Monetary Matters with Jack Farley

Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb

Free E-book from Teucrium: https://insights.teucrium.com/why-investors-turning-to-commodity-etfs

In this episode of Other People's Money, Max Wiethe sits down with hedge fund manager Russell Clark to discuss why he believes the U.S. Treasury market is a much larger and more dangerous speculative bubble than AI. Clark details his macroeconomic outlook, arguing that a shifting political landscape focused on 7% wage growth and lower living costs will eventually push the 10-year Treasury yield up to an astonishing 10%. To stabilize affordability for younger generations, he predicts real estate will remain flat nominally while heavily declining in real terms. Clark also breaks down the massive capital expenditures in AI, viewing them as defensive strategies by legacy tech giants to protect their moats rather than mere speculation. Finally, Clark also warns about sectors reliant on low rates and the severe illiquidity and mispriced risks currently lurking within the private credit and private equity markets.

Read Russell’s Substack: https://www.russell-clark.com

Follow Russell Clark on X: https://x.com/rampagingruss

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

SOYB Fund Page & Prospectus: www.teucrium.com/soyb

Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility.

Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund.

This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb.

Marketing Agent: PINE Distributors LLC.

Timestamps:

00:00 Intro

01:38 Why Treasuries Look Risky

04:33 Foreign Reserves Shift from Gold to Bonds

08:59 Politics Turns Inflationary

14:12 Japan Leads

16:09 Wage Inflation Drives Yields

20:37 Sponsor Break SOYB

21:58 High Real Rates New Normal

26:14 Trading Long View vs Noise

29:09 Housing Tug of War

34:02 Politics Converge Anyway

36:03 Chips Are New Oil

38:38 Is AI a Bubble?

44:12 AI and Wage Politics

50:37 Strategic AI Spending

54:17 Leverage Unwind Risks

59:29 Private Credit Red Flags

01:04:13 Wrap Up and Links

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN):

https://teucrium.com/corn

Private credit has ballooned to roughly a trillion dollars, but Nick Nemeth of Mispriced Assets argues the danger isn't the banking system — it's insurance. In this Monetary Matters interview with Jack Farley, Nemeth lays out how private-equity-owned insurers have become highly leveraged holders of private credit and CLOs, why he thinks annuity surrenders could spark a run with no federal backstop, and how adjusted EBITDA, layered leverage, and lax loan ratings mirror the setup before 2008 — except, in his view, the scale looks more like 1929. He closes with contrarian rankings of Apollo, Ares, Blackstone, and Blue Owl. Recorded July 14, 2026.

Teucrium on X https://x.com/TeucriumETFs

Nick Nemeth on X https://x.com/NickNemo17

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

Nick Nemeth’s article, “The Smart Money Is the Subprime This Time”: https://mispricedassets.substack.com/p/the-smart-money-is-the-subprime-this

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today.

Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs

CORN Fund Page & Prospectus: www.teucrium.com/corn

This material must be preceded or accompanied by a prospectus. The prospectus is available at https://teucrium.com/corn.

Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and instruments whose underlying investments include commodities and futures are not suitable for all investors. Past performance does not guarantee future results.

For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

Moritz Seibert and Moritz Heiden of Takahe Capital dive deep into the mechanics of high-octane trend-following strategies and unpack why they target 25-30% annualized volatility, bucking the institutional trend of lower volatility to capture massive outlier trades like the recent cocoa and gold runs. They explore the heated debate between dynamic position sizing and classic approaches, revealing why letting winners run is crucial for massive returns. The conversation also touches on the emerging world of perpetual futures on decentralized platforms and why keeping trading models simple often beats complex fundamental analysis.

Follow Moritz Seibert on X: https://x.com/moritzseibert

Follow Moritz Heiden on X: https://x.com/moritzheiden

Follow Takahe Capital on X: https://x.com/TakaheCapital

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

01:14 Do You Need Big Trends

03:21 Smooth vs Choppy Trends

05:00 Oil Curve Positioning

07:43 Model Design Not Discretion

09:24 Why Trend Funds Differ

16:02 Classic Trend Playbooks

19:04 Sizing Beats Entry

25:01 Perpetual Futures Reality

32:41 High Octane Philosophy

35:22 Letting Winners Get Huge

39:04 Why Trends End Late

41:55 Price Only vs Fundamentals

46:28 What’s Trending Now

49:57 Spreads Underperforming

52:37 When Signals Die

57:49 Simple Robust Parameters

01:00:59 Design Without Optimization

01:05:43 Diversification and Investors

01:09:32 Uniqueness and Market Mix

01:14:21 Who Buys High Vol

01:15:54 Conclusion

In this episode of Monetary Matters, Jack Farley sits down with semiconductor analyst Ben Pouladian of BEP Research to unpack the complex hardware supply chain powering the AI revolution. Pouladian pushes back against the bear argument that the current boom is merely a dot-com bubble repeat, explaining why Nvidia's ability to generate "intelligence" differs vastly from Cisco's networking commodities. He reveals that the true bottleneck in AI deployment is no longer a GPU shortage, but rather a severe lack of energized land and the tradesmen needed to build physical data centers. The conversation also dives into Pouladian's "token dollar" thesis, exploring how the global race for maximum compute-per-watt has become a modern geopolitical space race between the U.S. and China. For investors, Pouladian breaks down his top stock picks, including his unwavering bullishness on Nvidia, Apple's vital role in consumer AI privacy, and Bloom Energy's unique solution to the data center power crunch. Whether you are an institutional investor or just curious about the future of tech, this deep dive offers a clear roadmap for navigating the massive capital expenditures driving the semiconductor super-cycle. Recorded July 8, 2026.

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

Follow Ben Pouladian on X https://x.com/benitoz

Ben’s Pieces on BEP Research we discussed:

“The Token Dollar”: https://bepresearch.substack.com/p/the-token-dollar

“Bloom Energy Is Actually Getting Deployed”: https://bepresearch.substack.com/p/bloom-energy-is-actually-getting

Most recent piece, which addresses recent short reports on Bloom: https://substack.com/home/post/p-206941568

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

Sean McGould, CEO and CIO of $19 billion hedge fund manager The Lighthouse Group, joins OPM to discuss navigating today's bull market by targeting diverse sources of global alpha. The conversation focuses on Japan as a new source of alpha, spurred by the country's historic corporate governance reforms, the unwinding of cross-shareholdings, and the new NISA guidelines driving unprecedented retail investment. Additionally, McGould breaks down how the AI capital expenditure arms race is shaping global equity issuance and explains why the multi-manager "pod shop" model is the true modern successor to Wall Street's legacy proprietary trading desks.

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 Japan Market Shift

01:29 Lighthouse Group

04:53 Why Hedge in Bull Runs?

10:43 Equity Issuance Signals

13:33 Capex Versus Meme Raises

16:27 AI Inside Lighthouse

18:20 Specialists vs. Generalists

19:42 AI Fuels Asia Outperformance

21:18 Japan Reforms and Nikkei

24:43 Korea Value Up Program

27:44 Fixing Incentive Imbalances

32:34 Sector Pair Trades Explained

33:56 Factor Neutrality Pitfalls

34:44 AI and Narrative Factors

41:54 Why Liquidity Means Capacity

44:34 Hidden Alpha in Regulation

50:30 Hedging Regulatory Unknowns

53:50 Peak Pod Shop Debate

57:40 Diversification and Market Liquidity