Monetary Matters with Jack Farley

Latest Episodes:

Trump’s Hidden Mortgage Stimulus from Fannie & Freddie | Joseph Wang on GSEs, Kevin Warsh, Powell, and Dollar Hedging Jan 31, 2026

Show notes

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 interview, Joseph Wang of FedGuy.com discusses various levers the Trump administration could pull to lower mortgage rates, even without the Federal Reserve's direct involvement. These include directing government-sponsored enterprises like Fannie Mae and Freddie Mac to increase their mortgage holdings, potentially by lifting their current portfolio caps. Wang also notes that expanding access to cheap financing from Federal Home Loan Banks for mortgage REITs could be another avenue. Beyond housing, Wang predicts that President Trump will significantly influence the Federal Reserve, potentially leading to more interest rate cuts than the market currently anticipates. He suggests that Chair Powell will likely leave his position in May, allowing Trump to appoint a successor. Wang is bullish on the US economy, citing tailwinds like a potential productivity boom, strong credit creation, and stimulative fiscal policy. However, he cautions that AI stocks are in a bubble, though he believes the technology itself will benefit the broader economy by increasing productivity. Recorded January 29, 2026.

Joseph Wang’s YouTube channel: https://www.youtube.com/@Fedguy12

“Sleeping Giants” (Joseph’s piece on Fannie & Freddie): https://fedguy.com/sleeping-giants/

Follow Joseph Wang on X https://x.com/josephwang

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

“Software Earnings Massacre” While Precious Metal Vol Explodes | Jack & Max on Silver, Fed Meeting, and Earnings Jan 29, 2026

Show notes

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/

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 shortages rather than pure speculation. Beyond metals, the 2026 market is being shaped by a "hawkish" Federal Reserve that signaled it is unlikely to cut rates in March due to a stable labor market and elevated inflation. On the earnings front, Microsoft and Meta reported strong revenue but faced differing investor reactions over massive capital expenditures in AI. Meanwhile, Tesla saw its stock rally despite a double-digit decline in automotive revenue, as investors focused on its transition into a "physical AI" company specializing in robotics and autonomous driving. Finally, a "doomsday" narrative is currently haunting software-as-a-service (SaaS) companies, as investors weigh whether AI will commoditize software or if established brands can maintain their high customer retention. Recorded evening of January 28, 2026.

Follow Jack Farley on Twitter: https://x.com/JackFarley96

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez

The SaaS Reckoning, Consumer Trends, & AI Disruption: The Macro & Micro Signals That Matter in 2026 | Deiya Pernas Jan 28, 2026

Show notes

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.

Learn more about Pernas Research: https://pernasresearch.com

Follow Pernas Research on Twitter: https://x.com/pernasresearch

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

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

01:14 Key Market Questions for 2025

02:19 The SaaS Apocalypse and Disruption Risks in SaaS

05:03 Investment Strategies and Mean Reversion

11:17 AI's Role in SaaS and Portfolio Construction

13:53 Structural Changes and Consumer Behavior

18:13 SEO and Commercial Search Intent

23:14 Small Companies and Market Trends

27:19 Investment Philosophy and Risk Management

29:34 Remitly: A Case Study in Investment

32:46 Stablecoins and Remittance Payments

36:39 Challenges for Crypto Adoption in Remittances

38:30 Understanding Migrant Financial Behavior

39:41 Consumer Spending Shifts Post-2020

42:25 Housing Market and Economic Indicators

44:26 Brand Equity and Consumer Discretionary Investments

49:36 The Influence of Social Media on Sports Spend

56:57 Commercial Travel and Office Return Trends

01:05:31 Cybersecurity: A Growing Investment Focus

01:07:56 Conclusion

How $100B Asset Managers Are Making Tokenized Funds a Reality | Maredith Hannon of WisdomTree Jan 27, 2026

Show notes

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 they are giving access to retail and institutional clients alike with platforms like WisdomTree Prime and WisdomTree Connect.

Follow Maredith Hannon on X: https://x.com/MaredithH1

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 Introduction

00:54 The Rise of Tokenization

02:20 WisdomTree's Tokenized Funds

04:35 Comparing ETFs and Tokenized Funds

10:35 User Experience in Tokenized Assets

20:29 Regulation and Future of Tokenized Funds

25:12 Tokenized Private Credit

26:01 Liquidity and Redemption in Private Credit Funds

28:08 Secondary Market and Peer-to-Peer Transfers

29:34 Transparency and Daily Updates

37:10 Future of KYC and Identity Verification

43:12 Global Expansion and New Use Cases

46:10 Getting Started with WisdomTree Prime

U.S. Stocks Are Overvalued, But Not In A Bubble | Professor Aswath Damodaran on Equity Valuations, AI Data Center Boom, and “Big Market Delusions” Jan 25, 2026

Show notes

Learn more about the Fundrise Income Fund here:

https://Fundrise.com/mm

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 Nvidia position after a massive run while continuing to hold Microsoft. He offers a sharp critique of "lazy" valuation metrics like the P/E ratio, arguing that investors must instead focus on cash flows and the shift toward buybacks to understand market resilience . Furthermore, he warns that while AI will benefit consumers, the resulting competition may actually lead to lower profit margins for most companies collectively. Finally, the Professor touches on the role of gold as something that is viewed as an "insurance policy" in a world where institutional trust is rapidly eroding. Recorded on January 15, 2026.

Aswath Damodaran’s YouTube channel https://www.youtube.com/@AswathDamodaranonValuation

Aswath Damodaran’s Website https://pages.stern.nyu.edu/~adamodar/

Aswath Damodaran on X https://x.com/AswathDamodaran

Aswath Damodaran on LinkedIn https://www.linkedin.com/in/aswathdamodaran/

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

Breaking Down the Precious Metals Bull Market, Natural Gas, Intel’s Disappointment, & the Small Cap Surge | Jack & Max Jan 24, 2026

Show notes

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/

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.

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

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

01:33 Silver Market Dynamics and Industrial Demand

07:13 Historical Context and Market Speculation

13:30 Investment Strategies in Precious Metals

18:22 Gold Mining Companies and Market Trends

32:24 Intel and the Semiconductor Market

34:48 Intel's Struggles in Semiconductor Production

35:42 Comparing Intel and Taiwan Semiconductor

36:22 AI and Semiconductor Market Trends

43:30 Natural Gas and Commodities Market

46:12 Small Cap Stocks and Market Performance

58:17 Natural Gas Infrastructure and Investment

01:02:08 Federal Reserve and Interest Rate Speculations

01:07:26 Final Thoughts and Market Predictions

Sell America Trade 2.0 | Andy Constan on Foreign Outperformance, Huge Financing Need, and Bull Case For Short-Term Rates Jan 22, 2026

Show notes

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 will likely miss lofty expectations, potentially forcing the Federal Reserve to cut rates more aggressively than the market has priced in. Finally, Constan shares his insights on why he remains long gold as a portfolio hedge and how investors should reposition for a period where global assets are set to outperform the U.S. Recorded January 20, 2026.

Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Andy Constan on Twitter https://x.com/dampedspring

Andy’s gold piece, “Glittery”: https://dampedspring.com/wp-content/uploads/2025/09/Glittery.pdf

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

The Triumphs & Crises of China’s Economy | Professor Barry Naughton on China’s Debt, Deflation, and “Industrial Policy 3.0” Jan 18, 2026

Show notes

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 chains and the race for AI dominance. Naughton also addresses the demographic "graying" of China and the shifting household psychology that is transforming the nation’s growth potential. This is an essential listen for anyone looking to understand the "Industrial Policy 3.0" era and its implications for global trade and investment. Recorded on January 12, 2026.

Barry Naughton’s books:“The Rise of China's Industrial Policy, 1978 to 2020”: https://www.amazon.com/Rise-Chinas-Industrial-Policy-1978/dp/6078066595

“The Chinese Economy: Transitions And Growth”: https://www.amazon.com/Chinese-Economy-Transitions-Growth-Press/dp/0262640643

More info:https://gps.ucsd.edu/faculty-directory/barry-naughton.html

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

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 Jan 14, 2026

Show notes

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

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—potentially by releasing a "teaser" card with limited access—and which subprime lenders and pawn shops could actually boom if traditional credit dries up. The duo also analyzes the surprising bipartisan roots of this idea, tracing it back to proposals from Bernie Sanders and AOC. They discuss if the current dip in payment stocks represents a buying opportunity for contrarian investors. They also explore other executive interventions from the President in defense, mortgages, and the Federal Reserve. Recorded the evening of January 13, 2026.

Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Max Wiethe on Twitter https://x.com/maxwiethe

Follow Other People’s Money on Twitter https://x.com/OPMpod

Pieces Discussed:Joseph Wang’s “Sleeping Giants”: https://www.stern.nyu.edu/sites/default/files/assets/documents/NPLH_AER%20(2).pdf

Buyback Capital’s “[Updates #34] The GSE's, Bill Pulte, and Implications”: https://buybackcapital.substack.com/p/updates-34-the-gses-bill-pulte-and?utm_campaign=email-half-post&r=4jms2a&utm_source=substack&utm_medium=email

“No Price Like Home: Global House Prices, 1870 2012”: https://www.stern.nyu.edu/sites/default/files/assets/documents/NPLH_AER%20(2).pdf

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

The Market’s Biggest Whales are Making Huge Changes: Total Portfolio Revolution | Steve Novakovic of CAIA Jan 13, 2026

Show notes

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

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 provides a candid look at the friction between hedge fund fees and beta-heavy returns, arguing that sophisticated limited partners will not pay for beta. As alternative investments become more accessible to retail wealth, he emphasizes the critical need for education regarding evergreen funds and the unique risks of private market liquidity. Finally, the episode looks forward to 2026 educational initiatives at CAIA.Follow Steve Novakovic on LinkedIn: https://www.linkedin.com/in/steven-novakovic-caia/

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 Introduction to Governance Changes in Pension Plans

00:45 Strategic Asset Allocation vs. Total Portfolio Approach

03:24 Early Adopters and Global Trends in TPA

05:06 Benchmarking and Decision-Making Shifts

09:58 CalPERS Case Study: Governance and Tactical Opportunities

17:32 Impact on Managers and Investment Strategies