Monetary Matters with Jack Farley

Latest Episodes:

The Private Markets Digestion Phase | Jean-Baptiste Wautier on Key Man Risk, GP/LP Returns, and Private Credit “Bubble” Feb 19, 2025

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Jean-Baptiste Wautie, a veteran of private markets, joins Jack to share his nuanced and informed view on the asset class. Jean-Baptiste (JB) Wautier’s career highlights include significant roles at Arthur Andersen, Morgan Stanley, IK Partners, and BC Partners (BC) where he spent 20 years and was CIO for a decade. At BC he co-managed €40 billion of assets, helped raising three flagship funds and led ten major investments. Recorded on February 7, 2025.

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Jean-Baptiste Wautier website: https://wautier.co.uk/

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The Trends Driving the Hedge Fund Industry’s Record $4.5 Trillion in AUM | Ken Heinz of HFR Index Feb 18, 2025

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Ken Heinz, President of HFR Index LLC, joins Other People’s Money to break down the trends driving the hedge fund industry’s growth to a record $4.5 trillion in assets under management. HFR’s data on the industry that they collect and analyze from over 6,000 funds gives them a birds eye view of the big trends like the growth of multi-managers, crypto funds, and inflows for small and large funds alike.

You can find more info on the HFR Database, HFR Indices, and other industry reports and resources for hedge fund investors and managers on their website: https://www.hfr.com

Fast track your buyside career and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm

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

Timestamps:

01:13 What is HFR?

02:45 What Qualifies as a Hedge Fund?

07:07 Classifying Your Hedge Fund Properly

10:15 Multi-Manager Hedge Fund Index

15:36 The Crypto Hedge Fund Boom

21:39 Fundamental Edge Analyst Academy

23:20 Hedge Fund Asset Growth

27:04 The Return of Capital Trend

29:47 Do Capital Flows Hurt Returns

31:49 Fund Formation Trends

38:09 Fund Closure Trends

39:44 Fund of Funds

43:46 The Bifurcation of the Hedge Fund Industry

49:22 The Future of Hedge Funds

The Central Bank As Crisis Manager | Dr. Patrick Honohan, former Central Bank of Ireland Governor, on Crisis Management, Macroeconomic Shocks, & Tariffs Feb 16, 2025

Show notes

This Monetary Matters episode is brought to you by VanEck.

Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack

Dr. Patrick Honohan, honorary professor of economics at Trinity College Dublin and nonresident senior fellow Peterson Institute for International Economics, joins Monetary Matters to share lessons from his latest book, “The Central Bank as Crisis Manager.” Looking at financial and macroeconomic crises from countries ranging from Iceland, Switzerland, and the U.S., to his native Ireland (where he was the governor of its Central Bank from 2009 to 2015), Honohan concludes that central banks must prepare to fight and manage crises in addition to their ordinary mandate of price stability (and, in the case of the Fed, maximum employment). Recorded on February 5, 2025.

Honohan’s Book, “The Central Bank as Crisis Manager” on Columbia Press: https://www.piie.com/bookstore/2024/central-bank-crisis-manager

Honohan’s Book, “The Central Bank as Crisis Manager” on Amazon: https://www.amazon.com/Central-Bank-Crisis-Manager/dp/0881327530

Honohan’s Previous Book, “Currency, Credit and Crisis: Central Banking in Ireland and Europe”:

https://www.amazon.com/Currency-Credit-Crisis-Central-Macroeconomic-ebook/dp/B07R699LFV/?_encoding=UTF8&pd_rd_w=zS3eY&content-id=amzn1.sym.bc3ba8d1-5076-4ab7-9ba8-a5c6211e002d&pf_rd_p=bc3ba8d1-5076-4ab7-9ba8-a5c6211e002d&pf_rd_r=146-4087044-9452813&pd_rd_wg=rdvDv&pd_rd_r=18882405-c569-4216-9a47-f7da59ed6d66&ref_=aufs_ap_sc_dsk

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What Really Happened To Silicon Valley Bank | Ken Wilcox (SVB CEO 2001 - 2011) on SVB’s Collapse and How China Took Over Shanghai SVB Feb 12, 2025

Show notes

This Monetary Matters episode is brought to you by VanEck.

Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack

Kenneth Wilcox served as the CEO of Silicon Valley Bank from 2001 to 2011. He reflects on 30 years of service to SVB and its customers, as well as the stunning collapse of the institution in March 2023. Wilcox shares his findings from his new book, “The China Business Conundrum: Ensure That "Win-Win" Doesn't Mean Western Companies Lose Twice,” in which he describes in detail how the Chinese wing of Silicon Valley Bank (“Shanghai SVB”) was serially hampered and eventually taken over by Chinese bankers acting in concert with the Chinese Communist Party (CCP). Recorded on February 11, 2025.

Ken Wilcox’s book on Amazon https://www.amazon.com/China-Business-Conundrum-Win-Win-Companies/dp/1394294166

Ken Wilcox’s book on Wiley: https://www.wiley.com/en-us/The+China+Business+Conundrum%3A+Ensure+That+%22Win-Win%22+Doesn't+Mean+Western+Companies+Lose+Twice-p-9781394294169

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Building the Definitive Hedge Fund Analyst Masterclass | Brett Caughran on Fundamental Edge Feb 11, 2025

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Fast track your buyside career and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm

What does it take to succeed in one of the most competitive industries on the planet? Brett Caughran, lead trainer and founder at buyside analyst training platform Fundamental Edge is trying to codify the answer to that question and systematize the process of training hedge fund analysts. Caughran discusses the most important processes analysts must master, why understanding your role is key to success, and why building trust with your PM over years is the perhaps the most important factor in determining the trajectory of an analyst's career.

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“The Humble Investor” | Dan Rasmussen on Mag7, Value, Private Equity & Credit, and More Feb 10, 2025

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Dan Rasmussen, founder and CIO of Verdad Advisers, joins Jack to share insights on value, magnificent 7, private equity & credit, and bonds, from his new book, “The Humble Investor: How to find a winning edge in a surprising world.” Recorded on February 4, 2025.

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Hedge Funds Are a Team Sport | Ilya Zaides on Continuity at 14B Capital Feb 07, 2025

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Hedge fund success both for their investors and operationally is almost always the result of a team effort. Ilya Zaides, CIO and Founder of 14B Capital Management, explains why this means hedge fund investors can care as much about team and key relationship stability as they do about past success.

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The EM Financial Stability Report Card | Rohit Goel on Emerging Markets, Dollar Dominance, and Term Premia Feb 05, 2025

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Today's episode is brought to you by Teucrium.

Learn more at: https://bit.ly/4gfI0fe

Rohit Goel, partner and head of global macro at Breakout Capital, joins Monetary Matters to share his views on emerging markets, the dollar, and bond market term premia. Recorded on January 16, 2025.

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Rohit Goel on LinkedIn https://www.linkedin.com/in/goelrohit/

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2025 = Biggest Bank M&A Year In History? Bank Zhar Brad Rinschler on Credit, CRE, GBank, REIT Pain, and Much Much More Feb 03, 2025

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Brad Rinschler, managing partner and portfolio manager at Down Range Capital, joins Jack to share his in-depth view on the many niches of publicly traded bank stocks. Rinschler explains why he was short all 5 of the banks that failed in 2023, and why he is relatively constructive on small & community banks in 2025. He also offers his bull case for the red-hot stock $GBFH, which he has been involved with for many years. Recorded on January 27, 2025.

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GBank quarterly earnings: https://www.gbankfinancialholdings.com/financial-insights

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Joseph Wang: Tariffs Are Coming & They Will Be Bad For Stocks (But Good for America) Jan 31, 2025

Show notes

This Monetary Matters episode is brought to you by VanEck.

Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack

Joseph Wang of FedGuy.com returns to Monetary Matters to share his view that markets are insufficiently discounting the large and significant tariffs that the Trump Administration will implement shortly. Joseph and Jack also review the January Fed meeting, with Joseph noting that Fed chair Powell might be significantly more dovish than the FOMC committee. Joseph explains why he is bearish on stocks and bullish on bonds and gold (and short-term interest rates). Recorded on January 30, 2025.

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Joseph’s website: https://fedguy.com/

Pieces discussed:

“The Plan”: https://fedguy.com/the-plan/

“It is a Good Day to Tariff”: https://fedguy.com/it-is-a-good-day-to-tariff/

“Shifting Flows”: https://fedguy.com/shifting-flows/

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