Monetary Matters with Jack Farley

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here:

https://sarmayaetf.com/

VanEck CEO Jan van Eck joins Monetary Matters to walk through his firm’s Q4 outlook, “The Bond Squeeze.” He argues that the 10-year Treasury’s climb above 5.25% is a growth story rather than a deficit or oil scare, even with the federal deficit running at 6.2% of GDP. On AI, Jan explains why chips (“AI 1.0”) keep beating the power and data-center trades (“AI 2.0”), shares VanEck’s internal token-usage model pointing to roughly 62 gigawatts of AI compute by 2030, and names competition from China as the biggest risk to the trade. He and Jack dig into Anthropic’s IPO and the growing tension between late-stage private and public investors, and Jan explains why he thinks private-credit fears were overdone and what Blue Owl’s stock is signaling. He makes the case for gold reclaiming its role as the world’s number-one currency, explains why gold miners have repaired their balance sheets, and lays out the long-term bull case for India. To close, Jan says he doesn’t see any part of the market that looks wildly overvalued, though Treasuries remain his biggest worry. Recorded November 11, 2026.

Jan’s Q4 2026 Outlook: “The Bond Squeeze”:

https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-q4-2026-outlook-the-bond-squeeze/

Follow Jan van Eck on X https://x.com/JanvanEck3

Follow van Eck on X https://x.com/VanEck_US

Follow Jan van Eck on LinkedIn https://www.linkedin.com/in/janfvaneck/

Jack Farley on X https://x.com/JackFarley96

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Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before

investing.

There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/

Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.

Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here:

https://sarmayaetf.com/

Cromwell Coulson, CEO of OTC Markets Group (OTCM), joins Jack to explain how the over-the-counter market actually works, from OTCQX-traded giants like Roche and Adidas down to the Expert Market. He says the Wolf of Wall Street’s Stratton Oakmont stocks traded on Nasdaq, not the pink sheets, and that the vast majority of stock-promotion dollar volume has since moved to the exchanges. Cromwell walks through the SEC’s proposal to modernize registered offerings, which would preempt state blue-sky rules and open at-the-market (ATM) offerings to OTCQX and OTCQB companies for the first time. He also explains his tiering and warning-flag system, including the famous skull and crossbones, and why he runs OTC Markets on a “Costco model” with lower margins than the exchanges. Jack and Cromwell discuss why the number of public companies has shrunk, how regulation and the tax treatment of intangibles favor private equity, and what it would take to make going public attractive again. They close on tokenization: what’s real, what’s hype, and why Cromwell thinks it will end up as plumbing, much as IP protocol did for telecom. Recorded November 2, 2026.

Cromwell Coulson on X https://x.com/cromwellc

Jack Farley on X https://x.com/JackFarley96OTC Markets Group website: https://www.otcmarkets.com/

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

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Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before

investing.

There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/

Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.

Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/

In this episode of Other People's Money, Max Wiethe sits down with Militia Capital founder David Orr to discuss the recent unwinding of the massive AI infrastructure and semiconductor trade. Orr explains his contrarian thesis that AI compute is rapidly heading for a massive oversupply because the physical world will take years to catch up with our new abundance of digital intelligence. The conversation explores the deflationary impact AI will have on white-collar jobs, how it threatens the moats of major software companies, and the potential for a societal shift back toward hands-on physical trades. Finally, Orr shares his perspective on the downside protection offered by hyperscalers and how he is managing his fund's net exposure during a volatile market environment.

Read Militia’s new Substack: https://content.militia.com

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Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing.

There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns.

ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com

Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.

Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

Timestamps:

00:00 Intro

01:30 AI Trade Unwinds

05:58 CapEx Drives Glut

08:13 Software Correlation

09:42 Hyperscalers Advantage

14:39 Sarmaya LENS ETF

16:59 Antitrust And Search

21:18 Physical Bottlenecks

26:02 Demand Narratives Shift

27:14 White Collar Automation

32:20 The Impact on Skilled Labor

34:25 Software Moats and Deflation

38:31 Back to Physical World

44:53 Social Media Moats Debate

51:45 Market Exposure Wrap Up

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/

Cem Karsan and Noel Smith, co-CIOs of Kai Asset Management, join OPM with Max Wiethe to dissect the volatility compression that is currently masking extreme dispersion across equity markets. Karsan explains why the current is one major catalyst away from a fat-tail Minsky moment, while Smith outlines the exact options strategies they are deploying to navigate the market's structural fragility. The duo also breaks down the macro shift toward populist, demand-side economics, predicting that structural inflation is here to stay and the value factor will crush growth investing in that environment. Finally, they reveal why an impending U.S. Treasury crisis will force the Federal Reserve to deploy massive quantitative easing, effectively bringing state-run intervention to U.S. equities to prevent a market collapse.

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Apple Podcast https://bit.ly/4e7QJ1M

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X https://x.com/opmpod

Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing.

There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns.

ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com

Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.

Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

Timestamps:

00:00 Intro

01:21 Post Midterms Volatility Break

04:20 Crash Risk and Fat Tails

09:52 Catalysts and Timing Window

12:30 Skew Explained and Carry Trade

15:14 AI Calls and Rotation Flows

18:09 Sarmaya LENS ETF

19:36 December OPEX Flow Pressure

27:40 Do You Need a Catalyst?

30:12 Index Calm but Violent Sector Rotation

35:58 Populism Will Drive the Value Factor

44:22 Why Rates Stay Higher

48:50 Treasury Crisis and QE

52:38 Partnership and Process

54:15 Options Structures and Catalysts

57:36 Three-Legged Market Stool

01:04:04 Conclusion

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here:

https://sarmayaetf.com/

Laks Ganapathi, founder of Unicus Research and Minerva Investment Management, where Michael Burry recently joined as a senior advisor, argues that private credit has become a landmine hidden inside retirees’ portfolios. She lays out what she calls the “$2,500 Trap”: wealth managers putting retail investors into illiquid private credit funds that are now gating redemptions. Laks walks through her team’s loan-book forensics across roughly 150 private credit funds and follows the trail into insurers and their affiliated reinsurers in Bermuda and the Caymans, where she has sent a forensic investigator. She tells the story of 777 Partners’ double-pledged collateral and the fallout at Atlantic Coast Life, and describes an insurer she is short whose surplus could be cut in half if its affiliated reinsurers went away. She argues that “AI is disrupting software” is a convenient excuse, since the biggest markdowns in Blue Owl’s OBDC are in healthcare, education, and consumer, and she asks how many first liens are actually first. Laks also covers extend-and-pretend in auto loans, BNPL propping up the consumer, and why she thinks data center debt cracks before direct lending. Recorded November 6, 2026.

Follow Unicus Research on X https://x.com/UnicusResearch

Jack Farley on X https://x.com/JackFarley96Pieces by Unicus Research:

“PIK Your Poison: Blue Owl's (OBDC) Version - I

OBDC’s borrower map, the nesting problem, and what happens to the companies at the end of the chain when the funds get redeemed”:

https://contrarianunicus.substack.com/p/pik-your-poison-blue-owls-obdc-version

“777 Partners Double-Pledged Collateral. Atlantic Coast Life’s Retirees Are Exposed. How Many Insurers Are on the Edge of Receivership? - I”: https://contrarianunicus.substack.com/p/777-partners-double-pledged-collateral

“The $2 Billion Insurance Failure and the Private Equity Firm Golden Gate Capital: The Rise of Insurance Companies’ Quiet Failures. - II”:

https://contrarianunicus.substack.com/p/the-2-billion-insurance-failure-and“Fire Sale Season? Stargate, Vantage and CyrusOne Hit the Auction Block

Hospitality Blues: Hotel debt from the last boom comes due as data center debt from this one goes up for bid”:https://contrarianunicus.substack.com/p/fire-sale-season-stargate-vantage

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before

investing.

There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/

Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.

Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.