Monetary Matters with Jack Farley

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Emerging market outperformance is turning investors’ heads and in this episode of Other People’s Money, Robert Koenigsberger, CIO and founder of multi-billion dollar EM alternative asset manager Gramercy, explains why the macro environment has emerging markets looking more developed than some developed markets, particularly in how swiftly their central banks acted to combat inflation. He also explains how passive index investing can do damage to an emerging market portfolio and why the typical EM approach focusing on exposure is all wrong. Koenigsberger also dives into the structural advantages of emerging market private credit over its developed market counterparts, emphasizing the importance of local networks, senior secured collateral, and having a positive influence on corporate governance.

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Timestamps:

00:00 Intro

00:36 Pictet AI ETFs

01:54 How EM Investing Evolved

02:48 Why EMs Outperformed

04:08 Debt vs Equity Returns

06:09 Policy Convergence EM vs. DM

08:33 Diversifying Beyond Dollar

11:30 EM Private Credit

14:57 Pictet AI ETFs

16:32 Why Borrowers Choose Private

21:06 Defining EM Alpha

25:23 Index Construction Pitfalls

28:57 True Distress and Asymmetry

33:14 China Property Deep Value

35:15 Picking Winners at Five Cents

38:33 Sovereign Timing Checklist

40:07 Sanctions and “Uninvestibility”

43:37 Structuring Downside Control

44:58 Creditor Groups Collaboration

48:55 Restructuring Deal Template

50:23 Warrants Windfalls Risks

53:19 Governance in Private Credit

59:02 Underwriting People Networks

01:02:43 Hedging Without Shorting

01:05:49 Allocator Case for EM Credit

01:08:40 Liquidity Myths and Cycles

Listeners can get 20% off Misadventures in Shipping subscriptions through April 17th here:

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Subscription includes access to Substack research pieces and private Twitter (X) account.

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In this episode, Ed Finley-Richardson of the Misadventures in Shipping Substack joins Jack to break down how the Middle East conflict is creating unprecedented chaos (and massive profits) in the global shipping industry. With the ongoing disruptions near the Strait of Hormuz, global trade routes are being radically redrawn, forcing massive surges in spot market freight rates. Ed explains why smaller "MR" product tankers carrying refined fuels from the U.S. Gulf to Asia are currently minting fortunes, while very large crude carriers (VLCCs) prices are moderating after a surge that pre-dated the Iran War because of the aggressive actions of a certain Korean businessman. We dive deep into the specific tanker stocks positioned to capture this volatility, analyzing the fleets, corporate governance, and dividend potentials of major players like Frontline, International Seaways, and DHT Holdings. Listeners will learn about the counterintuitive economic forces unique to maritime trade, where logistical inefficiency directly drives margin expansion for shipowners. Finally, Ed lays out his "feeding frenzy" scenario—a potential massive logistical traffic jam that could occur if the straits reopen, proving exactly why books will be written about this generational shipping market. Recorded April 2, 2026.

Pieces discussed from “Misadventures in Shipping”:

“Bauxite (3): Why China is ‘locked in’ to Guinea as their main supplier” (March 14, 2026): https://edfin.substack.com/p/bauxite-3

“Hummus Fallout: A de facto Strait of Hormuz 'closure' is leading to a crescendo of panic” (March 6, 2026):

https://edfin.substack.com/p/hummus-fallout

“Atlantic MR Bonanza: Who Benefits Most?” (March 20, 2026): https://edfin.substack.com/p/atlantic-mr-bonanza-who-benefits

“Iron Ore: Indexes, Inventories” (April 3, 2026): https://edfin.substack.com/p/iron-ore-indexes-inventories

“DHT — How At Risk from Hormuz Fall-Out?” (March 10, 2026): https://edfin.substack.com/p/dht-how-at-risk-from-hormuz-fall

“The Strait of Hormuz & Tankers (1)” (April 4, 2024): https://edfin.substack.com/p/hummus-fallout

“VLCC S&P Rumor — 10 Vessels Sold” (January 7, 2024): https://edfin.substack.com/p/vlcc-s-and-p-rumor-10-vessels-sold

“VLCC Period Charter Modeling” (February 26, 2026): https://edfin.substack.com/p/vlcc-period-charter-modeling

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In this episode of Monetary Matters, Bloomberg Chief US Economist Anna Wong explains why surging oil prices are unlikely to trigger a repeat of the 9% inflation seen in 2022. Wong argues that even if oil reaches $200 per barrel, headline CPI would likely peak near 6% before declining due to "base effects" and a lack of the excess consumer savings that fueled previous price spikes. She highlights the reality of "demand destruction," noting that sustained $100 oil would sap nearly $2,000 in spending power from the average American household. Despite these pressures, Wong does not view a recession as her base case, citing the offsetting support of expansionary fiscal policy and increased domestic production in the energy and defense sectors. The discussion also explores why the Federal Reserve should "look through" these commodity shocks, particularly as core PCE remains influenced by more persistent issues like the AI-driven memory chip shortage. Finally, Wong compares our current macro landscape to the 1970s, suggesting that while the situations "rhyme," a full repeat would require a much larger surge in government-driven demand. Recorded March 31, 2026

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This episode is brought to you by Pictet’s AI Enhanced Equity ETFs

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Join Max Wiethe on "Other People's Money" as he sits down with world-renowned performance coach Dr. Gio Valiante. Dr. Valiante has spent decades coaching elite performers, from PGA Tour champions like Jordan Spieth to legendary portfolio managers at Point 72 and Citadel. In this deep-dive podcast, Dr. Valiante pulls back the curtain on the psychology of the world’s most successful investors. He explains that top traders operate with the discipline and optimization of elite athletes—"investor athletes"—who must manage fear, detach from ego, and master their environment.

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Timestamps:

00:00 Intro

00:42 Pictet ETFs

00:55 Why Pods Took Over

03:04 Culture and Incentives Matter

05:19 Fear in Trading Explained

08:53 Embarrassment and Risk Aversion

12:03 Playing to Win vs Not Lose

13:21 Elite Funds Audit Process

14:34 Regret and Missed Trades

19:21 Pictet AI ETFs

20:56 Detaching from Short Term PnL

22:21 Weekends Recovery for PMs

24:15 Handling Weekend News Cycles

28:41 Regulation Favors Big Platforms

32:30 Spinoffs Vs Bootstrapping

33:29 Bootstrapped Edge

34:33 Leaving Pod Shop Reality

36:05 Situated Cognition Explained

37:55 Culture Sparks Ideas

39:43 Mandates and Opportunity Cost

41:17 Ego Identity and Seat

45:04 Capital Cycles Perspective

48:46 Entitlement Versus Humility

54:39 Performance Hierarchy

57:57 Why Hedge Funds Matter

01:00:18 Masters Picks and Wrap

01:01:54 Pictet AI ETFs

This episode is brought to you by the Pictet AI Enhanced International Equity ETF ($PQNT): 

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In this episode, Jack sits down with Leyla Kunimoto, founder of Accredited Investor Insights, to discuss her journey into private markets and the ongoing "democratization" of alternative assets. The conversation explores the rise of "evergreen" or semi-liquid structures, which allow retail investors to bypass the traditional "J curve" by deploying capital almost immediately. Leyla provides a detailed look at the current wave of redemption requests hitting major private credit funds like Cliffwater and Blackstone, explaining the mechanics of 5% quarterly caps used to prevent the fire selling of assets. She further breaks down the risks associated with Collateralized Loan Obligations (CLOs) and the rise of "shadow defaults" through payment-in-kind (PIK) interest toggles. The interview highlights why Leyla currently prefers publicly traded Business Development Companies (BDCs) over private ones, noting the potential arbitrage available when public shares trade at a significant discount to their net asset value. Finally, Leyla shares why she is far more bearish on private equity than private credit, citing the asset class's extreme opaqueness and junior position in the capital stack. Recorded March 29, 2026.

Accredited Insight:

Cliffwater Part 1: https://www.accreditedinsight.com/p/cliffwater-corporate-lending-fund

Cliffwater Redemptions: https://www.accreditedinsight.com/p/cliffwater-corporate-lending-fund-d4c

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