
Other People's Money with Max Wiethe
Other People's Money is the premier podcast about the business side of the fund management industry. Every week Max Wiethe sits down to learn from some of the best entrepreneurial fund managers about their experience launching and growing a fund management business. OPM is not a show about the next hot stock pick or big trade but an inside look at an opaque and misunderstood industry guided by real professional fund managers who've done it themselves.Follow us on:Max's Twitter: https://x.com/maxwietheOPM on Twitter: https://x.com/opmpodWatch OPM and our Partner Show Monetary Matters on YouTube: https://www.youtube.com/channel/UCeyqw1Ns_cnhSJh5XvXPWgw
Latest episodes

Jun 12, 2025 • 1h
Capacity Constrained by Design: The 25-Year-Old Building Niche Multi-Manager Hedge Fund Platforms | Zach Levitt
Zach Levitt, CIO and Founder of Sixth Turn Capital and Opus One Asset Management joins Other People’s Money to discuss how he is standing up multi-manager platforms at just 25 years old by focusing on niche capacity constrained managers. Levitt discusses the benefits of combining uncorrelated capacity constrained strategies in a multi-manager platform, his unconventional path to founding a multi-manager platform, how mentorship has helped accelerate his growth, and how he goes about attracting talented investors to his platform.
Follow Zach on X: https://x.com/derivative_bro
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
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X https://x.com/opmpod
Timestamps
00:00 Intro
00:48 Skipping the Analyst Track and Founding a Hedge Fund at 25
07:14 Many Great Track Records Indicate Nefarious Information Was Traded On
09:42 What Does a Good Capacity Constrained Manager Look Like?
13:38 What Level of Correlation is "Uncorrelated"
18:20 What Level of Capacity is "Capacity Constrained"?
21:30 Mentorship Through Podcasts & Cold Outreach
26:13 Convincing Managers To Join Your Platform as a 25 Year Old
28:46 Investor Interest in SMAs vs Commingled Funds
35:25 Battling Startup Costs
39:06 Selling Talented Investors on Your Success Story
43:39 Risk Management and Cutting Portfolio Managers
47:38 Marketing "Hypothetical" Track Records
52:32 Next Stages of Growth
54:20 Assessing the Capacity Limits
57:17 Can PA Traders Become PMs?

Jun 5, 2025 • 1h 17min
What Investors Are Overlooking in AI & Semis | Val Zlatev
Val Zlatev, Portfolio Manager and Senior Partner at hard tech specialist hedge fund Analog Century Capital Management joins Other People’s Money to discuss what he thinks investors still fail to appreciate about the secular growth of AI and semiconductors. He also discusses why DeepSeek was so misunderstood, other aspects of the AI supply chain, the state of the analog chip cycle, running long/short and market neutral strategies and garnering interest from the large multi-manager platforms.
Learn More About Analog Century Capital Management: https://www.analogcm.com/
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
01:15 What is Hard Tech?
02:41 The Evolution of the Hard Tech Sector From the 90s to Now
05:04 Investors Are Underweight Hard Tech
11:09 The Massive Impact of the End of Moore's Law
16:59 New Investment in Semiconductor Capacity
18:08 Why AI Should Be Compared to Cloud, Not Fiber
22:55 What Investors Got Wrong About DeepSeek
25:41 The US Government's Impact on AI & Chips
33:04 The Chinese Government’s Involvement in AI & Chips
35:13 Dominant Players in Chinese Semiconductor Market
39:12 The AI Supply Chain Beyond Semiconductors
43:53 Analog Semiconductors & Power Management
49:55 Winners, Losers, and Fakers in AI
57:03 Research Process for Hard Tech
01:01:25 Dispersion in Hard Tech Returns
01:03:31 Trading and Portfolio Construction at Analog Century
01:08:13 Market Neutral & Garnering Interest From Multi-Manager Platforms
01:12:20 Market Neutral vs Long/Short Investors
01:14:51 The Value of Partners and Team Continuity
01:16:42 Conclusion

May 29, 2025 • 1h 14min
Patient Value Investing and America’s Industrial Advantage | Bob Robotti
Bob Robotti, legendary value investor and President and CIO
of Robotti and Company Advisors, is one of a very select group of investors
with a 30+ year track record of S&P 500 outperformance. Here he joins Other People’s Money to discuss long-term value investing, why he likes to invest in companies perceived to be facing headwinds, and his view that American based industrial companies are competitively advantaged for reasons completely unaffected by trade policy. He also discusses how he operates both an advisory business and a broker dealer business and how the broker dealer has served as a starting point for many other great value investors.
Learn More About Robotti Advisors: https://advisors.robotti.com
Follow Bob Robotti on X: https://x.com/BobRobotti
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
01:27 Patient Capital
08:05 Investing in Companies with Headwinds
12:13 Building Products Businesses
16:08 North American Industrial Advantage
22:41 Industries Returning to the USA
27:18 Valuing Businesses on Cost of Replacement
30:56 The Links Between Lumber, Building Products,
and Housing
33:24 Engaging With Management in Long-term
Positions
39:04 Trading Around Long-Term Positions
47:57 Buying Stocks After They've Gone Up
52:56 Trading Against Each Other
55:01 Having a Broker Dealer and Advisory Business
59:15 Jumping From the Sell Side to the Buy Side
01:04:08 Capital Churn
01:06:03 All US Equity Investors Should Compare
Themselves to the S&P 500

Apr 30, 2025 • 57min
How Hedge Funds Have Managed Market Turmoil with Jack and Max
The first 4 months of 2025 have been highly volatile hurting both equity and fixed income investors alike, but how has the “smart money” faired in this environment? Jack and Max breakdown the performance of hedge funds in Q1 and April of 2025 with data from Citco Fund Services and HFRI. They also discuss the recent moves by Yale and Harvard to sell some of their private equity stakes and other indicators that might signal trouble ahead for PE as an asset class. Follow Jack on X: https://x.com/JackFarley96
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

Apr 24, 2025 • 51min
Hidden Mortgage Market Shifts Are Creating Opportunities | Matt Jozoff of Trevally Capital
Matt Jozoff, Co-CEO and Portfolio Manager at Trevally Capital, dives into the evolving mortgage landscape. He discusses the explosive growth of the Ginnie Mae market and how demographic shifts and non-bank originators are reshaping mortgage dynamics. Jozoff highlights prepayment trends and their implications for investment strategies, as well as the crucial role of strategic partnerships in asset management. His insights reveal upcoming opportunities in the $9 trillion mortgage market and the innovative approaches Trevally is adopting to navigate it.

Apr 15, 2025 • 52min
Dodging Tariff Turmoil in Nordic High Yield Credit | Måns Levin of Ridge Capital
Måns Levin, CEO and co-founder of Ridge Capital, joins Other People’s Money, to discuss why they believe the Nordic high yield credit market provides unique opportunities for double-digit returns and insolation from tariff and trade war risks. Levin discusses the exceptional start Ridge Capital has had, both in terms of performance and asset raising, the specific features and composition of the Nordic high yield market that they find most attractive, and the flexibility in strategies required to take full advantage of the opportunities they see.Follow Ridge Capital on LinkedIn: https://www.linkedin.com/company/ridgecap/Follow Max on X: https://x.com/maxwietheFollow Other People’s Money on:Apple Podcast https://bit.ly/4e7QJ1MSpotify https://bit.ly/3YhaaziYouTube https://bit.ly/3C63VXRX https://x.com/opmpod#credit #creditmarket #fixedincome #bonds #nordic #sweden #norway #denmark #finland #stocks #economics #economy #stockmarket #investing #hedgefunds #trading #wallstreet #ridgecapital #finance

Apr 9, 2025 • 56min
When the Market Crashes… They Profit | Wayne Himelsein on Logica Capital’s Long Volatility Playbook
Wayne Himelsein, CIO and founder of Logica Capital Advisors, discusses innovative strategies for profiting during market volatility. He shares how his hedge fund navigates the challenges of maintaining long volatility exposure without draining resources through ineffective hedges. The conversation covers the evolution of volatility trading since 2015 and emphasizes the need for a deep understanding of market dynamics. Himelsein also highlights the importance of adaptability and continuous research in developing successful trading strategies.

Apr 1, 2025 • 56min
Trading Market Turmoil: Any System is Better than No System | OPM Trader Talks with Petr Pinkhasov of Anthem Capital Management
Petr Pinkhasov, CIO and founder of Anthem Capital Management, dives into the world of trading strategies utilizing quantitative signals and technical analysis. He candidly shares insights on navigating the recent market turmoil of 2025, discussing risk management and the significance of backtesting. Pinkhasov emphasizes the role of AI in enhancing investment research and critiques various trading methodologies. With a blend of personal anecdotes and professional wisdom, he explores the psychological factors influencing trading decisions amidst volatility.

Mar 25, 2025 • 1h 5min
From Treasury Minister of Argentina to Macro Hedge Fund Manager | Nicolás Dujovne of Tenac Asset Management
This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opmNicolás Dujovne, CIO and founder of Tenac Asset Management, joins Other People’s Money to discuss his path from Treasury Minister of Argentina and president of the G-20 to hedge fund manager. Despite more experience managing economies than trading them, Dujovne and his partners at Tenac have succeeded in building a 5+ year track record with no down years and an annualized rate of 17.18% net of fees, focusing mostly on sovereign and corporate debt of emerging market countries. In the interview we discuss how global macro feeds portfolio construction, the important factors when analyzing individual emerging markets, and how understanding large international organizations like the IMF is crucial to predicting outcomes in EM.This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opmFollow Other People’s Money on:Apple Podcast https://bit.ly/4e7QJ1MSpotify https://bit.ly/3YhaaziYouTube https://bit.ly/3C63VXRX https://x.com/opmpodTimestamps:00:00 Intro00:29 Fintool Front Roll02:00 Why is LATAM a Macro Hotbed?04:11 From Minister of the Treasury to Macro Trader11:36 Capital Raising in LATAM16:31 Developing & Communicating Your Investment Process20:53 Fintool Mid Roll22:01 The Growth of EM Debt Markets25:56 Dispersion and Portfolio Management30:50 Corporate/Quasi Sovereign Debt34:30 The Events That Move Markets in EM38:22 Data Integrity Issues in EM39:28 Vol and Investor Expectations43:14 Global Spotlight on Argentina44:57 Unique Requirements of Global Investing48:16 The Roll of the IMF54:27 Elections and Prediction Markets56:58 The Roll of US Financial Conditions01:01:45 Current Outlook for US Trade Policy01:03:17 Opportunity Right Now#stocks #economics #economy #recession #bonds #stockmarket #investing #hedgefunds #analyst #Alternatives #Argentina #NicolasDujovne #tenac #emergingmarkets #EMinvesting

Mar 18, 2025 • 1h 19min
Geopolitical Uncertainty is Freezing Private Capital | John Bowman of CAIA
This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opmJohn Bowman, CEO of CAIA Association, the Association of Chartered Alternative Investment Analysts, joins Jack Farley on a special crossover episode of Monetary Matters and Other People’s Money to discuss the biggest trends in alternative investments. Bowman explains how Tariff uncertainty and other geopolitical factors might be the #1 factor that led to last year’s drop in PE assets, why he believes there is still another shoe to drop in private credit, and that hedge funds are coming back into vogue with alternatives investors.This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opmFollow John Bowman on X: https://x.com/BowmanJohnLFollow CAIA on X: https://x.com/CAIAAssociationFollow Fintool on Twitter https://x.com/fintoolxFollow Jack Farley on Twitter https://x.com/JackFarley96Follow Monetary Matters on:Apple Podcast https://rb.gy/s5qfyhSpotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxezFollow Other People’s Money on:Apple Podcast https://bit.ly/4e7QJ1MSpotify https://bit.ly/3YhaaziYouTube https://bit.ly/3C63VXRX https://x.com/opmpod