Monetary Matters with Jack Farley

In this episode of Other People’s Money, host Max Wiethe sits down with Chris Semenuk, an investment partner at Tema ETFs, to discuss the massive secular tailwinds driving the US manufacturing and electrification renaissance. Semenuk argues that after a three-year recession and decades of underinvestment, US industrial capacity and manufacturing are finally entering a powerful recovery cycle. Moving beyond the hype of AI and hyperscalers, they explore how "boring" short-cycle industrial companies like those producing essential components like ball bearings, pneumatics, and filters are primed for extraordinary earnings growth. They also discuss how America’s electrification mega trend goes beyond the AI data center buildout. Follow Chris on X: https://x.com/ChrisSemenuk 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 Manufacturing Recession Ends 00:46 Meet the Industrial Bull 02:00 Proof Reindustrialization Is Real 05:28 What Reindustrialization Really Means 07:49 Why Companies Build Here 12:45 Advanced Goods Not Old Jobs 15:52 AI Hype Versus Reality 17:27 Picking the Equipment Winners 21:46 Inside Factory Wall Plays 23:26 Short Cycle Sequencing 27:53 Destocking Rates Tariffs Fog 32:28 Why Stocks Held Up 37:03 Valuing Cyclical Industrials 45:05 Tariffs Drive Onshoring 50:31 Humanoids And Automation 54:31 Grid Demand Inflection 57:05 Behind the Meter Reality 01:01:10 Rural Utilities Winners 01:08:22 High Voltage Bottleneck 01:14:40 Service Backlogs and Duration 01:18:28 Secular Tailwinds Wrap Up

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm Jack Farley and Max Wiethe host Lyn Alden to explore the profound economic shifts driven by AI and the semiconductor industry. Alden compares the current rise of autonomous AI agents to the blue-collar manufacturing shifts of the 1980s, expressing continued bullishness on semiconductors due to physical bottlenecks and immense compute demand. She cautions that while tech hyperscalers remain dominant, their massive capital expenditure requirements and lower switching costs may lead to lower returns on invested capital than seen in previous decades. Regarding digital assets, Alden remains constructive on Bitcoin and moderately bullish on stablecoins, which she views as a vital tool for providing "offshore" banking utility to global users with smartphones. The conversation also highlights a "two-speed" or "K-shaped" economy where record-high stock prices diverge from record-low consumer sentiment due to stagflationary pressures and heavy fiscal spending. Finally, Alden discusses her science fiction novel, “The Stolgard Incident,” which envisions a semi-dystopian 2070s where society grapples with ubiquitous AI, virtual reality escapism, and widening wealth gaps. This originally aired on Monitoring The Situation in late April, see below to tune in. Follow Lyn Alden on X https://x.com/LynAldenContact Follow Jack Farley on X https://x.com/jackfarley96Follow Monitoring The Situation (MTS) on X https://x.com/MTSlive Lyn Alden’s book, “The Stolguard Incident,” https://www.amazon.com/Stolguard-Incident-Lyn-Alden/dp/B0GNS9MYB5/ref=sr_1_1?adgrpid=193521879551&dib=eyJ2IjoiMSJ9.RJbicCTYIekTrz-Xcqzk7A.nC6zf8DffI2xHZBeqYOHUm48fMahUhOyxmiEmcenTBU&dib_tag=se&hvadid=789707336866&hvdev=c&hvexpln=0&hvlocphy=9060354&hvnetw=g&hvocijid=17622433326543445596--&hvqmt=e&hvrand=17622433326543445596&hvtargid=kwd-2473232811348&hydadcr=17070_13576050_1647189&keywords=the+stolguard+incident&mcid=b89d146b19ee37e6bc43fd9ecdb6775a&qid=1778698355&sr=8-1 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

To learn more about Pictet AI Enhanced US Equity ETF ($PQUS), click here: https://etf.am.pictet.com/pqus/ This interview is brought to you by Pictet Asset Management. To learn more about Pictet AI-Enhanced International Equity ETF ($PQNT), click here: https://etf.am.pictet.com/pqnt/ Jack Farley sits down with David Wright, co-head of Quantitative Investments at Pictet Asset Management, to discuss the machine learning techniques his team uses in their $30 billion quant franchise, and the degree to which AI has impacted serious quantitative investing. Wright explains why he prefers to utilize many decision trees and use gradient boosting rather than Generative AI to generate return forecasts, citing the need to avoid "hallucinations" and ensure models remain interpretable. The conversation explores their sophisticated investment process, which analyzes over 400 features, including accounting data, market trends, and analyst sentiment, to predict relative stock performance over 20-day horizons. These strategies, which now are included in new ETFs $PQNT (Pictet AI Enhanced International Equity ETF) and $PQUS (Pictet AI Enhanced US Equity ETF) are designed as "passive replacements," aiming to maintain a Beta of 1.0 while aiming to deliver an additional 1–2% annual outperformance over the relevant benchmarks, S&amp;P 500 and MSCI EAFE indices. Finally, Wright addresses the common "black box" misconception of quantitative finance, advocating instead for a "crystal box" approach that provides full transparency into the economic rationale behind every trade. Recorded April 21, 2026. For important information about the fund, please click: https://etf.am.pictet.com/” Important Information Before investing, carefully consider the fund’s investment objectives, risks, charges, and expenses. This and other information can be found in the fund’s prospectus or, if available, the summary prospectus, which may be obtained by calling (855) 994-4778 or visiting www.pictet.com/etf. Read it carefully before investing. (In Italic or Bold) Investing in Exchange Traded Funds (ETFs) involves risk, including possible loss of principal. The fund's principal investment risks include Artificial Intelligence Models and Data Risk, Non-Diversification Risk, Convertible Securities Risk, Rights and Warrants Risk, Real Estate Investment Trusts (REITs) Risk and Sustainability & ESG Data Risk. For additional information about these and other fund risks, please refer to the "Principal Investment Risks" section of the prospectus. ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns. Foreside fund services, LLC, distributor. Definitions of terms used in the interview: 1. S&amp;P 500 Index The Standard & Poor’s 500 Index (S&amp;P 500) is a market-capitalization-weighted index of 500 leading publicly traded companies in the United States. It is widely regarded as the best single gauge of large-cap U.S. equities. Because it is weighted by market value, larger companies have a greater impact on the index's performance than smaller ones. 2. MSCI EAFE Index The MSCI EAFE Index is a stock market index that tracks the performance of large- and mid-cap securities across developed markets around the world, excluding the U.S. and Canada. The acronym stands for Europe, Australasia, and the Far East. It is commonly used as a benchmark for international equity funds. 3. Alpha Alpha represents the "excess return" of an investment relative to the return of a benchmark index. It is a measure of performance on a risk-adjusted basis. "Positive Alpha: indicates the investment outperformed its benchmark after accounting for risk and "Negative Alpha" indicates the investment underperformed relative to the benchmark. 4. Beta Beta measures the volatility—or systematic risk—of a security or portfolio in comparison to the market as a whole (usually the S&amp;P 500, which has a Beta of 1.0) A Beta > 1.0 indicates the investment is more volatile than the market (e.g., if the market rises 10%, the investment might rise 12%) A Beta < 1.0 indicates the investment is less volatile than the market (e.g., if the market falls 10%, the investment might only fall 8%). 5. Basis Points (bps) A Basis Point is a standard unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%.