Monetary Matters with Jack Farley

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Jim Bianco of Bianco Research called the 2022 bond bear market and stayed bearish on bonds for six years. Now, for the first time since then, he’s constructive. Jim explains why 5% yields aren’t punishing but normal: rates should roughly track nominal GDP growth, and he expects the U.S. economy to grow at 5–6% nominally. He makes the case that inflation is stuck at 3% because the era of cheap Chinese goods is over, and explains why oil is already effectively $200 a barrel once you count tanker costs and naval security in the Strait of Hormuz. He also covers why diesel shows up in the price of everything, and why Kevin Warsh scrapping forward guidance has left markets feeling around in the dark. On credit, Jim explains why the blowout in CCC bonds, CoreWeave included, is a handful of problem kids in detention rather than a canary in the coal mine. On AI, he argues it’s 1997, not 2000, and that the bigger risk may be that AI works. Follow Jim on X: @biancoresearch Bianco Research: biancoadvisors.com Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Important Information  The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before  investing.  There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.  An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/  Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.  Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.  Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.  The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.  Learn More about LENS Sarmaya ETF https://sarmayaetf.com/

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Charles Lemonides, CIO and founder of ValueWorks LLC, joins Other People’s Money to discuss why the 18-year bull market still has room to run. Lemonides argues that we have not yet reached the explosive "liftoff" phase typical of late-stage bull markets and explains why the biggest gains often come right before the turn. He shares his strategy for finding "growth in value's clothing," highlighting high-upside opportunities in semiconductors, rideshare, delivery, and offshore energy. Plus, he breaks down where he sees extreme overvaluation in the market and breaks down his most compelling short positions. Learn more about ValueWorks: https://www.valueworksllc.com/ 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 Important Information The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing. There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically. An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/ Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee. The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC. Timestamps: 00:00 Intro 01:00 Are We in a Bubble? 04:14 Rates Growth and Bonds 07:04 Value Investing Reframed 09:37 Micron Peak Earnings Debate 11:20 Intel Foundry 15:24 Sarmaya LENS ETF 16:52 Sizing Themes and Diversifying 18:41 Undervalued Challengers: Lyft & Instacart 29:10 Energy Sector Setup 35:40 Portfolio Construction & Shorts 37:47 Shorting Texas Pacific Land Trust 41:24 Royalty Trusts and Mesabi 47:16 Retail Shorts: Casey’s & Grocers 52:43 AI Industrials, Quantum, & Aerospace 55:37 Offshore Wind and Conclusion

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Crude tanker rates have exploded to more than $1 million per day on some Middle East Gulf to China voyages, roughly 25 times normal levels, as the Iran war and disruption in the Strait of Hormuz throw global oil shipping into chaos. J Mintzmyer, founder of Value Investors Edge, joins Jack to explain why disruption and inefficiency are rocket fuel for ship owners, why "ton miles" are the real commodity, and why real-time AIS ship-tracking data in the Strait can't be trusted. J argues today's spot rates are unsustainable on a timescale of days or weeks, warns that the BWET freight ETF (up roughly 4,000% this year) could get smashed when rates turn, and lays out the wave of new tanker supply set to arrive in 2027–2028. He separates rates, ship values, and tanker equities, flagging Nordic American (NAT) as an avoid, naming Okeanis Eco Tankers (ECO) and TORM (TRMD) as the quality names, and explaining why product tankers may finally be catching up. We also cover the aging dark fleet, a potential US diesel export ban, and why J sees dry bulk as the most attractive segment in shipping today, with CMB Tech (CMBT) as his top pick and China's push into Guinean iron ore as a major tailwind. Recorded September 30, 2026. J Mintzmyer on X https://x.com/mintzmyer Jack Farley on X https://x.com/JackFarley96 Pieces Discussed: “CMB.TECH: Updates From Our Top Shipping Pick Of 2026”: https://seekingalpha.com/article/4944783-cmbtech-updates-from-our-top-shipping-pick-of-2026?gt=e5bc41646f6cc54e “Dry Bulk Shipping Momentum Poised To Continue”: https://seekingalpha.com/article/4946334-dry-bulk-shipping-momentum-poised-to-continue?gt=b81339756f928160 “Here's What Happens To Shipping When The Strait of Hormuz Reopens”: https://seekingalpha.com/article/4949498-heres-what-happens-to-shipping-when-strait-of-hormuz-reopens Value Investor’s Edge: https://www.vieresearch.com/ Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Important Information  The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before  investing.  There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.  An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/  Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.  Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.  The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC. 

Ben Pouladian of BEP Research returns to Monetary Matters to break down who's winning and losing in AI right now, starting with Meta's Muse, the consumer agent he calls the "McDonald's version" of AI, and why he thinks its revenue will come mostly from ads rather than subscriptions, especially across WhatsApp-first markets like India and Brazil. Ben explains why the token bill for agentic AI dwarfs the CPU bill, why the key metric is becoming cost per token per megawatt, and why he believes "all roads and rockets lead to NVIDIA." He makes the case against AMD, including his open letter to Lisa Su and the scaling challenges of the Helios rack, and argues that NVIDIA GPUs are the "Rodeo Drive" of digital real estate because they are fungible and financeable in a way custom ASICs are not. Jack pushes back with TrendForce data showing every part of the AI supply chain is tight except GPUs, and Ben responds that commodity bottlenecks like memory and hard drives get crushed once supply catches up, while the true bottleneck is powered, permitted land. They discuss the growing data center backlash and whether the base case should be 25 gigawatts rather than 43, Anthropic's S-1 and its roughly half-trillion-dollar compute commitments, and whether AI lab revenue can double again next year. The conversation closes with scaling laws, why models will segment like grades of gasoline, AI's move into biology and drug discovery, and stock ideas including Meta, Lam Research, and Lattice Semiconductor. Recorded September 29, 2026. “Meta's Muse Rally Bought the Wrong Layer. We modeled a billion agent users. The investment case turns on activity, token costs and trust”: https://newsletter.bepresearch.com/p/metas-muse-rally-bought-the-wrong?utm_source=profile&utm_medium=reader2 Jack Farley on X https://x.com/JackFarley96 Ben Pouladian on X https://x.com/benitoz BEP Research: https://www.bepresearch.com/ Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Henry Peabody, senior investment strategist at GMO, joins Monetary Matters to explain why the Fed has an unofficial third mandate: managing how credit flows through an economy that is increasingly outside the banks. With private credit and fixed-rate borrowing loosening the link between Fed policy and the real economy, Henry argues that rate hikes are hitting consumers and weaker borrowers while large corporates and the AI complex keep borrowing almost regardless of cost. That bifurcation, he says, means the Fed may have to take rates higher than anyone expects to cool demand, adding risk to markets. Jack and Henry discuss the opacity of private credit, why the credit cycle is "one of the most dependable things in finance," why recoveries on software loans could be close to zero, and the lessons of BDCs in 2008. Henry also shares how GMO is positioning in fixed income: less duration and less vanilla credit risk, more short-duration structured credit, and a preference for emerging market local debt. They close on the dollar, where long-term rates are headed, and the fiscal reckoning coming for Social Security. Recorded September 17, 2026. “Triple Mandate” by Henry Peabody: https://www.gmo.com/americas/research-library/triple-mandate_whitepaper/ Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Try model portfolios available on Plutus and get a 45-day fee waiver when you signup with code OPM45: https://runplutus.com/mm-opm/login Jérémie Boyer, co-founder of Aurelion Research, joins OPM to give his outlook for 5 key commodities. He explains why after avoiding earlier downside volatility in gold he just got the buy signal he’s been waiting for, and why the longer-term AI driven bull thesis on copper is very real and happening now. He also gives his outlook for uranium, fertilizer, and oil and discusses how he and his partner turn commodity views into a portfolio of equities that is up over 100% since inception a little over 1-year ago. Aurelion Research: https://aurelionresearch.com/ Follow Aurelion Research on X: https://x.com/AurelionRsch 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 JFMW Partners LLC (“Promoter”) is providing this endorsement of, and information related to, the advisory services offered by Namsoft Advisors LLC ("Namsoft"). Promoter is not a current client or investor in any Namsoft advisory account or private fund. Promoter receives cash compensation from Namsoft in the form of a flat referral fee of $750 for each client that engages Namsoft as a result of Promoter's promotional activities. Because Promoter is compensated for this endorsement, a material conflict of interest exists, as Promoter has a financial incentive to promote Namsoft's services to you. This endorsement is delivered as part of a podcast or other audio program produced by Promoter and does not constitute investment advice or a recommendation that any particular advisory arrangement is suitable for you. Timestamps: 00:00 Intro 02:16 Why Gold Could Hit 5K 05:45 Geopolitics Over Rates 09:24 Portfolio Positioning 12:28 Managing Miner Cycles 16:26 Plutus 18:26 Bearish Oil & Fertilizer 20:28 Oil Thesis & China Inventories 33:23 Royalties as Exposure 36:07 Valuing Royalty Companies 42:48 Why Uranium Now 46:10 Uranium Contracts & Supply 51:10 Energy Security and Nuclear Buildout 54:31 Copper Bull Case in AI Era 01:00:05 Picking Copper Stocks 01:06:43 Five Commodities Recap 01:11:26 Closing and Where to Follow

This Monetary Matters episode is brought to you by Fiscal.ai. Get 15% off any paid tier at: ⁠https://fiscal.ai/mm/ Former Fed trader Joseph Wang joins Jack Farley live to break down Chair Kevin Warsh's third meeting — and his first rate hike, framed as "removing a dose of accommodation" against a Middle East oil-shock backdrop. Joseph explains why he called the hawkish move well ahead of the consensus, reading the Jackson Hole signals on financial conditions and the new emphasis on the "speed" of returning to target. The conversation digs into the hawkish dot plot and higher-for-longer path, what a supply-shock reaction function means for the long bond and 30-year TIPS, mortgage rates above 7%, and the plumbing beneath it all — repo, SOFR, the basis trade, and Treasury buybacks. In the second half, Max Wiethe joins to make the case for refiners as the trade of the year, walking through crack spreads, Marathon and Valero, Chinese crude flows, and diesel and fertilizer dynamics. They close on long-bond convexity versus the rate sensitivity of the AI and neocloud buildout, and why Max thinks estimates for names like Lam Research are far too low. A wide-ranging live reaction spanning the Fed's hardest decision in years and the market's response. Recorded September 16, 2026. Follow Joseph Wang on X https://x.com/josephwang Follow Max Wiethe on X https://x.com/maxwiethe Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Learn more about LandFund Partners: https://landfundpartners.com/invest#get-started Jack Farley speaks with John Farris, founder & CEO of LandFund Partners and former World Bank agricultural economist, about the tightening global food equation — and where the return actually comes from in farmland. The setup: if the world stopped growing crops tomorrow, John says there are roughly 70 days of food in reserve, down from 110 a decade ago. Two billion more people, more protein per capita, less arable land, and productivity gains that have flattened out. Into that comes a Super El Niño that John's heat maps suggest will hit Brazil, Argentina, and India — the last of which depends on the monsoon to grow the world's most-consumed calorie: rice. Commodity futures prices have risen significantly this year. That's the backdrop. The investment argument rests on three things.The first is a value that sits on no balance sheet. Across most of the eastern US there are no formal water rights, so LandFund carries its water at zero. In the Colorado River states, where those rights did develop, they've compunded at roughly 11% a year over the past thirty-five years, outpacing the S&P 500 over that time period.John argues the same legal framework is coming to the Mid-South within ten years, pushed by the hyperscalers already knocking on his door for water offsets — and that when it arrives, a line item currently marked at nothing gets marked at something. The second leg is convergence. When LandFund started in 2013, Midwest row crop farmland traded roughly 140% above comparable Mid-South ground; today the gap is 80–100%. John's argument is that the gap should be zero, and that it inverts: land with 300 years of water, 93% irrigation, and the ability to rotate between ten and twenty crops is worth more than land that is high-quality soil but weather-dependent — not less. Iowa bets on rain. He doesn't have to. The third is operational. LandFund required regenerative practices in its lease agreements since 2021, and John walks through the J-curve economics: $50–100 an acre and a couple of lean years up front, then lower fertilizer use, fewer passes across the field, less irrigation, and net income he estimates runs 30–40% higher than it otherwise would — which flows straight into rents, which flow into rents. Also covered: the "dirty secret" of powering data centers using 100x the water they consume, riparian rights and what happens when states start metering overuse, what the One Big Beautiful Bill did to price floors through 2032, solar developers paying 3x farmland value for ground with transmission lines, and why US row crop farmland has been negatively correlated to both stocks and bonds. Disclaimer: This episode is a fireside chat sponsored by LandFund Partners. Any data, statistics, or information discussed is for informational purposes only. This is not an offer to sell securities. Past performance is not a guarantee of future results. About LandFund Partners: https://www.landfundpartners.com/#home LandFund's piece on water rights: https://www.forbes.com/councils/forbesfinancecouncil/2026/06/23/water-rights-the-invisible-asset-farmland-investors-are-beginning-to-price-in/ John Farris on LinkedIn https://www.linkedin.com/in/jofarris/ Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps 0:00 Intro on John Farris and LandFund Partners 4:22 70 Days of Food Reserves? 7:45 Super El Niño Risk in 2026 8:31 Iowa vs. the Mississippi Alluvial Aquifer 13:49 Beating NCREIF and the S&P 500: The Playbook 14:55 Water Reserves in Mississippi Alluvial Aquifer Are Immense 20:51 "300 Years of Water at Current Draw Rates" 26:28 Improving the Land and Regenerative farming 32:40 Farm Subsidies and the One Big Beautiful Bill 38:07 Crop rotation: cotton, corn, rice, soybeans 42:53 Is rice the trade right now? 46:39 Soybeans, fertilizer, and China buying again 48:38 Rice at all-time highs 50:11 Optionality beyond farming: Solar, Transmission Lines, Minerals 55:27 Data Centers? 56:09 What's next for LandFund 1:00:37 Why Farmland Has Had Negative Correlation With Risk Assets 1:04:35 Super El Niño: What to Expect 1:06:51 Feeding ten billion people 1:07:40 The 20-year outlook for all Four Crops