Monetary Matters with Jack Farley

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AI Euphoria Is Rolling Over | Lyn Alden on Bitcoin Correction, Who Satoshi Is, Data Center CapEx, and Whether AI Is A Bubble
Learn more about the VanEck Rare Earth and Strategic Metals ETF: www.vaneck.com/REMXJack In a change of pace, Lyn Alden of Lyn Alden Investment Strategy returns to Monetary Matters not to talk macro, but to discuss in-depth her views on AI capital expenditures that are driving a majority of the economic growth in the United States. Describing herself as “a moderate bull on AI,” Alden argues that AI is masking the true weakness of the U.S. economy, and that, while AI will prove to transform industries, there could be hiccups in the huge sums that are being spent to build out this AI vision. She notes that “AI euphoria is rolling over” and shares her views on the chip depreciation, with analogues to Bitcoin mining. Alden shares her view on Bitcoin in 2026 and explains in depth how the difficulty adjustments within Bitcoin support the long-term sustainability of the network. This is the most in-depth on Bitcoin Jack has gone with Lyn Alden in his many interviews going back to 2020. Recorded on November 17, 2025. Pieces discussed: “Liquidity, Shutdowns, Tariffs, and Earnings,” November 9, 2025: https://www.lynalden.com/premium-2025-11-9/ “Liquidity Pivot and Banking Update,” October 26, 2025: https://www.lynalden.com/premium-2025-10-26/ “Two AI Stock Rotations,” October 12, 2025: https://www.lynalden.com/premium-2025-10-12/ Follow VanEck on Twitter https://x.com/vaneck_us Follow Lyn Alden on Twitter https://x.com/LynAldenContact 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
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Can Alpha Capture Save Fundamental Long/Short Equity Investing? | David Stemerman CenterBook Partners
This Other People’s Money episode is brought you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Fundamental long-short equity investing has been in decline with fewer new fund launches and dwindling assets, but David Stemerman, CEO, CIO and Co-founder of CenterBook Partners believes data clearly shows these investors still have significant investing skill. He argues that single manger hedge fund data collected using alpha capture can be used to construct new portfolios and strategies that will be more attractive for institutional investors. Through a combination of direct payments, data sharing, and partnering with single managers on custom strategies he believes that that alpha capture can revitalize single manager hedge funds. Not all alpha capture strategies are made equal though and one of the biggest problems he is trying to solve is convincing managers and their LPs that alpha capture can be done without harming the returns of the manager. Read the white paper: https://www.centerbook.com/ACPaper Become a CenterBook Partners partner fund: https://www.centerbook.com/contributors 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 00:40 Fiscal.ai 01:34 Single Manager & Tiger Cub Origins 02:45 Fundamental Long Short Equity Under Pressure 07:21 History of Alpha Capture 09:07 Responsible Alpha Capture 16:40 Fiscal.ai 17:58 Why Don’t Managers Adapt to Allocator Demands? 26:48 CenterBook's Current Alpha Capture Strategy 33:14 How Do You Manage External Partners? 35:38 Reactions From LPs at Partner Funds 39:46 Types of Allocators Are Interested in Alpha Capture? 41:53 Types of Managers Partnering with CenterBook 43:04 Is Alpha Theory a Requirement? 46:03 Scale Limits for CenterBook 48:39 Do Most Managers Have Skill? 53:15 Active Extension: The Future of Active Management? 01:03:13 Timeline for Single Manager Active Extensions
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The State of Real Estate Credit | Rithm Capital's Satish Mansukhani on Mortgage Servicing, Commercial Real Estate, and Rithm's Asset Manager Acquisition Strategy
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 Satish Mansukhani, managing director at Rithm Capital, joins Jack on Monetary Matters for a high-level real estate discussion. Jack and Satish discuss the complexities of real estate investing, credit quality, private credit, and more in an interview that explores the minutiae of this gigantic sector of capital markets. Recorded on October 22nd, 2025. Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Satish on LinkedIn https://www.linkedin.com/in/satishmansukhani/ Satish’s Articles: “Life in Office—It’s Not All Bad”: https://www.rithmcap.com/insights/life-in-office-it-s-not-all-bad/ “Control Over Access: The Structural Edge in Asset-Backed Finance”: https://www.rithmcap.com/insights/control-over-access-the-structural-edge-in-asset-backed-finance/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
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1:17:15
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The Case For S&P 10,000 by 2027 | Erik YWR on Global Economic Boom, Why Soaring Earnings Support High Equity Valuations, and Oil + China
Erik YWR, global investor and author of the Your Weekend Reading Substack, joins Monetary Matters to make the case that the stock market is headed higher, and that investors are far too bearish. Erik argues that with corporate earnings growing at double digit levels, valuations can get a lot higher from here. Several tailwinds that support this ongoing bull market include strong fiscal spending, high and durable earnings growth worldwide, a strong banking sector that is about to be unleashed, and technological transformations in AI, semiconductors, electric grids, and grid transformation. Recorded on November 6, 2025. Follow Erik YWR on Twitter https://x.com/erik_ywr Follow Jack Farley on Twitter https://x.com/JackFarley96 Pieces discussed: “YWR Killer Wave Charts,” October 24, 2025: https://www.ywr.world/p/ywr-killer-wave-charts “YWR: $200 oil pops the bubble,” October: https://www.ywr.world/p/ywr-200-oil-pops-the-bubble “YWR: China Trip Highlights,” November 3, 2025: https://www.ywr.world/p/ywr-china-trip-highlights Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
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Why Beating the Market Isn’t Enough for Investment Managers | Corey Hoffstein
This Other People’s Money episode is brought you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Corey Hoffstein, CEO and CIO of Newfound Research and co-founder and PM of Return Stacked ETFs, joins OPM to discuss his journey in the investment management business. He argues that beating the market is a commoditized value proposition and that investment managers need to solve other problems for their clients to attract assets. He also discusses his experience licensing research to other asset managers, his belief that distribution is the key question of success in the asset management business, and how quantitative research and other forms of content like podcasts and social media can help build brand awareness. Follow Corey on X: https://x.com/choffstein 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 00:27 Fiscal AI 01:16 The Difference Between Quant and Systematic Investing 03:18 Can Market Bubbles Be Measured? 05:05 Is Market Timing a Good Bet? 09:31 Evolving Risk Premia and Market Inefficiencies 16:41 Fiscal AI 18:20 Beginnings in Investment Management 23:04 Licensing Indexes to Other Managers 27:35 Providing Education Materials 31:26 Moving Into Asset Management 36:47 Evolving into Current Strategies 40:06 Thinking About the Investment Product Wrapper 43:11 Asset Management vs Investment Management 47:27 Solving Behavioral Finance Problems and Market Problems 51:28 Different Ways of Using Leverage 52:41 Knowing Your Client Base Isn’t Institutional 55:45 Content Creation and Brand Building 59:27 Growing an Audience: What Financial Content Goes Viral? 01:04:27 Dealing with Compliance and Education 01:07:22 How To Read and Interpret Quantitative Research as a Normie 01:12:22 How Is AI Being Used by Quants? 01:15:48 Conclusion
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1:16:26