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.

In this insightful discussion, Maria Vassalou emphasizes the critical challenges posed by aging populations and declining birth rates worldwide, highlighting the need for increased productivity through technology to sustain economic growth. She explores how demographic changes will reshape consumption patterns and economic dynamics, urging investors to adapt their strategies in response to these profound shifts.

In this video, former U.S. Treasury diplomat Jay Shambaugh discusses the significant economic challenges facing China, particularly its reliance on high savings and investment, which creates imbalances that concern global markets. He emphasizes that nothing terrifies Chinese policymakers more than the fear of experiencing stagnation similar to Japan in the 1990s, while also highlighting the need for a coordinated global response to redirect China's economic practices toward domestic consumption.

In this insightful discussion, Andrei Stetsenko from Jim Kana Partners delves into India's burgeoning economy, highlighting the rapid growth in sectors like aviation and defense, alongside the investment potential in underappreciated smaller cap companies. As he compares India's market dynamics to those of China and Europe, Stetsenko outlines the unique opportunities that position India as a key player in the global economy over the next decade.

In this insightful Bloomberg episode, Steve Hou, a senior quant researcher, discusses the four macroeconomic forces shaping today's inflationary landscape and their implications for market dynamics. He emphasizes the need for investors to identify equities resilient to inflation surprises, shedding light on the unique positioning of tech stocks within this framework.

In this episode of Monetary Matters, Andrew Beer, founder of DBI, discusses the phenomenon of volatility laundering in hedge fund investing, emphasizing that many institutional allocators prioritize short-term risk aversion over potentially higher long-term returns. Beer argues that this mindset often leads to suboptimal investment decisions and challenges the traditional views on active versus passive management within the asset allocation landscape.

In this episode, Yaron Naymark, founder of One Main Capital, shares his journey of growing his hedge fund from under $2 million to approximately $80 million in assets under management since its launch in 2018. He discusses the personal challenges, investment strategies, and the role of communication with investors that contributed to his success in the competitive landscape of value investing.

In this insightful interview, Jim Chanos discusses the potential risks associated with AI monetization and the financial challenges facing companies like Oracle and other data center operators. He emphasizes the higher risk levels in the current market compared to previous tech booms, reinforcing the idea that betting on the output of AI chips may be more lucrative than investing in the infrastructure that houses them.

In this episode, Luke Gromen discusses the looming economic crisis the U.S. faces as it navigates the tension between maintaining bond market stability and competing with China in the AI sector. He emphasizes the critical choice policymakers must make: prioritize reshoring American manufacturing at the potential cost of dollar value, or risk losing ground in global competition.

In this episode, Sam Gar, CIO of directional strategies at Monarch Asset Management, discusses the challenges and evolution of directional crypto hedge funds in a volatile market climate. He emphasizes the importance of risk management, the need for institutional adoption, and the potential for a bullish long-term outlook despite recent price drawdowns in the cryptocurrency space.

In this video featuring CME Chief Economist Erik Norland, viewers gain insights into the current dynamics of precious metals, particularly the soaring demand for silver compared to stagnant oil prices. Norland explains how global budget deficits, inflation, and technological advancements have reallocated investor interest towards metals like gold and silver, highlighting their appeal as tangible assets that central banks cannot easily replicate.

In this eye-opening discussion, Michael Pettis addresses the intertwined economic crises of China and the United States, emphasizing how their imbalances in manufacturing and consumption threaten global stability. He explains the unsustainable nature of high debt levels in both countries and explores potential solutions, including reevaluating trade policies and the impacts of tariffs on their economies.

In this video, Aahan Menon of Prometheus Macro discusses his recent shift in perspective on U.S. equities, moving from a bullish stance to a more cautious outlook due to concerning economic indicators. He analyzes the divergence between GDP growth driven by AI investments and a weakening labor market, suggesting that this inconsistency signals potential risks for equity markets moving forward.

In this episode of Monetary Matters, investor and author Meb Faber discusses the current U.S. stock market landscape, suggesting that the recent extraordinary performance may not continue in the future and cautioning against the temptation to expect consistently high returns. With a historical perspective on market cycles, Faber emphasizes the importance of considering alternative investments and global opportunities as potential future sources of return.

In this video, the hosts analyze Michael Burry's recent short thesis on Nvidia, discussing the macroeconomic implications of AI companies overstating their earnings through extended depreciation schedules. They debate the validity of Burry's arguments, compare them to insights from other analysts like Jim Chanos, and explore the risks associated with investing in AI amid signs of a potential bubble, ultimately questioning whether Nvidia is truly the best short target given its profitability relative to larger tech firms.

In this episode, venture capital expert James Wang discusses the complex interactions between venture capital and public markets, highlighting the challenges faced by funds with significant "dry powder." As the lines blur between venture capital and private equity, investors must navigate new dynamics in fundraising and company valuations amidst a shifting landscape.

In this insightful discussion, Robert Smith from the Financial Times delves into the complex bankruptcy of First Brands, which has left Wall Street on edge due to its staggering $12 billion liabilities. The conversation highlights the risks associated with private credit and asset-backed financing, revealing troubling practices within First Brands that raise questions about the true condition of its assets and the implications for creditors involved.

In this episode of "Monetary Matters," investor Dan Krausz emphasizes the critical intersection of fiscal policy and artificial intelligence (AI) in driving economic productivity and market growth. He argues that understanding these dynamics is essential for investors looking to navigate the shifting landscape and avoid potential pitfalls in the evolving AI economy.

In this episode, hosts Jack and Max delve into the current state of the AI market, exploring whether the much-discussed AI bubble is indeed popping, particularly in light of recent fluctuations in stock prices following Nvidia's earnings. They discuss the implications of rising debt issuance by major tech companies and the overall health of financial markets, emphasizing the need for investors to consider broader market factors beyond individual stock fundamentals.

In this insightful discussion, Lyn Alden analyzes the current state of the economy, emphasizing the significant disparities between AI-driven sectors and other industries that continue to experience stagnation. She highlights concerns about the profitability of many AI companies and the implications for economic growth, while also exploring potential investment opportunities in AI technology and its related fields.

In this insightful discussion, David Stemerman, CEO of Centerbook Partners, explores the undervalued potential of long-short equity strategies in fundamental investing and the benefits of Alpha Capture methods. He emphasizes the importance of partnering with independent stock pickers to unlock alpha opportunities, offering innovative portfolio construction techniques that can help both managers and allocators achieve better investment outcomes.