Monetary Matters with Jack Farley

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. 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