term rates are headed, and the fiscal reckoning coming for Social Security. Recorded September 17, 2026. “Triple Mandate” by Henry Peabody: https://www.gmo.com/americas/research-library/triple-mandate_whitepaper/ 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

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 Plutus and get a 45-day fee waiver when you signup with code OPM45: https://runplutus.com/mm-opm/login Follow Eric on X: https://x.com/ericwallerstein 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 JFMW Partners LLC (“Promoter”) is providing this endorsement of, and information related to, the advisory services offered by Namsoft Advisors LLC ("Namsoft"). Promoter is not a current client or investor in any Namsoft advisory account or private fund. Promoter receives cash compensation from Namsoft in the form of a flat referral fee of $750 for each client that engages Namsoft as a result of Promoter's promotional activities. Because Promoter is compensated for this endorsement, a material conflict of interest exists, as Promoter has a financial incentive to promote Namsoft's services to you. This endorsement is delivered as part of a podcast or other audio program produced by Promoter and does not constitute investment advice or a recommendation that any particular advisory arrangement is suitable for you. Timestamps: 00:00 Intro 00:56 Fed Hike and Higher for Longer 02:30 Oil Driving Global Yields 05:58 Canada and Global Neutral Rate 07:14 Energy Crisis and Degrowth Risks 08:44 Politicized Fed and Credibility 11:50 Neutral Rate and AI CapEx Boom 14:47 Inflation Outlook and Policy Mistakes 17:20 Plutus Sponsor Break 18:46 Key Data to Watch: Bank Lending 20:07 Doves vs Hawks and Fiscal Drag 23:30 2022 Style Bear Market Setup 25:56 What Could Invalidate the Thesis? 26:41 BOJ Hike and Yen Intervention 31:20 Korea Silicon Boom 35:43 Europe Under Pressure 39:25 Middle East Outlook 43:06 Midterm Issues: AI vs. Gas Prices 48:34 China Oil Strategy 52:10 Big Calls Wrap

Try model portfolios available on Plutus and get a 45-day fee waiver when you signup with code OPM45: https://runplutus.com/mm-opm/login Jérémie 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 and discusses how he and his partner turn commodity views into a portfolio of equities that is up over 100% since inception a little over 1-year ago. Aurelion Research: https://aurelionresearch.com/ Follow Aurelion Research on X: https://x.com/AurelionRsch 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 JFMW Partners LLC (“Promoter”) is providing this endorsement of, and information related to, the advisory services offered by Namsoft Advisors LLC ("Namsoft"). Promoter is not a current client or investor in any Namsoft advisory account or private fund. Promoter receives cash compensation from Namsoft in the form of a flat referral fee of $750 for each client that engages Namsoft as a result of Promoter's promotional activities. Because Promoter is compensated for this endorsement, a material conflict of interest exists, as Promoter has a financial incentive to promote Namsoft's services to you. This endorsement is delivered as part of a podcast or other audio program produced by Promoter and does not constitute investment advice or a recommendation that any particular advisory arrangement is suitable for you. Timestamps: 00:00 Intro 02:16 Why Gold Could Hit 5K 05:45 Geopolitics Over Rates 09:24 Portfolio Positioning 12:28 Managing Miner Cycles 16:26 Plutus 18:26 Bearish Oil & Fertilizer 20:28 Oil Thesis & China Inventories 33:23 Royalties as Exposure 36:07 Valuing Royalty Companies 42:48 Why Uranium Now 46:10 Uranium Contracts & Supply 51:10 Energy Security and Nuclear Buildout 54:31 Copper Bull Case in AI Era 01:00:05 Picking Copper Stocks 01:06:43 Five Commodities Recap 01:11:26 Closing and Where to Follow

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 market liquidity and equity valuations. Moving to equities, Busch argues that software stocks like Intuit are heavily oversold regarding perceived AI disruption risks. He highlights the real bottleneck of the AI boom, pointing to critical supply needs in energy, rare earth minerals, and nuclear power. Busch also warns investors about hidden credit and liquidity dangers within private credit markets. Finally, he lays out why 3-to-5-year U.S. Treasuries still serve as an essential portfolio ballast in high-yield regimes. Jack Farley on X https://x.com/JackFarley96 About David Busch https://trajanwealth.com/leadership/ Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

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 returning to target. The conversation digs into the hawkish dot plot and higher-for-longer path, what a supply-shock reaction function means for the long bond and 30-year TIPS, mortgage rates above 7%, and the plumbing beneath it all — repo, SOFR, the basis trade, and Treasury buybacks. In the second half, Max Wiethe joins to make the case for refiners as the trade of the year, walking through crack spreads, Marathon and Valero, Chinese crude flows, and diesel and fertilizer dynamics. They close on long-bond convexity versus the rate sensitivity of the AI and neocloud buildout, and why Max thinks estimates for names like Lam Research are far too low. A wide-ranging live reaction spanning the Fed's hardest decision in years and the market's response. Recorded September 16, 2026. Follow Joseph Wang on X https://x.com/josephwang Follow Max Wiethe on X https://x.com/maxwiethe 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

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

Learn more about LandFund Partners: https://landfundpartners.com/invest#get-started Jack 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 arable land, and productivity gains that have flattened out. Into that comes a Super El Niño that John's heat maps suggest will hit Brazil, Argentina, and India — the last of which depends on the monsoon to grow the world's most-consumed calorie: rice. Commodity futures prices have risen significantly this year. That's the backdrop. The investment argument rests on three things.The first is a value that sits on no balance sheet. Across most of the eastern US there are no formal water rights, so LandFund carries its water at zero. In the Colorado River states, where those rights did develop, they've compunded at roughly 11% a year over the past thirty-five years, outpacing the S&P 500 over that time period.John argues the same legal framework is coming to the Mid-South within ten years, pushed by the hyperscalers already knocking on his door for water offsets — and that when it arrives, a line item currently marked at nothing gets marked at something. The second leg is convergence. When LandFund started in 2013, Midwest row crop farmland traded roughly 140% above comparable Mid-South ground; today the gap is 80–100%. John's argument is that the gap should be zero, and that it inverts: land with 300 years of water, 93% irrigation, and the ability to rotate between ten and twenty crops is worth more than land that is high-quality soil but weather-dependent — not less. Iowa bets on rain. He doesn't have to. The third is operational. LandFund required regenerative practices in its lease agreements since 2021, and John walks through the J-curve economics: $50–100 an acre and a couple of lean years up front, then lower fertilizer use, fewer passes across the field, less irrigation, and net income he estimates runs 30–40% higher than it otherwise would — which flows straight into rents, which flow into rents. Also covered: the "dirty secret" of powering data centers using 100x the water they consume, riparian rights and what happens when states start metering overuse, what the One Big Beautiful Bill did to price floors through 2032, solar developers paying 3x farmland value for ground with transmission lines, and why US row crop farmland has been negatively correlated to both stocks and bonds. Disclaimer: This episode is a fireside chat sponsored by LandFund Partners. Any data, statistics, or information discussed is for informational purposes only. This is not an offer to sell securities. Past performance is not a guarantee of future results. About LandFund Partners: https://www.landfundpartners.com/#home LandFund's piece on water rights: https://www.forbes.com/councils/forbesfinancecouncil/2026/06/23/water-rights-the-invisible-asset-farmland-investors-are-beginning-to-price-in/ John Farris on LinkedIn https://www.linkedin.com/in/jofarris/ 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 Timestamps 0:00 Intro on John Farris and LandFund Partners 4:22 70 Days of Food Reserves? 7:45 Super El Niño Risk in 2026 8:31 Iowa vs. the Mississippi Alluvial Aquifer 13:49 Beating NCREIF and the S&P 500: The Playbook 14:55 Water Reserves in Mississippi Alluvial Aquifer Are Immense 20:51 "300 Years of Water at Current Draw Rates" 26:28 Improving the Land and Regenerative farming 32:40 Farm Subsidies and the One Big Beautiful Bill 38:07 Crop rotation: cotton, corn, rice, soybeans 42:53 Is rice the trade right now? 46:39 Soybeans, fertilizer, and China buying again 48:38 Rice at all-time highs 50:11 Optionality beyond farming: Solar, Transmission Lines, Minerals 55:27 Data Centers? 56:09 What's next for LandFund 1:00:37 Why Farmland Has Had Negative Correlation With Risk Assets 1:04:35 Super El Niño: What to Expect 1:06:51 Feeding ten billion people 1:07:40 The 20-year outlook for all Four Crops

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 banks. They walk through how state guarantee funds work: when a life insurer fails, its surviving rivals are assessed based on premium volume rather than risk, and in 44 states those assessments are recouped through tax credits, meaning taxpayers ultimately foot the bill without any vote ever taking place. The conversation covers how PE-linked insurers reallocate balance sheets into opaque private credit and affiliated loans, arbitrage ratings through firms like Egan-Jones and undisclosed private letter ratings, and use Bermuda "shadow reinsurance" to escape disclosure and capital requirements, with leverage reportedly running as high as 30-to-1 or 50-to-1. Jack and the guests also examine emerging run risk from funding agreement-backed notes (FABNs) and policy surrenders, using the Executive Life collapse as a historical precedent. The episode closes with the recent Guggenheim/Delaware Life/Clear Spring scandal, in which Mark Walter's insurers understated affiliated assets (including a loan to LeBron James) at 3% when the true figure was closer to 42%, prompting the sale of the Lakers to raise liquidity. Granato and Drall propose reforms including taxing opacity, banning private letter ratings, pre-funding guarantee funds on a risk-weighted basis, and making insurance holding companies partially liable for guarantee fund assessments. Recorded August 28, 2026. Paper by Pranjal Drall and Andrew Granato, “Private Credit's State Backstop: How Private Equity Socializes Risk Through Insurers”: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7152239 Follow Andrew Granato on X https://x.com/agranato42?lang=en Follow Pranjal Drall on X https://x.com/PranjalDrall 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

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 5.2–5.3% on 30s and 4.7% on 10s an incredible deal, especially with payrolls deteriorating, JOLTS and PMIs rolling over, and the market still pricing meaningful odds of a hike. On equities, Dillian walked the top 50 S&P charts and sees semis, healthcare, and financials topping — the broker-dealers look worst — while Intel and Oracle look like they're bottoming. He and Jack debate whether the semiconductor washout is over, disagree on where the leverage actually sits (Jack cites Vanda data showing retail positioning in semis near two-year lows), and Dillian warns that the Situational Awareness blowup was the Bear Stearns of this cycle, not the Lehman. He explains why he thinks AI is a bubble for a reason specific to this cycle: it's the first time in his career he's seen tech financed with debt rather than equity, at 6% coupons, for assets that go obsolete in three years. He also lays out his cautiously bullish gold view, why copper is his least favorite metal, why private credit still hasn't found a bottom, and the case for The Awesome Portfolio — equal weights in stocks, bonds, gold, cash, and real estate, which gives up one to two points of annual return but halves volatility and has never drawn down more than 12%. Recorded September 1, 2026. Jared’s new book, “The Awesome Portfolio”: https://lnk.to/theawesomeportfolio Jared Dillian on X https://x.com/dailydirtnap 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

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

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 have room to run. On energy, we get into how much sanctioned oil is still finding its way to market, why refined products have outperformed crude itself, and whether $200 oil is really back on the table. Jim also lays out the case for commodities as a genuine diversifier against stocks and bonds, pointing to how the asset class held up when equities didn't. We close on the "everything rally" — why nearly every corner of the commodity complex is moving at once — and a few overlooked names, from agriculture to industrial metals, that could be next. It's a wide-ranging conversation for anyone trying to understand where commodities go from here. Recorded August 17, 2026. Pieces discussed:  “Midyear commodity review 2026, Bloomberg Professional Services”: https://www.bloomberg.com/professional/insights/markets/midyear-commodity-review-2026-2/ Teucrium on X https://x.com/TeucriumETFs Jim Wiederhold on LinkedIn https://www.linkedin.com/in/jim-wiederhold-11901816/ 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

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

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

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 105% of federal receipts — and why that obligation is "hard currency" the government can't inflate away, growing 7.5% a year against receipts growing only 4%. The gold revaluation scenario: Step by step, Luke lays out how the Treasury could legally revalue U.S. gold reserves from $42/oz to $20,000/oz under existing Federal Reserve accounting rules, mechanically depositing roughly $5 trillion into the TGA — and stages it as the FDR "fireside chat" he'd give the country to explain it. Grading his own Iran war calls: Luke reviews the predictions he made when the U.S. attacked Iran — three out of four hit (the Treasury market breaking before Iran's economy did, Hormuz staying closed longer than expected) — and owns the one he got wrong: a Chinese oil-demand collapse that never came. Bessent's yen intervention and the $13-14 trillion carry trade: Luke explains the "stylized Instagram" front-run story behind Bessent's yen intervention, and why the offshore dollar carry trade — $65 trillion gross, $22 trillion net in foreign-owned dollar assets — is the real constraint on U.S. policy. Why gold, not bonds: Luke makes the case that TLT is down 90-95% against gold since 2014 with "another 90-95% to go," and that the S&P 500 is already down 30-50% against gold since 2022 and 2000 respectively. Hamiltonian economics and the AI CapEx bubble: From Bessent to Jamieson Greer to JD Vance, Luke argues the administration is quietly building tariff policy around 19th-century "neutral reserve asset" economics — while comparing today's AI buildout to the canal, railroad, and telecom bubbles that all preceded it. Private credit's Treasury problem: Luke connects insurance companies stuffed with illiquid private credit (instead of long-duration Treasuries) to UAE liquidity stress and the Hormuz shutdown, and explains why that's quietly removing a natural buyer from the bond market. Teucrium on X https://x.com/TeucriumETFs Luke Gromen on X https://x.com/LukeGromen 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

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

Robin Wigglesworth — editor of FT Alphaville and author of A Fabulous Debt: The Epic Story of How Bonds Built the Modern World — joins Jack Farley to unpack the hidden debt fueling the AI buildout. Wigglesworth reveals that off-balance-sheet leverage from hyperscalers like Meta, Google, and Microsoft jumped from roughly $1 trillion to $1.5 trillion in a single quarter, hidden in lease structures and purchase commitments that never show up as debt — including Google's own $800 billion in disclosed obligations. He argues the NVIDIA-Blackstone-KKR financing wave marks a shift from an equity-driven boom to a debt cycle, a distinction that makes today's AI buildout riskier than the dot-com bust ever was. The conversation moves from private credit's "spray and pray" lending problem to nine centuries of financial history — the Erie Canal boom, the 1873 railway mania, and the 19th-century fraudster who invented an entire country to sell government bonds. They close on whether credit rating agencies can survive the AI era, and why "the language of credit" may outlast every model built to replace it. It's a conversation about debt, leverage, and the patterns that connect 19th-century railroads to trillion-dollar data centers. Recorded August 13, 2026. “A Fabulous Debt: The Epic Story of How Bonds Built The Modern World”:https://www.penguinrandomhouse.com/books/750210/a-fabulous-debt-by-robin-wigglesworth/ “A Fabulous Debt” on Amazon: https://www.amazon.com/dp/0593719182?lv=shuf&channelId=500&plpRedirect=mhFallback Robin Wigglesworth on X https://x.com/RobinWigg 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

Milton Berg, one of Wall Street's legendary market technicians, returns to Monetary Matters to explain why he believes the recent crash across the S&P 500, Nasdaq 100, KOSPI, and semiconductor stocks has already bottomed — and why he's still positioned long despite major caveats. The positive divergence call: Milton breaks down why the S&P 500's July 29th low held above its June 9th low even as the Nasdaq 100 and Philadelphia Semiconductor Index (SOX) made new lows — a classic technical signal he says points to higher prices ahead. The 1987 crash comparison: Using historical crash-low data, Milton shows how markets rarely V-bottom and go straight up — and lays out why the current setup looks more like 1987 (a retest of the lows) than the COVID V-shaped recovery. The "exhaustive gap" warning: Despite his bullish lean, Milton flags a specific gap pattern in the Nasdaq 100 and KOSPI that has historically signaled short-term tops — and explains what would need to happen for it to resolve bullishly instead. Inside his trading model: Milton walks through his systematic buy-signal model, including a real trade history that turned $10,000 into over $1.15 billion, and unpacks how his signals performed (and failed) around 2008 and other historic drawdowns. His current portfolio positioning: Milton details his exact allocations — long the KOSPI/EWY, Russell 2000, S&P Midcaps, Nasdaq 100, SOXX, and S&P 500 — and explains why he flipped from short to long on July 29th and 30th. Gold, silver, and bond yields: Beyond equities, Milton shares his latest technical read on precious metals and where he sees long-term bond yields heading. Why retail investor behavior matters right now: Milton highlights a retail selling data point — the highest since 2022 — and explains why heavy retail capitulation is historically a bullish signal for stocks. Follow Milton Berg on X https://x.com/BergMilton Follow Milton Berg Edge on X https://x.com/MiltonBergEdgeMilton Berg Edge website https://miltonbergedge.com/ Milton Berg Advisors website https://miltonberg.com/ 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 Disclaimers Milton Berg Edge is a newsletter (“Newsletter”) owned and published by Milton Berg Advisors, LLC (MBA), doing business as “Milton Berg Edge” (“MB Edge,” “firm,” “we,” “our,” and “us”). Milton Berg Advisors, LLC is registered as an investment advisor in the States of Florida and New York. Registration as an investment advisor does not imply any level of skill or training. No portion of the material may be distributed or reproduced without express written permission by Milton Berg Advisors, LLC. (MBA). MBA believes the information and data contained in its materials are reliable but provides them “as is” and without guarantees. MILTON BERG ADVISORS, LLC, DISCLAIMS ALL WARRANTIES, EXPRESS AND IMPLIED, including warranties of merchantability, suitability or fitness for a particular purpose or use. MBA and its agents shall not be liable for any loss resulting from reliance on the contents. MBA does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials presented herein or on its website. The material reflects opinions as of the date of each, and they will not necessarily be updated as views or information change. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before trading. MBA may over time modify its approach to evaluating investment opportunities. The Newsletter is a subscription based publication that contains (i) our general commentary and opinion on broad-based market trends and other factors affecting the domestic investment markets in the United States; (ii) answers and reactions to subscriber submitted questions and comments; and (iii) the actual trading activity and net performance of our proprietary investment model (as traded within an account that is actively managed by the firm) and the backtested, hypothetical performance of the model (the “Model”). The contents of the Newsletter and our website (“Website,” and collectively with the Newsletter, the “Content”) are for informational and educational purposes only. No portion of the Content should be construed as investment advice or recommendations tailored to the financial circumstances, investment needs, objectives, and/or limitations of any particular subscriber. Investing in securities involves the risk of loss. Past performance is not indicative of future results. The materials are not designed to meet the particular investment needs of any investor. The materials do not address the suitability of any particular investment for any particular investor and are not intended to be the primary basis for investment decisions. Investors should seek professional advice before making investment decisions. The statements in videos or documents shared through the materials presented shall not be considered as an objective or independent explanation of the matters.  Please see our full disclaimers at https://www.miltonbergedge.com/disclaimers/

Monetary Matters listeners can get 20% off subscriptions for one year here (billed quarterly): https://pernasresearch.com/register/monetary-matters/?coupon=monetarymatters In this episode of Monetary Matters, Jack Farley sits down with Deiya and Dean Pernas of Pernas Research to discuss their contrarian investment strategies and overarching market themes. The brothers delve into the massive energy demands of AI data centers, highlighting "bring your own power" solutions and infrastructure needs over traditional semiconductor plays. Additionally, Deiya explores the evolving landscape of cybersecurity and software in the age of AI, noting that while AI threatens some legacy software moats, it creates immense opportunities for exposure management platforms like Tenable and specialized marketplaces like Upwork. The conversation also unpacks the payments sector, specifically emphasizing the robust growth of cross-border money movement through fintechs like Wise and Remitly as they actively disrupt traditional correspondent banking. Throughout the interview, the Pernas brothers emphasize the importance of independent, buy-side research and the value of finding high-conviction, small-to-mid-cap stocks that the broader market may have mispriced. Recorded July 28, 2026. Follow Pernas Research on X https://x.com/pernasresearch 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

Victor Haghani — founder of Elm Wealth, co-author of “The Missing Billionaires” and former founding partner of Long-Term Capital Management — joins Monetary Matters to explain why the stock market doesn't follow a random walk. Drawing on his new paper "Who Killed the Random Walk?", Victor lays out a model where value investors, static asset allocators, and "extrapolators" interact to produce the excess volatility, momentum, and boom-bust cycles that classical finance theory can't explain. Jack and Victor debate whether passive investing is really to blame for market distortions, why stock buybacks are propping up the entire market, and why Elm Wealth's own models say US equities should only return about 6% a year despite blistering AI-driven earnings growth. Victor also breaks down the strange truth that "return chasing" and momentum investing sound identical but perform in opposite ways — and reveals how Elm actually allocates client capital across US and international stocks today. Recorded before Leopold Aschenbrenner's Situational Awareness hedge fund imploded on a leveraged AI trade, Victor's answer about what really went wrong at LTCM in 1998 turned out to be eerily well-timed. Recorded July 21, 2026. Victor Haghani (Elm Wealth) on X https://x.com/ElmWealth Jack Farley on X https://x.com/JackFarley96 “The Missing Billionaires: A Guide to Better Financial Decisions”: https://www.amazon.com/dp/1119747910?lv=shuf&channelId=500&plpRedirect=mhFallback Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

In this episode, host Jack sits down with Tian Yang, co-founder and head of research at Variant Perception, to analyze the current macroeconomic landscape and equity market outlook. Tian shares why macro indicators point to a broadly supportive "risk-on" environment over the next three to six months despite recent pullbacks in semiconductor and tech stocks. He discusses the exhaustion of the agentic AI rally, explaining how capital is actively rotating into value laggards such as energy, financials, and healthcare. Tian also breaks down their Log Periodic Power Law (LPPL) framework, a tactical model designed to detect market bubbles and exhaustion signals to help time entries and exits. Beyond equities, the discussion covers broader macro dynamics, including central bank policy expectations, geopolitical supply-side shocks, and regional preferences for Latin America over markets in Europe and India. Finally, Tian details the systematic strategy behind their VPX ETF, which dynamically combines capital cycle, quality, and crowding models to capture upside relative to the S&P 500. They also talk about oil, gold, and IPO window in U.S.  Variant Perception on X https://x.com/VrntPerception 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

In this episode, Jack sits down with Kathryn Rooney Vera, Chief Market Strategist at StoneX Group, to unpack the Federal Reserve's decision to hold interest rates and Chair Warsh's transition toward a quieter, laissez-faire communication style. Kathryn shares her macroeconomic outlook, forecasting that we may still see rate hikes post-election unless widespread AI adoption delivers a significant productivity boost to offset inflation. Later in the show, Jack is joined by Max Wiethe for a live, unfiltered reaction to the latest mega-cap tech earnings from Microsoft and Meta. They analyze Microsoft's massive revenue and 43% Azure cloud growth, weighing these strong figures against the company's aggressive $41 billion in quarterly capital expenditures. Jack then bluntly breaks down Meta's quarterly results, labeling it a "disaster" due to a 55% surge in costs, an 8% drop in operating income, and unexpectedly weak forward guidance. Finally, the duo wraps up with a look at the semiconductor space, assessing how these fluctuating AI investments are directly impacting chip and equipment stocks like Arm Holdings and Lam Research. Kathryn Rooney Vera on X https://x.com/KRooneyVera Kathryn Rooney Vera on LinkedIn https://www.linkedin.com/in/kathrynrooneyvera/ Jack Farley on X https://x.com/JackFarley96 Max Wiethe on X https://x.com/maxwiethe Other People’s Money on X https://x.com/OPMpod Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

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

In this episode of Monetary Matters, host Jack sits down with Nicholas Brooks, Head of Economic and Investment Research at ICG, to discuss the true health of private credit and corporate balance sheets. Brooks argues that underlying corporate fundamentals and EBITDA growth remain highly resilient against macroeconomic and geopolitical noise. He notes that corporate interest coverage ratios are stabilizing in Europe and actually improving in the United States, pointing away from any imminent, systemic private sector risks. Instead, Brooks warns that the most significant medium-term threat to the global economy stems from soaring government debt and unchecked fiscal deficits, which could spark future market volatility and further weaken the U.S. dollar. The conversation also explores how massive capital expenditures in artificial intelligence infrastructure are currently acting as a protective buffer for the broader economy, even as the ultimate, long-term impacts on worker productivity remain uncertain. Finally, Jack provides his own post-interview analysis, highlighting the immense influence of the Federal Reserve's interest rate decisions on corporate debt metrics and exploring the reflexive nature of capital inflows within private markets. Recorded July 13, 2026. Nicholas Brooks on LinkedIn https://www.linkedin.com/in/nicholas-brooks-4738a927/ Jack Farley on X https://x.com/JackFarley96 Nicholas Brooks works: “Recent US Credit Market Dislocation: Systemic or Idiosyncratic?”: https://www.icgam.com/2025/10/24/recent-us-credit-market-dislocation-systemic-or-idiosyncratic/ “Middle East Update: Implications of the war for the global economy and markets”: https://www.icgam.com/2026/05/13/middle-east-update-implications-of-the-war-for-the-global-economy-and-markets/ BIS paper on Debt Levels (“BIS Working Papers No 1235 Aggregate debt servicing and the limit on private credit”): https://www.bis.org/publ/work1235.pdf Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

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

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.

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

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

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

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

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

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

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

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

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

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

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

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

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.

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.

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.

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

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

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

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

John Cocke, Deputy Chief Investment Officer at Corbin Capital, joins Jack to discuss the world of private credit. With so much discussion over the asset class, John provides some much-needed context. While there are some areas of concern, John rejects the doomer narratives commonly seen on social media and sees opportunity on the horizon. Jack and John also discuss data center financing and the important, yet often missed, details of the private credit space. Recorded on May 15th, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow John Cocke on LinkedIn https://www.linkedin.com/in/john-cocke-8319295/   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez   Check Out Jack & Max on the MTS Livestream: https://x.com/MTSlive

Chen Xu, counsel at Debevoise & Plimpton, joins Jack to discuss the Basel III framework and endgame. The Basel III framework is extremely important to the future of banking and credit. Few people are as qualified to explain this complex agreement more than Chen Xu. Chen explains what Basel III is and how it will affect many different areas of the financial world. Recorded on May 1st, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Chen Xu on LinkedIn https://www.linkedin.com/in/chen-xu-a483b75/ Read Chen’s Publications https://www.debevoise.com/chenxu/?tab=insightsandpublications   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez   Check Out Jack & Max on the MTS Livestream: https://x.com/MTSlive

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm 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 @mtsituation for live interviews and analysis breaking down the market’s most important situations. This is recording of a recent live interview from MTS. Veteran macro trader Andy Constan joins Monetary Matters live on Monitoring the Situation to discuss why he has 100% confidence that AI stocks are in a bubble. The nuance though is that unlike most bubbles, where the bubble is in unsustainable prices with no earnings, this is a bubble in unsustainable earnings that will eventually fall and make the current somewhat reasonable prices look lofty in hindsight. Constan highlights metrics like the $400 billion in S&P 500 earnings expectations and the over 60% of that is supposed to accrue to AI winners, and argues that based on projected GDP growth that their simply “isn’t enough pie for all of the S&P 500 to eat” without it coming other very important areas of the economy. Follow Andy Constan on X: https://x.com/dampedspring Follow Jack Farley on X: https://x.com/JackFarley96 Follow Max Wiethe on X: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Earnings Bubble Thesis 01:22 Defining a Bubble Regime 04:02 Past Bubbles and Patterns 07:57 Why PE Looks Normal 08:57 GDP Pie Math Reality 13:06 Unlimited ETFs HFGM 15:23 AI ROI and Inflation Risks 18:34 Three Cohorts Funding Compute 23:36 What a Real Pop Looks Like 28:22 Timing and Investor Discipline 30:27 Trading It Collars Not Shorts 33:13 Closing and Sign Off

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): https://teucrium.com/corn In this episode of Monetary Matters, host Jack sits down with veteran macro investor Andrew Perry of Macro Pillars. Perry provides a bullish technical outlook for US stocks, offering specific targets for the S&P 500 while warning against shorting the current momentum on a nominal basis. The discussion explores strategic pair trades, specifically being long US equities while shorting energy-dependent nations like Australia and Germany. Perry also explains the macro drivers behind his long positions in agricultural commodities—including corn, wheat, and soybeans—driven by fertilizer stress and geopolitical risks in the Strait of Hormuz. Listeners will gain deep insights into why the MOVE index and US Treasury Quarterly Refunding Announcements (QRA) are more critical indicators of market liquidity than the traditional VIX. Finally, Perry details the specific yield curve shifts, moving from bear to bull steepeners, that will signal the next major recessionary trade. Recorded May 11, 2026. 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.  Sources  • Fertilizer trade through Strait of Hormuz: International Fertilizer Association (IFA), Global Fertilizer Trade Data; USDA  ERS, Fertilizer Use and Price reports.  • Corn as heaviest nitrogen user: USDA Economic Research Service, Fertilizer Use and Price (most recent edition). • Input cost / margin impact and acreage-switching scenarios: Framing is conditional and analytical; not presented as  projections. Consistent with FINRA 2210(d)(1) standards for educational market commentary.  • Fund structure: Teucrium Corn Fund Prospectus (most recent effective date).  Marketing Agent: PINE Distributors LLC.  5324752  Sourcing Index  • Fertilizer trade through Strait of Hormuz: International Fertilizer Association (IFA), Global Fertilizer Trade Data; USDA  ERS, Fertilizer Use and Price reports.  • Corn as heaviest nitrogen user: USDA Economic Research Service, Fertilizer Use and Price (most recent edition). • Input cost / margin impact and acreage-switching scenarios: Framing is conditional and analytical; not presented as  projections. Consistent with FINRA 2210(d)(1) standards for educational market commentary.  • Fund structure: Teucrium Corn Fund Prospectus (most recent effective date).

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm Jack Farley and Max Wiethe host Lyn Alden to explore the profound economic shifts driven by AI and the semiconductor industry. Alden compares the current rise of autonomous AI agents to the blue-collar manufacturing shifts of the 1980s, expressing continued bullishness on semiconductors due to physical bottlenecks and immense compute demand. She cautions that while tech hyperscalers remain dominant, their massive capital expenditure requirements and lower switching costs may lead to lower returns on invested capital than seen in previous decades. Regarding digital assets, Alden remains constructive on Bitcoin and moderately bullish on stablecoins, which she views as a vital tool for providing "offshore" banking utility to global users with smartphones. The conversation also highlights a "two-speed" or "K-shaped" economy where record-high stock prices diverge from record-low consumer sentiment due to stagflationary pressures and heavy fiscal spending. Finally, Alden discusses her science fiction novel, “The Stolgard Incident,” which envisions a semi-dystopian 2070s where society grapples with ubiquitous AI, virtual reality escapism, and widening wealth gaps. This originally aired on Monitoring The Situation in late April, see below to tune in.  Follow Lyn Alden on X https://x.com/LynAldenContact Follow Jack Farley on X https://x.com/jackfarley96Follow Monitoring The Situation (MTS) on X https://x.com/MTSlive Lyn Alden’s book, “The Stolguard Incident,” https://www.amazon.com/Stolguard-Incident-Lyn-Alden/dp/B0GNS9MYB5/ref=sr_1_1?adgrpid=193521879551&dib=eyJ2IjoiMSJ9.RJbicCTYIekTrz-Xcqzk7A.nC6zf8DffI2xHZBeqYOHUm48fMahUhOyxmiEmcenTBU&dib_tag=se&hvadid=789707336866&hvdev=c&hvexpln=0&hvlocphy=9060354&hvnetw=g&hvocijid=17622433326543445596--&hvqmt=e&hvrand=17622433326543445596&hvtargid=kwd-2473232811348&hydadcr=17070_13576050_1647189&keywords=the+stolguard+incident&mcid=b89d146b19ee37e6bc43fd9ecdb6775a&qid=1778698355&sr=8-1  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

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

To learn more about Pictet AI Enhanced US Equity ETF ($PQUS), click here: https://etf.am.pictet.com/pqus/  This interview is brought to you by Pictet Asset Management. To learn more about Pictet AI-Enhanced  International Equity ETF ($PQNT), click here: https://etf.am.pictet.com/pqnt/ Jack Farley sits down with David Wright, co-head of Quantitative Investments at Pictet Asset Management, to  discuss the machine learning techniques his team uses in their $30 billion quant franchise, and the degree to  which AI has impacted serious quantitative investing. Wright explains why he prefers to utilize many decision trees and use gradient boosting rather than Generative AI to generate return forecasts, citing the need to avoid  "hallucinations" and ensure models remain interpretable. The conversation explores their sophisticated  investment process, which analyzes over 400 features, including accounting data, market trends, and analyst  sentiment, to predict relative stock performance over 20-day horizons. These strategies, which now are included  in new ETFs $PQNT (Pictet AI Enhanced International Equity ETF) and $PQUS (Pictet AI Enhanced US Equity  ETF) are designed as "passive replacements," aiming to maintain a Beta of 1.0 while aiming to deliver annual outperformance over the relevant benchmarks, S&P 500 and MSCI EAFE indices. Finally,  Wright addresses the common "black box" misconception of quantitative finance, advocating instead for a "crystal  box" approach that provides full transparency into the economic rationale behind every trade. Recorded April 21,  2026. For important information about the fund, please click: https://etf.am.pictet.com/”  Important Information  Before investing, carefully consider the fund’s investment objectives, risks, charges, and expenses. This and  other information can be found in the fund’s prospectus or, if available, the summary prospectus, which  may be obtained by calling (855) 994-4778 or visiting www.pictet.com/etf. Read it carefully before investing.  (In Italic or Bold)   Investing in Exchange Traded Funds (ETFs) involves risk, including possible loss of principal. The fund's principal  investment risks include Artificial Intelligence Models and Data Risk, Non-Diversification Risk, Convertible  Securities Risk, Rights and Warrants Risk, Real Estate Investment Trusts (REITs) Risk and Sustainability & ESG  Data Risk. For additional information about these and other fund risks, please refer to the "Principal Investment  Risks" section of the prospectus.  ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the  market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary  trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade,  which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not  NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.  Foreside fund services, LLC, distributor.  Definitions of terms used in the interview:  1. S&P 500 Index  The Standard & Poor’s 500 Index (S&P 500) is a market-capitalization-weighted index of 500 leading publicly  traded companies in the United States. It is widely regarded as the best single gauge of large-cap U.S. equities.  Because it is weighted by market value, larger companies have a greater impact on the index's performance than  smaller ones.  2. MSCI EAFE Index  The MSCI EAFE Index is a stock market index that tracks the performance of large- and mid-cap securities  across developed markets around the world, excluding the U.S. and Canada. The acronym stands for Europe,  Australasia, and the Far East. It is commonly used as a benchmark for international equity funds. 3. Alpha  Alpha represents the "excess return" of an investment relative to the return of a benchmark index. It is a measure  of performance on a risk-adjusted basis. "Positive Alpha: indicates the investment outperformed its benchmark  after accounting for risk and "Negative Alpha" indicates the investment underperformed relative to the  benchmark.  4. Beta  Beta measures the volatility—or systematic risk—of a security or portfolio in comparison to the market as a whole  (usually the S&P 500, which has a Beta of 1.0) A Beta > 1.0 indicates the investment is more volatile than the  market (e.g., if the market rises 10%, the investment might rise 12%) A Beta < 1.0 indicates the investment is less  volatile than the market (e.g., if the market falls 10%, the investment might only fall 8%).  5. Basis Points (bps)  A Basis Point is a standard unit of measure for interest rates and other percentages in finance. One basis point is  equal to 1/100th of 1%, or 0.01%.

Monetary Matters listeners can save $1000 on their first-year subscription to KEDM Research with coupon code mm2026: https://kedm.com/?add-to-cart=4175&apply_coupon=mm2026 Harris Kupperman and Roderick van Zuylen join Monetary Matters to discuss the intersection of thematic macro trends and event-driven catalysts. They dives deep into the severe supply-demand imbalances creating massive tailwinds for the refining industry, alongside the political shifts making Latin American equities a highly lucrative trade. They also discuss the rising volatility driving commodity brokers like Marex, and why the eldercare sector is primed for a breakout due to a halt in new facility construction. Follow KEDM Research on X: https://x.com/KEDM_COM Follow Harris Kupperman on X: https://x.com/hkuppy Follow Roderick van Zuylen on X: https://x.com/roojoo3 Follow Max Wiethe on X: https://x.com/maxwiethe 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 Intro 01:10 Refiners Theme Setup 02:06 Why Cracks Tightened 05:18 Picking Refiner Winners 08:26 Earnings Path Dependence 14:22 Analyst Estimates Mispriced 17:54 Latin America Tailwinds 20:57 Brazil Financials Bet 24:01 Finding Mispriced Setups 30:28 KEDM Offer 31:15 Long Vol Through Brokers 34:03 Marex and Stonex Tailwinds 34:33 Macro Drivers of Volumes 36:11 CFO Hedging Incentives 37:57 Prediction Markets Opportunity 39:32 Eldercare Theme Setup 44:53 When Themes Meet Catalysts 46:17 Investor Days as Signals 48:45 Fallen Angels Returns 53:15 AI Automation for Monitors 54:23 CEO Pay as a Tell 55:26 US Consumer Weakness This podcast is for informational and educational purposes only and does not constitute investment, legal, tax, or other professional advice. Any views expressed are the personal opinions of the speakers and do not necessarily reflect the views of their employers, affiliates, clients, or any related parties. Listeners should conduct their own research and consult their own advisers before making any investment or financial decision. The appearance of any speaker, guest, company, product, or service on this podcast does not constitute an endorsement, recommendation, or approval by any participant or third party. Any investments discussed are illustrative only and are not intended to reflect any actual portfolio. Examples are meant to show aspects of an investment approach, and while some may highlight successful trades, not all trades are successful or profitable.

Request Access to Free Trial to Caliban, Warren’s new AI-powered research tool that automates complex data sourcing & institutional-grade charting for investors: https://www.3fourteenresearch.com/monetary-matters In this episode, Warren Pies, founder of 314 Research and Caliban, joins the show to analyze the "two wolves" currently battling for control of the market: the transformative power of AI and the historic oil crisis in the Strait of Hormuz. Pies details how an "agentic explosion" in AI and a massive scramble for compute are fueling an unprecedented earnings boom, with proprietary data showing that frontier models like Mythos are driving a legitimate, if lopsided, market advance. On the flip side, we explore the terrifying 10-million-barrel-per-day oil deficit caused by geopolitical blockades and why "managed demand destruction" has been the only force keeping prices from skyrocketing past $200. Despite these risks, Warren remains fundamentally bullish on equities, arguing that the AI-driven CapEx cycle and resilient fiscal stimulus are powerful enough to help the S&P 500 look through the energy nightmare. We also get an exclusive look at Caliban. Finally, Warren shares his tactical portfolio positioning, explaining his strategy for staying overweight in both stocks and oil commodities while remaining underweight in fixed income. Tune in to see how the S&P 500 reached the 7,000 target predicted in 2024 and why Warren believes the path to 8,000 remains intact. Recorded May 1st, 2026.

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode of "Monetary Matters," Jacob Pozharny, Co-Chief Investment Officer and Portfolio Manager at Bridgeway Capital Management, explains why traditional fundamental analysis often fails "new economy" stocks due to the rise of intangible assets like R&D and customer relationships. He details a bifurcated investment strategy that utilizes advanced sentiment analysis for high-tech sectors while maintaining a classic fundamental approach for "old economy" industries. The discussion highlights how the 2026 Iran war is currently creating significant market dislocations in global energy and shipping, offering unique "alpha hunting" opportunities identified through proprietary textual analysis of earnings calls. Pozharny argues that the most effective stock picking occurs in less efficient mid-cap and small-cap markets outside the U.S., where the potential return spread is significantly wider than in the S&P 500. Finally, he outlines his firm's market-neutral approach to building idiosyncratic return streams that remain uncorrelated to broader market direction by leveraging unique data such as buy-side borrow availability. Jacob is portfolio manager of Bridgeway Global Opportunities Fund (BRGOX). Recorded April 16, 2026. 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 Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM: Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM.  Distributed by Foreside Fund Services, LLC

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 @MTSituation for live interviews and analysis breaking down the market’s most important situations. This is recording of a recent live interview from MTS. Jack Farley and Max Wiethe interview Jim Bianco of Bianco Research. The discussion covers Federal Reserve Chairman Jerome Powell's controversial decision to stay on after Kevin Warsh becomes Chairman. Bianco highlights the shift towards independent voting at the Fed, pointing to a recent dissents focused on easing bias language. Bianco also explores the economic impact of the continued blockage of the Strait of Hormuz and shares his market outlook, predicting elevated oil prices and trending higher interest rates. Follow Jim Bianco on X: https://x.com/biancoresearch Follow Jack Farley on X: https://x.com/JackFarley96 Follow Max on X: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:10 Powell Stays Controversy 02:24 Fed Independence and Dissents 03:57 Investigation Deal Explained 09:04 Easing Bias Forward Guidance 13:55 Supreme Court and Fed Upheaval 19:20 Earnings and Market Reaction 21:47 Oil Shock and Inflation Debate 25:47 Warsh Era Fed Outlook 32:13 Strait of Hormuz War Fallout 39:11 Trades for a Protracted War 41:30 Wrap Up and Where to Follow

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

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

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   Matthew Bloomfield, President of Palmer Square Capital BDC, joins Jack to discuss structured credit markets. With fears rising over private credit defaults, it is important to listen to voices like Matthew. Matthew dives deep into the nuances of business development companies (BDCs), collateralized loan obligations, A.I. disruption, and private credit. He brings with him years of domain specific expertise on credit markets and is an incredible resource for those looking to become more acquainted with the minutiae of the credit industry. Recorded on April 14th, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Matthew Bloomfield on LinkedIn https://www.linkedin.com/in/matt-bloomfield-66433932/   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Monetary Matters listeners can save 20% on their first-year subscription to Pernas Research: http://pernasresearch.com/monetarymatters Software stocks have plummeted as the market prices in existential threats from AI capabilities and the rise of "vibe coding". In this episode, Deiya Pernas of Pernas Research explains why he believes the market is entirely misjudging the resilience of smaller SaaS companies. He argues that real-world integrations, enterprise-grade security, and privileged API access create powerful moats that simple code generation cannot easily replace. Pernas also reveals a previously multi-billion-dollar enterprise company that he sees 100% upside in over the next 12 months. Tune in to discover how to navigate the current "SaaS apocalypse" and identify mispriced opportunities in the market. Follow Pernas Research on X: https://x.com/pernasresearch Follow Max Wiethe on X: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 SaaS Apocalypse Setup 00:43 Pernas Research Offer 02:02 Software’s Second Leg Down 04:21 What Really Disrupts 07:23 Spotting Real Pivots 08:58 Valuations Hit 3x EV/Sales 11:27 When Sentiment Flips 14:03 Real World SaaS Focus 15:32 Vibe Coding Reality Check 17:52 Research Tools and Hiring 19:09 Pernas Research Offer 22:57 Sprout Social Pitch 25:37 Moat via API Access 28:12 Competition and TAM 32:16 Sprout Growth Outlook Ahead 33:49 Stock Comp Debate 36:57 3 More Bullish Stocks 38:33 Xometry Marketplace Explained 44:57 Xometry Scaling and Profit Path 46:04 Remitly vs. Wise 49:11 Migration Theme and Risks 52:29 Policy Shock and Risk Mindset 55:22 Portfolio Volatility Playbook 59:11 Conclusion

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode, banking specialist Chris Whalen joins Jack to unpack the hidden risks within recent bank earnings, focusing heavily on the sector's exposure to private credit and non-depository financial institutions. Chris explains how the widespread use of off-balance-sheet special purpose vehicles obscures the true level of risk, warning that regional banks could face significant pain as troubled private credit debt is forced into equity. The conversation also explores the ongoing turmoil in commercial real estate, noting that while premium properties remain insulated, older buildings and specific markets like Chicago are suffering steep valuation discounts. Shifting to asset protection, Chris details his bullish stance on precious metals, highlighting gold as a crucial global monetary trade and silver as an industrial necessity currently facing acute supply shortages. Recorded April 17, 2026. Follow Chris Whalen on X https://x.com/rcwhalen 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 Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM: Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM.  Distributed by Foreside Fund Services, LLC

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode of Monetary Matters, Stanford University finance professor Hanno Lustig dives deep into the hidden mechanics of financial repression and fiscal sustainability. Professor Lustig explains how governments historically use financial repression to fund themselves at artificially low interest rates, shifting the economic burden away from taxpayers and onto everyday bondholders and savers. The conversation then centers on Japan's debt puzzle, exploring how the nation has sustained a debt-to-GDP ratio of over 200% without triggering a severe fiscal crisis. By consolidating the balance sheets of the Japanese government and the Bank of Japan, Lustig reveals that the public sector has been executing a massive, highly leveraged carry trade. This bold strategy involves funding operations by issuing bank reserves at near-zero interest rates and reinvesting those funds into higher-yielding foreign currencies and risky global equities. While this financial engineering has generated immense returns for the government, it operates as a hidden, regressive tax that heavily penalizes financially unsophisticated citizens who hold basic bank deposits. Finally, as inflation forces the Bank of Japan to abandon yield curve control and raise interest rates, Lustig warns that this carry trade could violently unravel, offering a cautionary tale for other indebted Western economies. Recorded April 8, 2026. Hanno Lustig’s Research discussed in interview: “What About Japan?”: https://www.nber.org/papers/w31850 “Japan’s Debt Puzzle: Sovereign Wealth Fund from Borrowed Money”: https://www.aeaweb.org/articles?id=10.1257/jep.20251452 “Safe until crisis: What 300 years of wars reveal about government debt safety”: https://cepr.org/voxeu/columns/safe-until-crisis-what-300-years-wars-reveal-about-government-debt-safety Hanno’s ‘Stack: https://thetwocents.substack.com/ Follow Hanno Lustig on X https://x.com/HannoLustig Follow Jack Farley on https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM: Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM.  Distributed by Foreside Fund Services, LLC

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

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

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  Michael Haynes, Head of Private Credit at Beach Point Capital Management, joins Jack for a discussion of private credit. Michael explains the nuances of the asset class and why he sees panic around it as overblown. Recorded on April 2nd, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Michael Haynes on LinkedIn https://www.linkedin.com/in/michael-haynes-9550b295/   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 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 Emerging market outperformance is turning investors’ heads and in this episode of Other People’s Money, Robert Koenigsberger, CIO and founder of multi-billion dollar EM alternative asset manager Gramercy, explains why the macro environment has emerging markets looking more developed than some developed markets, particularly in how swiftly their central banks acted to combat inflation. He also explains how passive index investing can do damage to an emerging market portfolio and why the typical EM approach focusing on exposure is all wrong. Koenigsberger also dives into the structural advantages of emerging market private credit over its developed market counterparts, emphasizing the importance of local networks, senior secured collateral, and having a positive influence on corporate governance. Follow Robert Koenigsberger on X: https://x.com/GramercyRK 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 00:36 Pictet AI ETFs 01:54 How EM Investing Evolved 02:48 Why EMs Outperformed 04:08 Debt vs Equity Returns 06:09 Policy Convergence EM vs. DM 08:33 Diversifying Beyond Dollar 11:30 EM Private Credit 14:57 Pictet AI ETFs 16:32 Why Borrowers Choose Private 21:06 Defining EM Alpha 25:23 Index Construction Pitfalls 28:57 True Distress and Asymmetry 33:14 China Property Deep Value 35:15 Picking Winners at Five Cents 38:33 Sovereign Timing Checklist 40:07 Sanctions and “Uninvestibility” 43:37 Structuring Downside Control 44:58 Creditor Groups Collaboration 48:55 Restructuring Deal Template 50:23 Warrants Windfalls Risks 53:19 Governance in Private Credit 59:02 Underwriting People Networks 01:02:43 Hedging Without Shorting 01:05:49 Allocator Case for EM Credit 01:08:40 Liquidity Myths and Cycles

Listeners can get 20% off Misadventures in Shipping subscriptions through April 17th here: https://edfin.substack.com/monetary Subscription includes access to Substack research pieces and private Twitter (X) account. ____ In this episode, Ed Finley-Richardson of the Misadventures in Shipping Substack joins Jack to break down how the Middle East conflict is creating unprecedented chaos (and massive profits) in the global shipping industry. With the ongoing disruptions near the Strait of Hormuz, global trade routes are being radically redrawn, forcing massive surges in spot market freight rates. Ed explains why smaller "MR" product tankers carrying refined fuels from the U.S. Gulf to Asia are currently minting fortunes, while very large crude carriers (VLCCs) prices are moderating after a surge that pre-dated the Iran War because of the aggressive actions of a certain Korean businessman. We dive deep into the specific tanker stocks positioned to capture this volatility, analyzing the fleets, corporate governance, and dividend potentials of major players like Frontline, International Seaways, and DHT Holdings. Listeners will learn about the counterintuitive economic forces unique to maritime trade, where logistical inefficiency directly drives margin expansion for shipowners. Finally, Ed lays out his "feeding frenzy" scenario—a potential massive logistical traffic jam that could occur if the straits reopen, proving exactly why books will be written about this generational shipping market. Recorded April 2, 2026. Pieces discussed from “Misadventures in Shipping”: “Bauxite (3): Why China is ‘locked in’ to Guinea as their main supplier” (March 14, 2026): https://edfin.substack.com/p/bauxite-3 “Hummus Fallout: A de facto Strait of Hormuz 'closure' is leading to a crescendo of panic” (March 6, 2026): https://edfin.substack.com/p/hummus-fallout “Atlantic MR Bonanza: Who Benefits Most?” (March 20, 2026): https://edfin.substack.com/p/atlantic-mr-bonanza-who-benefits “Iron Ore: Indexes, Inventories” (April 3, 2026): https://edfin.substack.com/p/iron-ore-indexes-inventories “DHT — How At Risk from Hormuz Fall-Out?” (March 10, 2026): https://edfin.substack.com/p/dht-how-at-risk-from-hormuz-fall “The Strait of Hormuz & Tankers (1)” (April 4, 2024): https://edfin.substack.com/p/hummus-fallout “VLCC S&P Rumor — 10 Vessels Sold” (January 7, 2024): https://edfin.substack.com/p/vlcc-s-and-p-rumor-10-vessels-sold “VLCC Period Charter Modeling” (February 26, 2026): https://edfin.substack.com/p/vlcc-period-charter-modeling Follow Ed Finley-Richardson on X https://x.com/ed_fin Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

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 Monetary Matters, Bloomberg Chief US Economist Anna Wong explains why surging oil prices are unlikely to trigger a repeat of the 9% inflation seen in 2022. Wong argues that even if oil reaches $200 per barrel, headline CPI would likely peak near 6% before declining due to "base effects" and a lack of the excess consumer savings that fueled previous price spikes. She highlights the reality of "demand destruction," noting that sustained $100 oil would sap nearly $2,000 in spending power from the average American household. Despite these pressures, Wong does not view a recession as her base case, citing the offsetting support of expansionary fiscal policy and increased domestic production in the energy and defense sectors. The discussion also explores why the Federal Reserve should "look through" these commodity shocks, particularly as core PCE remains influenced by more persistent issues like the AI-driven memory chip shortage. Finally, Wong compares our current macro landscape to the 1970s, suggesting that while the situations "rhyme," a full repeat would require a much larger surge in government-driven demand. Recorded March 31, 2026 Follow Anna Wong on X https://x.com/AnnaEconomist Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

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 Join Max Wiethe on "Other People's Money" as he sits down with world-renowned performance coach Dr. Gio Valiante. Dr. Valiante has spent decades coaching elite performers, from PGA Tour champions like Jordan Spieth to legendary portfolio managers at Point 72 and Citadel. In this deep-dive podcast, Dr. Valiante pulls back the curtain on the psychology of the world’s most successful investors. He explains that top traders operate with the discipline and optimization of elite athletes—"investor athletes"—who must manage fear, detach from ego, and master their environment. Follow Dr. Gio: https://x.com/GioValiante 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 00:42 Pictet ETFs 00:55 Why Pods Took Over 03:04 Culture and Incentives Matter 05:19 Fear in Trading Explained 08:53 Embarrassment and Risk Aversion 12:03 Playing to Win vs Not Lose 13:21 Elite Funds Audit Process 14:34 Regret and Missed Trades 19:21 Pictet AI ETFs 20:56 Detaching from Short Term PnL 22:21 Weekends Recovery for PMs 24:15 Handling Weekend News Cycles 28:41 Regulation Favors Big Platforms 32:30 Spinoffs Vs Bootstrapping 33:29 Bootstrapped Edge 34:33 Leaving Pod Shop Reality 36:05 Situated Cognition Explained 37:55 Culture Sparks Ideas 39:43 Mandates and Opportunity Cost 41:17 Ego Identity and Seat 45:04 Capital Cycles Perspective 48:46 Entitlement Versus Humility 54:39 Performance Hierarchy 57:57 Why Hedge Funds Matter 01:00:18 Masters Picks and Wrap 01:01:54 Pictet AI ETFs

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, Jack sits down with Leyla Kunimoto, founder of Accredited Investor Insights, to discuss her journey into private markets and the ongoing "democratization" of alternative assets. The conversation explores the rise of "evergreen" or semi-liquid structures, which allow retail investors to bypass the traditional "J curve" by deploying capital almost immediately. Leyla provides a detailed look at the current wave of redemption requests hitting major private credit funds like Cliffwater and Blackstone, explaining the mechanics of 5% quarterly caps used to prevent the fire selling of assets. She further breaks down the risks associated with Collateralized Loan Obligations (CLOs) and the rise of "shadow defaults" through payment-in-kind (PIK) interest toggles. The interview highlights why Leyla currently prefers publicly traded Business Development Companies (BDCs) over private ones, noting the potential arbitrage available when public shares trade at a significant discount to their net asset value. Finally, Leyla shares why she is far more bearish on private equity than private credit, citing the asset class's extreme opaqueness and junior position in the capital stack. Recorded March 29, 2026. Accredited Insight: Cliffwater Part 1: https://www.accreditedinsight.com/p/cliffwater-corporate-lending-fund Cliffwater Redemptions: https://www.accreditedinsight.com/p/cliffwater-corporate-lending-fund-d4c Follow Leyla Kunimoto on LinkedIn https://www.linkedin.com/in/lkunimoto/ Follow Leyla Kunimoto on X https://x.com/LeylaKuni 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

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm   Former Head of Sovereign Credit at PIMCO Lupin Rahman joins Jack to discuss sovereign debt and its peculiarities. She explains why its technicals can differ significantly from fundamentals, the growth of emerging market debt, and risks to consider when investing in these assets. Jack and Lupin also discuss the important conflict in the Middle East and what it means for markets across the world. As an expert in both sovereign debt and emerging markets, Lupin is an important voice to consider when assessing global fixed income markets. Recorded on March 16th, 2026.   Lupin Rahman’s Book https://www.amazon.com Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Lupin Rahman on LinkedIn https://www.linkedin.com/in/lupin-rahman/   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 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 Monetary Matters,  Liz Ann Sonders, Charles Schwab’s Chief Investment Strategist, explains how 2026 presents an "analytically rich" environment where headline indices are currently masking significant underlying market stress. She notes that while the S&P 500 shows a modest drawdown, the average stock is seeing much steeper declines, reflecting a period of intense "rotation and churn" triggered by the war in Iran and a spike in oil prices. Sonders highlights a critical shift in investor behavior, where the previous year's preference for non-profitable speculative stocks has flip-flopped in favor of a "quality" factor centered on stable profitability and strong balance sheets. She draws parallels to the 1990 period, warning that the lack of alternate routes for oil through the Strait of Hormuz could lead to sustained economic demand destruction. Despite these geopolitical shocks, Sonders observes that forward earnings estimates for the tech and energy sectors remain surprisingly resilient, though she anticipates downward revisions as reporting season approaches. Ultimately, she reminds investors that in such a volatile cycle, "better or worse" as a leading indicator often matters more to the market than whether the data is objectively "good or bad". Recorded March 24, 2026. Pieces referenced: “Dire Strait: War's Impact on Stocks”: https://www.schwab.com/learn/story/dire-strait-wars-impact-on-stocks “Schwab Market Perspective”:  https://www.schwab.com/learn/story/stock-market-outlook “Smoke on the Water…Fire Under the Surface”: https://www.schwab.com/learn/story/smoke-on-waterfire-under-surface Follow Liz Ann Sonders on X https://x.com/LizAnnSondersFollow Liz Ann Sonders on LinkedIn https://www.linkedin.com/in/lizannsonders/ 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 Investing involves risks, including the possible loss of principal. Because these ETFs rely on an AI-driven model, the strategy may not perform as intended. International and U.S investments may involve additional risks such as currency, political, or regulatory developments. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Funds before investing. The prospectus contains this and other important information and may be obtained by visiting www.pictet.com/etf. Read it carefully before investing. Distributed by Foreside Fund Services.

Learn more about Teucrium’s CORN ETF (CORN) here: https://teucrium.com/corn Nadia Martin Wiggen, Director at Svelland Capital joins Other People’s Money for a timely update on energy and shipping markets in light of the “5-day pause” Truth Social post that sent equity markets ripping higher and oil prices dipping lower. She explains why Svelland Capital believes May is the real timeline for controlling the Strait, how refining margins and refined product hoarding create a persistent bid for oil and gas, and how global energy supply chains have shifted with many ships sailing well outside of typical trade routes in their quest for alternative sources of oil. She also touches on how a protracted crisis would harm Asia, Australia, and emerging markets the most. Svelland Capital: https://www.svelland.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 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. Timestamps: 00:00 Intro 00:46 Reaction to Trump Announcement and State of the Strait 01:57 Strait Reality Check 05:53 Oil Flows and Bottlenecks 09:32 Asia Scrambles for Supply 12:55 China Refined Export Ban 14:01 Demand Destruction Thresholds 15:05 Military Path to Reopen 17:09 CORN Mid Roll 18:46 New Oil Price Floor 21:28 Broader Market Repricing 25:06 Shipping Rates and Europe Pull 27:33 Export Bans and Hoarding Spiral 30:11 US Refining Edge and Australia 34:37 LNG Shortfall and Europe Risk 41:00 Long Term Diversification 41:33 Trading Signals and Logistics 45:16 Most Vulnerable Products

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): https://teucrium.com/corn In this episode of Monetary Matters, StoneX Vice President Josh Linville explains how the Iran War and the closure of the Strait of Hormuz have triggered a global fertilizer crisis that is currently crippling agricultural economics. With urea prices effectively doubling in just a few months, Josh warns that the market is facing a supply shock far more severe than the 2022 crisis because current grain prices aren't high enough to offset these surging input costs. The geopolitical bottleneck in the Persian Gulf has effectively sidelined three of the world's top ten urea exporters, removing enough nitrogen from the market to cover nearly the entire US corn crop. Beyond shipping delays, recent attacks on energy infrastructure in Qatar and Iran have caused structural damage that experts estimate could take three to five years to fully repair. This massive loss of production capacity, combined with a lack of global stockpiles, means the market must now find balance through aggressive demand destruction. Consequently, the price floor for critical fertilizers has likely been raised for the remainder of 2026, forcing farmers to make difficult choices about planting and yields. Join us as we explore the long-term implications for global food security and why the current "bleeding red" financial state of farming might lead to higher agricultural commodity prices. Recorded March 20, 2026. Follow Josh Linville https://www.stonex.com/en/market-experts/josh-linville/ Josh Linville on X https://x.com/JLinvilleFert Josh Linville on LinkedIn https://www.linkedin.com/in/joshua-linville-9555a711 ______ 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.  Sources  • Fertilizer trade through Strait of Hormuz: International Fertilizer Association (IFA), Global Fertilizer Trade Data; USDA  ERS, Fertilizer Use and Price reports.  • Corn as heaviest nitrogen user: USDA Economic Research Service, Fertilizer Use and Price (most recent edition). • Input cost / margin impact and acreage-switching scenarios: Framing is conditional and analytical; not presented as  projections. Consistent with FINRA 2210(d)(1) standards for educational market commentary.  • Fund structure: Teucrium Corn Fund Prospectus (most recent effective date).  Marketing Agent: PINE Distributors LLC.  5324752

20% discount to annual subscription to Rory Johnston’s Commodity Context: https://www.commoditycontext.com/monetarymatters In this urgent episode of Monetary Matters Today, Jack sits down with Rory Johnston of Commodity Context to break down the unprecedented global oil shock caused by the ongoing war in Iran and the closure of the Strait of Hormuz. With 20 million barrels of daily flow disrupted and 9 million barrels of confirmed production shut-ins across the Middle East, Johnston warns that the market is facing a supply loss multiple times larger than the 2022 Russian invasion fears. They explore the timeline of global impact, the looming threat of operational shutdowns for Asian refineries, and why Johnston believes political de-escalation by President Trump is the only way to avoid $200+ oil and a global economic depression. Recorded March 19, 2026. Pieces discussed:  Oil & Iran War Context Weekly (W11) (March 13 2026) https://www.commoditycontext.com/p/ocw11w26 “No End in Sight,” March 12, 2026: https://www.commoditycontext.com/p/no-end-in-sight Oil and the Iran War Context Weekly (W10), March 6, 2026: https://www.commoditycontext.com/p/ocw10w26 North American Oil Data Deck (March 4, 2026):  https://www.commoditycontext.com/p/north-american-oil-data-deck-march-2026 “Strait to the Point on Iran (March 2, 2026)”:  https://www.commoditycontext.com/p/strait-to-the-point-on-iran Follow Rory Johnston on X: https://x.com/Rory_Johnston Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode of Monetary Matters, Jack Farley and Max Wiethe are joined by Bob Elliott, Chief Investment Officer at Unlimited Funds, to discuss the economic fallout of the recent conflict and surging oil prices. Elliott explains that the massive spike in oil prices—which recently topped $110 for Brent and $150 in Oman—will inevitably reduce consumer spending power, fuel higher inflation, and drag down real economic growth. He argues that both the stock and bond markets are currently mispricing this risk, making a strong case for that both asset classes could struggle as yields rise. Furthermore, Elliott dismisses the Federal Reserve's 2026 inflation target of 2.7% as wildly unrealistic, warning that persistent inflation will keep the Fed from cutting rates anytime soon. Finally, Jack and Max preview their upcoming interviews with industry experts to further unpack the disruptions to global oil production, fertilizer supply chains, and shipping. Recorded afternoon of March 18, 2026, after FOMC meeting. Follow Bob Elliott on Twitter https://x.com/BobEUnlimited Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb In this episode of Monetary Matters, Jack sits down with Rupert Mitchell of Blind Squirrel Macro to unpack why the foundations of the current US stock market bull run might be crumbling. Mitchell details his transition to a 50% cash and gold portfolio, warning that a looming wave of jumbo IPOs and cracks in the private credit markets could severely disrupt equity liquidity. He also shares his actionable bearish thesis on vulnerable sectors, revealing why he is actively shorting SaaS businesses, boutique M&A banks, and overvalued fast-casual restaurant chains. On the bullish side, Mitchell explains his custom "Shiny Acorns" strategy for investing in gold miners without taking on jurisdiction risk, alongside his continued allocation to long-lived Canadian oil assets and US refiners. Tune in for a masterclass on macro positioning during times of elevated market volatility and consumer uncertainty. Recorded March 9th, 2026. Blind Squirrel Macro research: https://t.co/mgOvPYwOAi Follow Blind Squirrel Macro on Twitter https://x.com/SquirrelMacro Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez 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. TUCRM-5281845-03/26

Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb In this episode of Other People's Money, Max sits down with Chris Morris, President of LandFund Partners, to explore why they believe U.S. row crop farmland is the ultimate hard asset. Chris details how farmland performed as a portfolio diversifier during the Great Financial Crisis and explains why the relative value compared to other regions and essentially free access to 300-years of groundwater them has focusing on the U.S. Mid-South region. He highlights global water scarcity, food security, and inflation as macro drivers for this farmland, but he also argues that rising values and yields from technological improvements and increased demand for non-farming purposes like solar power are how they have delivered S&P 500 beating net returns since 2021. LandFund Partners website: https://www.landfundpartners.com/ Follow LandFund Partners on X: https://x.com/LandFundLP 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 00:40 Teucrium SOYB 01:00 Investing in Farmland 04:26 Diversification and Correlation 06:07 Real Assets and New Macro Risks 09:13 Scarcity and Water Thesis 10:48 Protein Demand Multiplier 12:45 How Farmland Returns Work 15:00 AI and Renewable Energy 15:41 Teucrium SOYB 17:02 Community Impact and Ethics 20:21 Who Buys Farmland? 22:47 Why the Mid-South 26:33 Valuation Gap Explained 28:25 Water Rights and Water Scarcity 35:06 Solar Leases Beat Crops 39:23 AI Boosts Farm Profits 42:22 Regenerative Farming and the Three Fs 44:35 Iran Conflict Inputs and Crops 48:26 Subsidies and Rent Security 54:02 Fund Focus and Growth Plans 57:30 Conclusion 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. TUCRM-5281845-03/26

In this interview, Alex Gurevich of HonTe Investments outlines his macroeconomic outlook, highlighting a particularly bullish stance on the platinum and palladium markets because they historically follow long cycles that lag behind gold and silver. He predicts that the rapid advancement of artificial intelligence will initially act as a deflationary headwind, potentially automating away 20% of jobs by the end of the decade and permanently eliminating certain white-collar economic activities. To combat this impending deflation and job loss, he anticipates that the Federal Reserve will be forced to drastically cut short-term interest rates—possibly down to zero—alongside the introduction of massive government stimulus. Because of this dynamic, Kovich views being long on short-duration bonds as a "dominant trade" that can succeed under multiple economic outcomes, though he remains uncertain about the trajectory of long-term rates and therefore favors a steeper yield curve. Furthermore, he envisions a long-term AI-driven prosperity boom but warns that the massive compute power required will inevitably lead to a severe global energy bottleneck. As part of this AI infrastructure build-out, he specifically notes that there will not be enough copper on the planet to support the necessary power demands. Alex’s Book, “The Next Perfect Trade: A Magic Sword of Necessity”: https://www.amazon.com/dp/B0GBYXNLD4?tag=scribemedia0a-20&th=1&psc=1&geniuslink=true Follow Alex Gurevich on Twitter https://x.com/agurevich23/with_replies Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

Martin Wolf, chief economics commentator at the Financial Times joins Jack for a frank and important discussion on the war with Iran. Jack and Martin delve into the economic consequences of a prolonged war in Iran, particularly with regards to the Strait of Hormuz being affected by the war. In short—war with Iran could be a nightmare scenario for the world economy with few if any benefits for the U.S. and most of the world. Recorded on March 11th, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Martin Wolf on Twitter https://x.com/martinwolf_ Read Martin in the FT https://www.ft.com/content/dab7d625-77f8-40ff-aeb9-451f81772125 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb Nobel Laureate in Economics Joseph Stiglitz (who holds highest #1 D-Index than all other Economists in the world) joins Jack to discuss the recent war in Iran, artificial intelligence, and his macroeconomic views. Dr. Stiglitz warns that the conflict in Iran is likely to have much more serious consequences for the U.S. & world economy than the Trump administration expected. In particular, the disruption of energy production could very well create an energy crisis similar to the one seen in the U.S. in the 1970s. Jack and Dr. Stiglitz also discuss Stiglitz’s work, including the recent The Road to Freedom, which touches on inequality, the cost of war, and economic freedom. Finally, they go over the effects of AI on employment and what the collapse of an AI bubble would mean for the economy. Recorded on March 9th, 2026. Professor Stiglitz’s The Road to Freedom https://wwnorton.com/books/9781324074373 Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Professor Stiglitz on Twitter https://x.com/JosephEStiglitz Follow Professor Stiglitz on Bluesky https://bsky.app/profile/did:plc:esniasaciq3ecprflyir2h3y  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez 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. TUCRM-5281845-03/26

Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm In this episode, Michael Howell of Capital Wars and Global Liquidity Indexes discusses why the global liquidity cycle has peaked and is beginning to slow down in early 2026. This shift suggests that investors should pivot toward defensive assets, as the "everything bubble" transitions into a regime where liquidity is tighter relative to growing debt. Howell explains that while the US economy remains fundamentally strong, this strength may ironically act as a headwind for Wall Street by absorbing liquidity into the real economy. He identifies China as the primary driver behind the current surge in gold prices, noting their decoupling from Western cycles as they print money to manage significant debt burdens. Consequently, he highlights Chinese technology stocks and precious metals as unique areas of opportunity in an otherwise cautious market environment. Finally, Howell warns that the "canary in the coal mine" for this liquidity downturn is Bitcoin, which has historically shown extreme sensitivity to shifts in global liquidity momentum. Follow Michael Howell on X https://x.com/crossbordercap Follow Jack Farley on X https://x.com/JackFarley96 Capital Wars Substack: https://capitalwars.substack.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

Recent Nobel laureate in economics Peter Howitt joins Jack to discuss his work on technological disruption and creative destruction. Dr. Howitt explains that technological advancement creates economic growth while also causing workers to lose their jobs and firms to go bankrupt due to obsolescence. This topic is especially relevant today because of the advancement of artificial intelligence technology. Jack and Dr. Howitt examine if artificial intelligence is truly economically different from past technological breakthroughs, the effects of its adoption, and more. Recorded on February 12th, 2026.   Follow Jack Farley on Twitter 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 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 Tian Yang, CEO of quant research platform Variant Perception, joins Monetary Matters to discuss how the benign macro regime might shift in the back half of 2026 should the Iran conflict not produce a prolonged shock. Yang also touches on how that roadmap would likely be altered by a prolonged conflict, the case for a manufacturing recovery, jobless growth, and peak market euphoria in the summer that could ultimately be marked by the generational IPO of SpaceX. Variant Perception: https://www.variantperception.com/ Follow Variant Perception on Twitter: https://x.com/VrntPerception Follow Jack Farley on Twitter: 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 Summer Peak Setup 00:54 Benign Macro Regime 02:54 Iran Energy Shock Risks 04:19 US Versus Rest World 06:41 War Duration Scenarios 10:08 Energy Rotation Signals 10:55 Allocation Engine Explained 13:04 CAIA.nxt 14:00 Fast Calls Repriced 18:44 Historical Cycle Analogies 24:08 Jobless Growth Framework 27:42 Shifting Investment Drivers 29:48 Fed Credibility Tightrope 34:35 Housing Disinflation Drivers 38:58 AI Jobs Debate 39:10 Valuation And Terminal Value 42:28 Capital Cycle Framework 46:31 Semis Versus Software 47:22 Regional Banks Inflection 50:06 Sovereignty Investing Thesis 56:20 Energy and Reindustrialization 59:26 Gold as Risk Off 01:01:20 Conclusion

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 Legendary resource investor Rick Rule, founder of Rule Investment Media, explains why he anticipates a 75% decline in US dollar purchasing power over the next decade. Rule breaks down his recent move to sell a significant portion of his silver holdings to rotate into silver miners, highlighting the massive valuation arbitrage currently available in the sector. He provides a masterclass on the "best-of-the-best" royalty and streaming companies and why he thinks streamers are going to make more deals than ever. He also outlines his top criteria for resources stocks in the mining and oil & gas sectors. Rule Investment Media: https://www.ruleinvestmentmedia.com/ Follow Rick Rule on Twitter: https://x.com/RealRickRule Follow Jack Farley on Twitter: 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 Introduction 00:53 10 Year Metals Thesis 04:38 Contrarian Investing Rules 07:15 What Starts Bull Markets 10:22 Selling Silver For Miners 14:04 Pictet’s PQNT 16:57 Why Royalties Win 20:00 Big Streaming Deals Ahead 23:58 Valuation Arbitrage And M&A 27:02 Gold Linked Bonds And Credit 30:08 Elemental EMX Merger Synergies 34:11 Altius The Resource Allocator 36:22 Lithium DLE Threat 37:11 Altius Beyond Royalties 39:38 What Makes Great Majors 41:03 Recycle Ratio Explained 45:01 Efficiency Beats Optionality 47:10 Top Picks and M&A Logic 51:58 Jurisdiction Risk Reality 55:12 California Politics and Oil 59:19 Non Producers Highcroft 01:02:29 Snowline and Globex Views 01:06:15 Canadian Oil Royalties 01:09:55 Conclusion

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 Distinguished economist Paul Krugman joins Jack to discuss the devaluation of the dollar, the nomination of Kevin Warsh, artificial intelligence, and much more. Dr. Krugman brings his expertise to give cogent and intelligent answers on important economic questions of our time. Recorded on February 6th, 2026.   Follow Paul Krugman on Substack https://paulkrugman.substack.com/ Follow Jack Farley on Twitter https://x.com/jackfarley96   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm Recorded in February 6th 2026, technical analyst Milton Berg returns to discuss his market outlook after correctly predicting the major market bottom in April 2025. Although his long-term retail model remains 100% long equities until a specific 8% drawdown occurs, Berg reveals that his institutional portfolio is currently net short across major indices. This bearish institutional stance is driven by rare technical anomalies, including a "disturbing" volatility signal from December and a historic "island reversal" pattern in the Russell 2000. Berg admits the current market is tricky, noting that recent strong buying action might force him to cover shorts, though he remains skeptical of the rally's breadth. Turning to commodities, Berg states he is bearish on gold and silver, having shorted them near their late January highs due to signs of a "climax top" and extreme overvaluation relative to inflation. He also provides a critical assessment of Bitcoin, arguing it holds no intrinsic value and pointing out that it recently failed to hold critical technical support levels. Throughout the discussion, Berg emphasizes that his methodology ignores standard economic narratives in favor of identifying rare volume and price occurrences that signal market turning points . Finally, he introduces a new service for individual investors designed to capture the bulk of bull markets while neutralizing emotional decision-making. As Jack notes in the beginning, Milton has since turned from net short to net long U.S. stocks for institutional clients. About Milton Berg Edge: https://miltonbergedge.com/ Follow Milton Berg on X https://x.com/BergMilton 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 DISCLAIMERS and DISCLOSURES for Milton Berg Edge   This Newsletter contains hypothetical performance results. Please carefully review and consider the following disclosures.  Important Disclosure Information Milton Berg Edge is a newsletter (“Newsletter”) owned and published by Milton Berg Advisors, LLC, doing business as “Milton Berg Edge” (“MB Edge,” “firm,” “we,” “our,” and “us”). Milton Berg Advisors, LLC is registered as an investment advisor in the States of Florida and New York. Registration as an investment advisor does not imply any level of skill or training. The Newsletter is a subscription based publication that contains (i) our general commentary and opinion on broad-based market trends and other factors affecting the domestic investment markets in the United States; (ii) answers and reactions to subscriber submitted questions and comments; and (iii) the actual trading activity and net performance of our proprietary investment model (as traded within an account that is actively managed by the firm) and the backtested performance of the model (the “Model”). The contents of the Newsletter and our website (“Website,” and collectively with the Newsletter, the “Content”) are for informational and educational purposes only. No portion of the Content should be construed as investment advice or recommendations tailored to the financial circumstances, investment needs, objectives, and/or limitations of any particular subscriber. Investing in securities involves the risk of loss. Past performance is not indicative of future results.

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 Carson Block, founder of Muddy Waters Capital joins Monetary Matters to discuss why they aren’t rushing to short AI pretenders and fakers until more supply of speculative companies hits the market from big IPOs. They also discuss the increasing dominance of flows over fundamentals in US markets and abroad and Muddy Waters expanding investment focus including: metals and mining stocks, Vietnam, and momentum strategies. Follow Muddy Waters on Twitter: https://x.com/muddywatersre Follow Jack Farley on Twitter: 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 Introduction 01:44 AI and Market Speculation 05:14 Challenges in Short Selling AI Stocks 17:58 Pictet PQNT 19:09 AI Pretenders 21:41 Mining Investments and Strategies 36:51 Red Flags in Investor Presentations 39:07 Geopolitical Considerations 40:15 Fraud in Chinese Companies 49:43 Vietnam and India Investment Opportunities 59:05 Momentum Strategy in the S&P 500 01:05:07 Activist Short Selling and Future Plans

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 Alexander Campbell, founder of Rose AI and former head of commodities at Bridgewater, joins the show to dissect the structural drivers behind the silver market and the transformative potential of artificial intelligence. Campbell details the "Silver Squeeze" thesis, attributing the metal's volatility to a combination of inelastic industrial demand from solar manufacturing and speculative capital flight out of China. He clarifies complex market dynamics, specifically the "Shanghai Premium" and the logistical friction involved in moving physical metal between Western and Eastern exchanges. Shifting to technology, Campbell warns of an impending "air pocket" for traditional software stocks, arguing that AI agents will disrupt companies that function primarily as "a database and a front end". He outlines a future defined by local compute and open-source models, predicting that value will accrue to data ownership and physical hardware rather than legacy SaaS applications. The conversation concludes with Campbell’s macro strategy of being long the "world of stuff" and data while betting against the "economy of paper" amidst de-globalization. Recorded February 2, 2026. Alex’s pieces: “Silver: The Only Money That Generates Electricity”: https://www.campbellramble.ai/p/silver-the-only-money-that-generates “The Silver Squeeze”: How Solar Threatens a Decade of Deficits https://www.campbellramble.ai/p/the-silver-squeeze “When You Feel Pain, Remember to Reflect”: https://www.campbellramble.ai/p/when-you-feel-pain-remember-to-reflect “The Protection Portfolio: September 2025”:https://www.campbellramble.ai/p/the-protection-portfolio-september Follow Alex Campbell on X https://x.com/abcampbell Follow Jack Farley on X https://x.com/JackFarley96 World Silver Survey 2025:https://silverinstitute.org/wp-content/uploads/2025/04/World_Silver_Survey-2025.pdf November 2025 Interim Market Review: https://silverinstitute.org/wp-content/uploads/2025/11/Silver_Institute_Silver_Interim_2025.pdf Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez