Monetary Matters with Jack Farley

Latest Episodes:

Allocators Want What They Want | Andrew Beer on Pod Shops, “Volatility Laundering,” and Building Liquid Alts That Don’t Suck Dec 18, 2025

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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

Why do institutional investors continue to flock to hedge funds when the average fund underperforms the S&P 500? In this deep-dive interview, Andrew Beer, founder and managing member of DBI, joins Jack Farley to pull back the curtain on the "broad insanity" of the institutional investment world and the evolution of the multi-strategy "pod" model.

Andrew argues that much of institutional decision-making is driven by "non-economic considerations" and the "principal-agent issue," where allocators are more concerned with career risk and avoiding difficult conversations with investment committees than they are with maximizing returns. We explore why "smooth" returns in private equity and private credit are often used to mask underlying volatility and correlation issues.

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How This Value Investor Beat the Market and Grew His Hedge Fund | Yaron Naymark | 1 Main Capital Dec 17, 2025

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This episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm

Over the last 8 years, Yaron Naymark, founder and managing partner of 1 Main Capital, has patiently grown his concentrated long-biased hedge fund by outperforming major equity benchmarks like the S&P 500. Any manager who has been in his shoes though will tell you that outperforming the market isn’t enough to attract the institutional capital necessary to seriously scale a fund. Here he discusses the importance of consistency of communication with investors, how his portfolio management has evolved, and the other operational improvements he has made that have helped spur growth. He also discusses a $20m strategic investment from Cannell Capital he took in 2025 and how he thinks about these types of “seed” deals.

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Timestamps

00:00 Introduction and Personal Insights on Investing

00:43 Guest Introduction and Fund Background

00:55 Fund Growth and Milestones

02:41 Challenges and Turning Points

03:20 Marketing and Investor Relations

07:41 Economic Considerations and Fund Management

10:51 Investment Philosophy and Strategy

27:08 Podcasting and Public Engagement

28:55 Transparency in Investment Strategies

29:41 Audience Growth and Distribution

31:03 Pitching Ideas and Raising Capital

32:20 Investment Minimums and Investor Relations

33:37 Marketing and Outreach Strategies

36:57 Switching to Jefferies and Other Service Providers

42:57 Strategic Investment from Cannell Capital

51:54 Hiring an Analyst and Future Plans

55:19 Managing Fund Capacity and Performance

58:40 Conclusion and Contact Information

The AI Data Center Short | Jim Chanos on Oracle, Data Centers Landlords, and GPU Merchants Dec 15, 2025

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Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe

In this interview, Chanos breaks down why hosting GPUs is a commodity business with low returns and why the depreciation of AI chips (like Nvidia’s) creates a massive financial risk for companies like CoreWeave and Oracle. He also discusses the dangers of private credit, the accounting tricks at Live Nation, and why the "unprofitable" nature of today’s AI customers makes this cycle riskier than the Dotcom era. Recorded on December 11, 2025.

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“Mother All Crises” | Luke Gromen on America’s Choice Between AI Dominance and Real Value of Treasury Market Dec 10, 2025

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Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe

Luke Gromen of Forrest For The Trees argues that the US is facing the "Mother of All Crises": a forced choice between losing the AI race to China or destroying the US Treasury market. In this deep dive, we cover why the electrical grid is the ultimate bottleneck, why Bitcoin is flashing a warning signal for 2026, and the mathematical path to $15,000 gold. Recorded December 1, 2025.

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Beating Bitcoin at Scale with Directional Crypto Strategies | Sam Gaer of Monarq Asset Management Dec 09, 2025

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This episode is brought to you by VanEck. Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMXMax

Sam Gaer, CIO of Directional Strategies at Monarq Asset Management, joins Other People’s Money to discuss how he uses quantitative directional strategies to trade crypto assets and produce an institutional quality return stream that has outperformed bitcoin at scale. He explains how his experience as a market maker, executive, and self-taught electronic exchange technologist driving some of the most important technological advances in finance led him to “burn the boats,” leave tradfi, and go all in on building institutional crypto strategies with Monarq. He also discusses how institutional appetite for crypto hedge fund strategies is growing with increased regulatory clarity, greater availability of institutional level funds, and evolving market opportunities in crypto-native and crypto-linked tradfi assets.

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Timestamps

00:00 Intro

01:43 Q4 Crypto Volatility

06:21 A Disappointing Year for Crypto Bulls

10:29 Taking Advantage of Extreme Volatility

12:50 Triple Barrier Risk Management

15:43 $REMX

16:26 Responsible Leverage

17:17 Is the 4-Year Cycle Over

21:55 Early Days Pit Trading

24:16 Building Electronic Exchange Technology

26:38 CEO of NYMEX Europe and NYMEX IPO

27:24 Move to FINRA

28:43 Building and Selling a Volatility Hedge Fund

29:15 Burn the Boats

32:14 Joining Monarq

37:14 Differences Between Crypto Fund Managers and TradFi

39:17 Institutional Adoption of Crypto Hedge Funds

44:27 Can Crypto Strategies Scale to Meet the Demand?

47:19 The Crypto TradFi Collision

49:57 The Difference Between Institutional and Non-institutional Quality Crypto Funds

54:13 Hyper Liquid and Other Market Improvements in Crypto

59:26 Will TradFi Take Over Crypto?

01:01:31 Digital Asset Treasuries

01:08:46 The Next Stage for Monarq

Why Metals Are Soaring While Oil Stalls | CME Chief Economist Erik Norland on Precious Metals, Oil, Copper, and More Dec 08, 2025

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Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe

Erik Norland, Chief Economist at the CME Group, joins Jack Farley to discuss the wild volatility in commodity markets. With Silver up over 80% in the past year, Erik breaks down the technological shift from photography to solar panels that is driving demand. They discuss the global fiscal situation, where major economies from the US to Brazil are running deficits between 6% and 8% of GDP , creating a bid for gold prices as investors seek assets central banks can't print. Norland also covers copper, oil, and agricultural commodities. Recorded December 4, 2025.

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Erik Norland’s articles: google.com/search?q=erik+norland+cme&oq=erik&gs_lcrp=EgZjaHJvbWUqBggAEEUYOzIGCAAQRRg7MgoIARAuGLEDGIAEMgYIAhBFGEAyBggDEEUYPDIGCAQQRRg8MgYIBRBFGD0yBggGEEUYQTIGCAcQRRhB0gEHNTk3ajBqN6gCALACAA&sourceid=chrome&ie=UTF-8

“What’s Driving Platinum and Palladium Prices?”: https://www.cmegroup.com/openmarkets/economics/2025/Whats-Driving-Platinum-and-Palladium-Prices.html

“Four Major Drivers of the Gold-Silver Price Ratio”: https://www.cmegroup.com/insights/economic-research/2025/four-major-drivers-of-the-gold-silver-price-ratio.html

“Is Crude Oil at a Major Inflection Point?”: https://www.cmegroup.com/insights/economic-research/2025/is-crude-oil-at-a-major-inflection-point.html

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China’s Involution Trap | Michael Pettis on China's Excess Savings, Industrial Overcapacity, and Exporting of Deflation Nov 30, 2025

Show notes

Learn more about the VanEck Rare Earth and Strategic Metals ETF: www.vaneck.com/REMXJack

In this episode of Monetary Matters, Jack sits down with Michael Pettis, Senior Fellow at the Carnegie Endowment, to deconstruct the massive economic imbalances between China and the rest of the world.

For decades, the global economy has relied on a specific mechanism: China suppresses domestic consumption to subsidize manufacturing, and the US runs massive deficits to absorb that excess supply. Pettis argues this model has reached its limit. They discuss the concept of "economic involution," why China’s shift from real estate bubbles to manufacturing bubbles is dangerous for Europe and the US, and why the current tariff regimes are merely shifting trade routes rather than solving the problem. If you want to understand why the trade deficit keeps growing despite political intervention, and what a "Great Rebalancing" actually looks like, this is a must-listen. Recorded on November 24, 2025.

Trade Wars Are Class Wars book:

https://www.amazon.com/Trade-Wars-Are-Class-International/dp/0300244177

Michael Pettis’ Work At Carnegie Endowment For International Peace:

https://carnegieendowment.org/people/michael-pettis?lang=en

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The Lopsided Expansion | Aahan Menon on Why Long-Term Forecasts Don’t Make Money, And The Growing Divergence Between AI CapEx And Labor Market Nov 29, 2025

Show notes

Monetary Matters listeners can get 20% of Prometheus Macro Substack here: https://www.prometheus-macro.com/subscribe?coupon=a60c1c9f

Aahan Menon, founder of Prometheus Macro and a trusted "quant's quant" for sophisticated hedge funds, joins Jack Farley to explain why his models are signaling a meaningful shift down in risk. While previously striking a bullish tone, Aahan reveals why his institutional strategies have moved from "max bullish" to neutral on equities and commodities.

Aahan breaks down a concerning divergence in the economy: while GDP and spending are being propped up by a surge in AI CapEx and top-heavy consumption, the underlying labor market is weakening. He explains the "circularity" problem of AI investment—eventually, CapEx must turn into consumption, which requires wage growth that is currently stalling.

Later in the conversation, Aahan challenges core macro beliefs, presenting data on why long-term economic forecasting and tracking "rates of change" generate negligible or negative alpha. He also details his current positioning, including being short homebuilders, long French bonds against Japanese JGBs, and his "Crisis Protection" portfolio. Recorded on November 25, 2025.

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Breaking Down Michael Burry’s Big Nvidia Short Thesis and Open AI’s Massive Loss Projections | Jack & Max Nov 28, 2025

Show notes

This Monetary Matters episode is brought to you by Fiscal AI. Save 30% off any paid tier at for Black Friday: http://fiscal.ai/mm

Jack Farley & Max Wiethe breakdown Michael Burry’s big Nvidia short thesis and the recent projections from HSBC that Open AI will lose nearly half a trillion dollars between now and 2030. They also discuss the recent repricing of Fed rate cuts in December and debate which companies are the biggest losers if AI turns out to be a bubble.

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Timestamps:

00:00 Intro

00:16 The Biggest Event in Macro

00:55 Breaking Down Michael Burry's Short Thesis for Nvidia

04:47 Semiconductors Are Historically Cyclical

07:08 Is Nvidia a Good Short?

08:25 Criticism of Burry's Analysis

16:38 Fiscal.ai

18:17 Open AI's Massive Loss Projections

24:26 AI Coding Agent Revenues

26:25 Can Nvidia Escape Unscathed?

29:54 Michael Burry's Substack Success

30:54 AI Spending's Impact on GDP

31:56 December Fed Meeting

As Good As It Gets? | Meb Faber on U.S. Stock Valuations, Trend Following, and Endowment Allocations To Private Markets Nov 27, 2025

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

In this episode of Monetary Matters, Jack welcomes Meb Faber, founder of Cambria Funds, to discuss the extreme valuations in the US stock market and where investors can still find value. Meb breaks down historical market cycles, comparing the current AI boom to the railroad bubbles of the past, and explains why "expensive uptrends" can persist longer than logic dictates.

The conversation shifts to the institutional world, where Meb challenges the status quo of major endowments like Harvard and CalPERS, arguing that complex private equity strategies can often be beaten by simple, liquid ETFs. Finally, Meb reveals a tax code loophole (Section 351) that allows investors to swap concentrated stock positions for diversified ETFs on a tax-deferred basis. Recorded on November 20, 2025.

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Pieces Discussed:

“Exceptional Expectations: U.S. vs. Non-U.S. Equities”: https://www.aqr.com/Insights/Research/White-Papers/Exceptional-Expectations-US-vs-Non-US-Equities

“LEARNING TO LOVE INVESTMENT BUBBLES: WHAT IF SIR ISAAC NEWTON HAD BEEN A

TRENDFOLLOWER?”: https://mebfaber.com/wp-content/uploads/2016/05/SSRN-id1923387.pdf

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