Monetary Matters with Jack Farley
Jack Farley interviews the very best financial minds about macro, markets, and monetary matters. Follow Jack on Twitter @JackFarley96.
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“Software Earnings Massacre” While Precious Metal Vol Explodes | Jack & Max on Silver, Fed Meeting, and Earnings
<p>This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: https://fiscal.ai/mm/</p> <p><br></p> <p>The relentless surge in precious metals continues, with gold seeing gains in all but three trading days this year and silver holding above $110 despite some analyst warnings that the rally may be nearing an end. While some attribute these moves to a "debasement trade" or a weakening US dollar, the speakers argue that silver’s rise is primarily driven by real industrial demand and supply shor...
The SaaS Reckoning, Consumer Trends, & AI Disruption: The Macro & Micro Signals That Matter in 2026 | Deiya Pernas
<p>Deiya Pernas, co-founder of Pernas Research, has crushed the market and compounded at over 30% since he and his partners began tracking their portfolio in 2017. In this interview, Deiya examines 10 key micro and macro questions that he believes could be the key to continued outperformance in 2026, including questions around SaaS spend, white collar hiring, home buying in a lower rate environment, consumer spending trends, and more.</p> <p><br></p> <p>Learn more about Pernas Research: https://pernasresearch.com</p> <p><br></p> <p>Follow Pernas Research on Twitter: https://x.com/pernasresearch</p> <p>Follow Max Wiethe on Twitter...
How $100B Asset Managers Are Making Tokenized Funds a Reality | Maredith Hannon of WisdomTree
<p>Maredith Hannon, Head of Business Development at Wisdom Tree Digital, joins Other People’s Money to discuss how tokenized real-world assets are taking off at a pace eerily similar to the early growth of ETFs. Crypto enthusiasts have long touted the potential for fund vehicles to be tokenized and put on chain. That story is quickly becoming a reality with rapid AUM growth and established players like WisdomTree with over $100B in AUM quickly launching funds from money market and equity to alternatives like private credit. Hannon also discuss the additional utility that on chain funds provide and how th...
U.S. Stocks Are Overvalued, But Not In A Bubble | Professor Aswath Damodaran on Equity Valuations, AI Data Center Boom, and “Big Market Delusions”
<p>Learn more about the Fundrise Income Fund here:</p> <p>https://Fundrise.com/mm</p> <p><br></p> <p>In this deep-dive interview, NYU Finance Professor Aswath Damodaran, the "Dean of Valuation," assesses the current state of the U.S. stock market, describing the S&P 500 as richly priced but stopping short of calling it a bubble. He explores the "big market delusion" inherent in the AI revolution, distinguishing between the profitable "architecture" of chips and the highly speculative future of Large Language Models. Damodaran provides a candid look at his own portfolio, explaining why he recently exited his...
Breaking Down the Precious Metals Bull Market, Natural Gas, Intel’s Disappointment, & the Small Cap Surge | Jack & Max
<p>This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: https://fiscal.ai/mm/</p> <p><br></p> <p>Jack & Max break down the bull market in silver and gold, how they are expressing their bullish views via royalty companies, and debate whether we are approaching peak prices. They also discuss surging natural gas prices, what Intel’s disappointing earnings mean for the AI bull market, and the strong performance from small caps so far in 2026. </p> <p><br></p> <p>Follow Max Wiethe on T...
Sell America Trade 2.0 | Andy Constan on Foreign Outperformance, Huge Financing Need, and Bull Case For Short-Term Rates
<p>In this episode, Andy Constan of Damped Spring Advisors reveals why he has liquidated 100% of his US asset positions to bet on the "Rest of the World". He breaks down the looming financing headwinds created by massive AI capital expenditures and political promises, explaining how this borrowing spree creates a near-term drag on US equity and corporate bond prices. Constan argues that the era of US exceptionalism is fading, making Japanese and European assets far more attractive for risk premia and diversification now that their yields have normalized. He also predicts that while a recession isn't imminent, economic growth...
The Triumphs & Crises of China’s Economy | Professor Barry Naughton on China’s Debt, Deflation, and “Industrial Policy 3.0”
<p>Barry Naughton, a renowned professor and chair of Chinese International Affairs at UC San Diego, provides a deep dive into the current crises and triumphs of the Chinese economy. In this interview, Naughton analyzes why China is grappling with its most difficult challenges in decades, from a persistent housing bust to entrenched deflationary pressures. He offers a critical look at the shift from market liberalization to aggressive state-driven industrial policy, including the massive "government guidance funds" used to target a new technological revolution. The conversation explores the geopolitical showdown between the U.S. and China over critical mineral supply...
Banks Under Fire From Executive Action | Jack & Max on Trump's Threatened 10% Credit Card Cap and How Executive Action Is Shaping Markets in Defense, Housing, Payments, Central Banking, and More
<p>This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: https://fiscal.ai/mm/?via=monetarymatters</p> <p><br></p> <p>President Trump has shaken the financial markets by proposing a strict 10% interest rate cap on credit cards, a move that sent stocks like Visa and MasterCard tumbling. In this episode, Jack and Max break down whether this policy is a genuine legislative goal or a political stunt designed to win the midterms by addressing the affordability crisis. They explore how banks might retaliate—pote...
The Market’s Biggest Whales are Making Huge Changes: Total Portfolio Revolution | Steve Novakovic of CAIA
<p>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</p> <p><br></p> <p>Steven Novakovic, Managing Director of Educational Programs at CAIA, discusses the monumental shift from strategic asset allocation to the Total Portfolio Approach (TPA), a change recently highlighted by major moves at CalPERS. The conversation explores the evolving landscape of private markets, specifically how secondary markets are providing crucial liquidity and entry points for investors dealing with slowed distributions and the "denominator effect". Novakovic also...
How China Could Dominate U.S. AI | Dr. Michael Power on Open Source and "The Three Assassins" of Moore's Law
<p>Dr. Michael Power, a seasoned financial analyst, consultant, and strategist, joins Jack to discuss his recent work that predicts the Chinese A.I. industry may soon beat the U.S. at its own game. Dr. Power explains what makes the Chinese approach fundamentally different from U.S. labs like OpenAI and how it will likely affect the Chinese economy, the worldwide adoption of A.I., and the valuations of U.S. A.I. companies. As Dr. Power explains, China has the potential to not only catch up to the U.S., but to become the global leader in artificial...
