Monetary Matters with Jack Farley

Patrick Perret-Green, a macro strategist and founder of PPG Macro, joins to discuss pressing economic issues and credit markets. He warns about the frothy condition of private credit reminiscent of pre-2007 crises and highlights reclassifications in commercial lending. The conversation addresses alarming trends in Asian disinflation and the dynamics of U.S. housing. Patrick also dives into the opaque nature of private credit, global monetary policy, and geopolitical risks, providing insightful perspectives on systemic vulnerabilities.

Julian Brigden, co-founder of MI2 Partners, shares his insights on precious metals and the U.S. economy. He critiques the Goldilocks narrative, warns about inflation risks, and discusses why foreign markets are outperforming. Bridging tech and mining, he explains how a weak dollar favors cyclical investments. Julian also deconstructs the current gold rally and offers trading tactics for navigating the volatile metals market. His views on Fed independence and potential reforms raise crucial questions about the dollar's future.

Jeremy Boynton and Zach Lindquist, managing partners at Pure Crypto, delve into the evolving crypto landscape shaped by ETFs and digital asset treasuries. They discuss the significance of manager selection, highlighting the importance of experience through market cycles. The duo explores capital rotations toward Ethereum and Solana, as well as the impact of meme coins and political shifts favoring crypto. They also share insights on their concentrated investment strategies and the mechanics of crypto fund structures, emphasizing transparency and practical access for allocators.

Imane Bakkar, Founder and Managing Director of Logarisk, explores the electricity markets' volatility driven by weather, renewable energy, and AI. She highlights how AI can induce unpredictable demand spikes and discusses the impact of crypto on grid stability. With weather increasingly influencing financial systems, Imane analyzes the risks of privatized weather data and the ownership shift towards non-bank financial institutions. The conversation delves into the complexities of balancing renewables and nuclear energy within evolving market dynamics.

Hosts delve into the implications of the September Fed meeting and the rising threats to its independence. They analyze the dynamics of potential Fed chair candidates and the impact of political pressures on personnel decisions. The discussion touches on the recent surge in small-cap stocks and company-level research opportunities. Insights on Acuren's unique role in data centers and MSCI's growing revenue streams in private markets also emerge. Finally, they explore the economic model of Franco-Nevada and the risks surrounding GPU cloud providers.

David Orr, CIO and founder of Militia Capital, shares insights on how his hedge fund has outperformed the S&P 500 since its launch in 2021. He discusses the firm's growth from $3M to $160M and the expansion to include external portfolio managers. Orr critiques the misconceptions among most hedge fund managers regarding social media and compliance. He also emphasizes the importance of risk management, navigating collaboration among managers, and the unique investment strategies that set Militia Capital apart from typical value investors.

Rob Arnott, founder of Research Affiliates, discusses pressing market dynamics and historical perspectives on valuation bubbles. He draws parallels between today’s AI hype and the dot-com bubble, prompting listeners to consider the risks of investment optimism. The conversation covers the innovative approaches to cap-weighted indexing and the significance of semiconductors in tech profitability. Arnott also critiques traditional investment methods, advocating for a comprehensive strategy that balances growth and value amidst fluctuating market sentiments.

Join Danielle DiMartino Booth, a macroeconomic expert and founder of QI Research, and Anna Wong, Bloomberg's Chief U.S. Economist, as they dissect a shocking revision that adds over 900,000 jobs to the potential unemployment list. They delve into the implications of AI investments and how these influence job stability. The guests also tackle the intersection of immigration policy and labor market dynamics, revealing how inaccuracies in data reshape our understanding of employment trends and inflationary pressures, emphasizing the need for updated economic measures.

Aahan Menon, Founder and CEO of Prometheus Macro, delves into why he believes bonds are still a poor investment compared to stocks. He highlights the impact of reduced immigration on the labor market, attributing job creation stagnation to a shrinking supply of workers. Menon also discusses the nuances in economic growth, emphasizing the shift towards technology and intellectual property investment. Additionally, he explores the fragility of the current equity valuations amid labor market issues and touches on the prospects for recovery in sectors like manufacturing.

Join Cullen Rose and Raj Shah, co-founders of Stoic Point Capital Management, as they dive into the world of concentrated small-cap investing. They explore the potential for a new issuance cycle reminiscent of 2020-2021 and shine a light on orphaned securities from that era. The duo discusses the intriguing dynamics of investing in small caps facing crises and controversies, emphasizes the rise of AI in investment research, and reveals their unique approach to navigating the complexities of short selling and expert networks.