The Monetary Matters Network

In this episode Jack and Max dissect President Trump’s unexpected plan to cap credit‑card interest rates at 10%, a proposal that triggered a sell‑off in bank stocks, Visa, Mastercard and mortgage‑backed securities while reviving debate over the Credit Card Competition Act and its impact on defense‑sector equities. They evaluate the chances the cap will become law, its ripple effects on sub‑prime lenders, buy‑now‑pay‑later platforms, pawn‑shop stocks and the broader K‑shaped US economy.

In this interview, Steve Novakovich explains how institutional investors are abandoning traditional strategic asset allocation in favor of a total‑portfolio approach, shedding board‑level decision‑making to investment teams and adopting more flexible, tactical benchmarks—as illustrated by CalPERS’ recent governance shift and firms that have taken bold bets like moving a bond allocation to zero. He also explores the ripple effects for asset managers, noting that multi‑strategy GPs stand to gain from the new model while single‑product firms may face tougher competition for capital.

Dr. Michael Power explains that China’s open‑source, low‑cost AI approach—bolstered by massive robot deployments, smart‑factory growth, and innovative chip designs—provides a longer, cheaper runway than the United States’ closed‑source, Nvidia‑driven model. He warns that this shift could commoditize AI hardware and software, turning trillions of dollars of US AI investment into a bubble that bursts, with profound geopolitical and market repercussions.

In this interview, Michael Kao argues that the U.S. is solving the wrong energy problem by fixating on Venezuelan oil and OPEC capacity, when the true Achilles’ heel lies in a looming natural‑gas shortage driven by premature electrification, rising AI data‑center demand, and limited LNG export flexibility. He warns that without a strategic shift toward securing stable gas supply and base‑load generation, the country’s energy security and grid reliability will be jeopardized despite any short‑term oil price relief.

.Jack and Max dissect 2025’s market data, revealing that even with record foreign inflows and strong US equity returns, the United States lagged a global rally led by South Korea (+95%), China (+31%) and emerging markets, while tech and communications sectors outperformed and staples lagged. They then flag 2026’s headwinds—high valuations, an AI‑driven bubble, and policy missteps—and point to opportunities in precious metals, AI‑focused semiconductors and international ETFs.

In this episode, convexity expert Harley Bassman warns that hidden negative‑convexity, soaring fiscal deficits and stubborn inflation—fueled by an aging workforce and relentless Treasury issuance—are priming a bond‑market stress test that could push the long‑end toward a 4.35% yield. He recommends defensive plays such as short‑duration newly issued MBS, curve‑steepening trades, and ultra‑long‑dated put options on 30‑year Treasuries to hedge against a rapid rate‑cut rally or a credit‑market crisis.

In this interview, Citrini walks through his “26 Trades for 2026,” highlighting thematic opportunities such as AI‑driven workforce efficiency, advanced semiconductor packaging, AI‑related materials, and other emerging sectors while demonstrating how his Catrindex tool tracks real‑time performance of over 130 custom baskets. He also explains how listeners can bundle the Catrini Research Substack with the Catrindex for a 25 % discount through January 14, offering a practical way to monitor and act on these high‑conviction ideas.

In this insightful discussion, Matt Ober of Social Leverage explores the evolving landscape of data investment, emphasizing the shift towards consumption-based marketplaces and the implications for pricing and accessibility. He shares his perspectives on the increasing importance of unique data assets in the age of AI and the competitive dynamics faced by legacy data vendors against agile new entrants.