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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The Ultimate Playbook for Reducing The Fed’s Balance Sheet | Professor Darrell Duffie on 4 Tools For Federal Reserve To Shrink Reserve Demand In Banking System
<p>Learn more about the Fundrise Income Fund here:</p> <p>https://Fundrise.com/mm</p> <p><br></p> <p>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. </p> <p><br></p> <p>Stanford Professor Darrell Duffie returns to Monetary Matters t...
The Real Estate Cycle Is Turning | Josh Pristaw on The New Cycle in Real Estate, Opportunity in Senior Living, Why AI Data Centers Are Too Big For Most Investors
<p>Learn more about the Fundrise Income Fund here:</p> <p>https://Fundrise.com/mm</p> <p><br></p> <p>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...
What If It’s Still Early? | Erik YWR on $10,000 S&P 500 by 2027 Case, Hyperscaler ROIC, AI CapEx, Semis, Exchanges, and Reverse Crash Risk In “Project Zimbabwe”
<p>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. Bey...
Top IPO Scholar on Unprecedented IPO Wave & Why IPOs Underperform the Market | Jay Ritter
<p>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...
Rothschilds, Railroads, & Ruin | Liaquat Ahamed on “1873” (New Book!)
<p>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 an...
Inside The Platform Helping to Invest Like Substack & FinTwit's Top Researchers | Plutus
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 prof...
Ed Zitron: The AI Bubble is Bleeding Cash, Here Are The Receipts
<p>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. </p> <p><br></p> <p>Pieces discussed in the interview:</p> <p>“Exclusive: OpenAI Losses Increased Nearly 8X...
Jim Chanos & Val Zlatev: Long and Short Alpha in AI, Semiconductors, Neoclouds, and Data Centers | MacroMinds Symposium 2026
<p>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 ca...
The US Manufacturing and Electrification Megatrends Are Here and They’re Way More Than AI | Chris Semenuk
<p>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...
Regulatory Risk is Coming For AI | David Woo on AI Data Center CapEx and Iran War
<p>Sponsor: Teucrium Corn Fund (NYSE Arca: CORN):</p> <p>https://teucrium.com/corn</p> <p><br></p> <p>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 l...
