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Other People's Money with Max Wiethe: Daily Summaries Delivered
by Max Wiethe
Other People's Money is the premier podcast about the business side of the fund management industry. Every week Max Wiethe sits down to learn from some of the best entrepreneurial fund managers about their experience launching and growing a fund management business. OPM is not a show about the next hot stock pick or big trade but an inside look at an opaque and misunderstood industry guided by real professional fund managers who've done it themselves.
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- Yesterday1h 8m
Luke Gromen: Yield Curve Control is the Only Way to Stop a Global Bond Crisis
Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm Luke Gromen, founder of Forest for the Trees, sites down with Max Wiethe to dissect the escalating crisis in the global bond market. Gromen argues that off-balance sheet liabilities, such as baby boomer retirements and surging veterans' benefits, are colliding with massive defense spending to force a dangerous inflationary spiral. He unpacks how "defense stimmies" from nations like Japan and Germany are turning historical creditors into aggressive bond sellers, putting immense pressure on yields. Throughout the conversation, Gromen also issues a stark warning about the AI tech bubble, the incoming policies of new Fed Chair Kevin Warsh, and why China's massive gold accumulation is a major red flag for the US dollar. Read The Forest for the Trees: https://fftt-llc.com Follow Luke Gromen on X: https://x.com/LukeGromen 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 Intro 00:52 Bond Selloff Explained 04:54 Debt Spiral Mechanics 08:22 Global Defense Stimulus 09:58 Real Yields Reality Check 13:20 Fed Chair Fantasy 15:34 Sponsor Break Fundrise 16:57 AI Trade Meets China 20:52 Labor Data Warning 23:02 AI Backstop Coming 26:28 No Long Bond Floor 30:44 Gold Revaluation Debate 35:27 China Gold Buying Surge 36:31 Oil Reserves And Leverage 39:19 Pain Contest with The West 43:22 Inequality and Instability 47:18 Dollar Down Yield Trap 50:03 Buy the Dip 52:12 Gold Targets and Gradualism 54:50 Bitcoin Lags Tech Risk 58:47 Warsh Fed No Good Options 01:02:55 What Breaks First? 01:05:33 Bonds Are the Biggest Bubble
- 1 weeks ago1h 5m
Interest Rates to 10%: Why the Treasury Market is the Real Speculative Bubble (Not AI) | Russell Clark
Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb Free E-book from Teucrium: https://insights.teucrium.com/why-investors-turning-to-commodity-etfs In this episode of Other People's Money, Max Wiethe sits down with hedge fund manager Russell Clark to discuss why he believes the U.S. Treasury market is a much larger and more dangerous speculative bubble than AI. Clark details his macroeconomic outlook, arguing that a shifting political landscape focused on 7% wage growth and lower living costs will eventually push the 10-year Treasury yield up to an astonishing 10%. To stabilize affordability for younger generations, he predicts real estate will remain flat nominally while heavily declining in real terms. Clark also breaks down the massive capital expenditures in AI, viewing them as defensive strategies by legacy tech giants to protect their moats rather than mere speculation. Finally, Clark also warns about sectors reliant on low rates and the severe illiquidity and mispriced risks currently lurking within the private credit and private equity markets. Read Russell’s Substack: https://www.russell-clark.com Follow Russell Clark on X: https://x.com/rampagingruss 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 SOYB Fund Page & Prospectus: www.teucrium.com/soyb Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility. Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund. This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb. Marketing Agent: PINE Distributors LLC. Timestamps: 00:00 Intro 01:38 Why Treasuries Look Risky 04:33 Foreign Reserves Shift from Gold to Bonds 08:59 Politics Turns Inflationary 14:12 Japan Leads 16:09 Wage Inflation Drives Yields 20:37 Sponsor Break SOYB 21:58 High Real Rates New Normal 26:14 Trading Long View vs Noise 29:09 Housing Tug of War 34:02 Politics Converge Anyway 36:03 Chips Are New Oil 38:38 Is AI a Bubble? 44:12 AI and Wage Politics 50:37 Strategic AI Spending 54:17 Leverage Unwind Risks 59:29 Private Credit Red Flags 01:04:13 Wrap Up and Links
- 1 weeks ago1h 16m
Turbocharged Trend Following: Why Capturing the Market’s Biggest Trends Means Embracing High Volatility | Moritz Seibert & Moritz Heiden | Takahe Capital
Moritz Seibert and Moritz Heiden of Takahe Capital dive deep into the mechanics of high-octane trend-following strategies and unpack why they target 25-30% annualized volatility, bucking the institutional trend of lower volatility to capture massive outlier trades like the recent cocoa and gold runs. They explore the heated debate between dynamic position sizing and classic approaches, revealing why letting winners run is crucial for massive returns. The conversation also touches on the emerging world of perpetual futures on decentralized platforms and why keeping trading models simple often beats complex fundamental analysis. Follow Moritz Seibert on X: https://x.com/moritzseibert Follow Moritz Heiden on X: https://x.com/moritzheiden Follow Takahe Capital on X: https://x.com/TakaheCapital 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 Intro 01:14 Do You Need Big Trends 03:21 Smooth vs Choppy Trends 05:00 Oil Curve Positioning 07:43 Model Design Not Discretion 09:24 Why Trend Funds Differ 16:02 Classic Trend Playbooks 19:04 Sizing Beats Entry 25:01 Perpetual Futures Reality 32:41 High Octane Philosophy 35:22 Letting Winners Get Huge 39:04 Why Trends End Late 41:55 Price Only vs Fundamentals 46:28 What’s Trending Now 49:57 Spreads Underperforming 52:37 When Signals Die 57:49 Simple Robust Parameters 01:00:59 Design Without Optimization 01:05:43 Diversification and Investors 01:09:32 Uniqueness and Market Mix 01:14:21 Who Buys High Vol 01:15:54 Conclusion
- 3 weeks ago59 min
Breaking Down the Multi-Manager Playbook: How This $19B CIO Thinks About Alpha | Sean McGould | The Lighthouse Group
Sean McGould, CEO and CIO of $19 billion hedge fund manager The Lighthouse Group, joins OPM to discuss navigating today's bull market by targeting diverse sources of global alpha. The conversation focuses on Japan as a new source of alpha, spurred by the country's historic corporate governance reforms, the unwinding of cross-shareholdings, and the new NISA guidelines driving unprecedented retail investment. Additionally, McGould breaks down how the AI capital expenditure arms race is shaping global equity issuance and explains why the multi-manager "pod shop" model is the true modern successor to Wall Street's legacy proprietary trading desks. 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 Japan Market Shift 01:29 Lighthouse Group 04:53 Why Hedge in Bull Runs? 10:43 Equity Issuance Signals 13:33 Capex Versus Meme Raises 16:27 AI Inside Lighthouse 18:20 Specialists vs. Generalists 19:42 AI Fuels Asia Outperformance 21:18 Japan Reforms and Nikkei 24:43 Korea Value Up Program 27:44 Fixing Incentive Imbalances 32:34 Sector Pair Trades Explained 33:56 Factor Neutrality Pitfalls 34:44 AI and Narrative Factors 41:54 Why Liquidity Means Capacity 44:34 Hidden Alpha in Regulation 50:30 Hedging Regulatory Unknowns 53:50 Peak Pod Shop Debate 57:40 Diversification and Market Liquidity
- 4 weeks ago51 min
Top IPO Scholar on Unprecedented IPO Wave & Why IPOs Underperform the Market | Jay Ritter
Leading IPO researcher Jay Ritter, widely known as "Mr. IPO" and the director of the IPO Initiative at the University of Florida's Warrington College of Business breaks down the historic 2026 public market landscape. Ritter analyzes the unprecedented potential for a wave of mega-IPOs from tech giants like SpaceX, OpenAI, and Anthropic. He dives into the realities of staggering price-to-sales ratios, warning that while AI offers immense technological promise, eye-watering trillion-dollar valuations leave very little room for error. Ritter also cuts through the hype surrounding retail access to venture capital and private equity, explaining why extra layers of middlemen, "volatility washing," and an evaporating illiquidity premium mean average investors aren't actually missing out on a free lunch. Professor Ritter’s IPO Data: https://site.warrington.ufl.edu/ritter/ipo-data/ 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 Intro 00:58 Meet Mr IPO 01:40 2026 is Unprecedented 02:52 Do IPOs Signal Tops 04:27 How IPO Pricing Works 05:57 SpaceX Valuation Risks 09:26 TAM Hype and Cursor 13:27 2026 Versus Past Waves 16:17 Must Own AI Exposure 19:46 Regulation and Unintended Effects 27:29 Geopolitics and Dual Use 29:10 Will IPO Volume Boom? 32:40 VC/PE = No Free Lunch 35:36 Retail Access Fee Stacking 39:14 Volatility Washing and Perps 49:09 Sentiment and Final Takeaways
- Jun 24, 202647 min
Inside The Platform Helping Invest Like Substack & FinTwit's Top Researchers | Plutus
In this episode of Other People's Money, host Max Wiethe sits down with Shashank Chiranewala, founder of the new investment platform Plutus, to explore the future of independent research and portfolio management. Shashank explains why his platform is fundamentally different from the copy trading trend, emphasizing the importance of aligning model portfolios with an investor's unique risk-reward needs rather than blindly following a single strategy. They dive into the technical nightmares of executing global, active strategies on your own—like navigating foreign market rules and tracking errors—and how Plutus provides an automated, seamless execution solution for both individual and professional investors. Finally, they discuss why top independent researchers from Substack and FinTwit are choosing to list their portfolios on Plutus rather than launching traditional fund vehicles. Check out Plutus: https://www.runplutus.com/ Follow Plutus on X: https://x.com/RunPlutus Follow Shashank on X: https://x.com/sonny_seattle 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 Intro 01:37 The Broken Options 03:54 From Research to Investing 04:28 Why Not Copy Trading 07:56 SPY and Portfolio Fit 12:25 Building Multi Portfolio Strategies 14:58 Menu vs Tools Debate 20:34 Execution Is the Moat 25:17 Meet the Research Partners 28:18 Who Uses Plutus? 32:04 Creators and Regulation 36:26 Big Vision and Tokenization 38:42 Taxes and Compliance 44:43 How the Platform Works 46:32 Conclusion
- Jun 18, 20261h 19m
The US Manufacturing and Electrification Megatrends Are Here and They’re Way More Than AI | Chris Semenuk
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
- Jun 6, 20261h 8m
The AI Chip Bubble: Why South Korea & Taiwan Are In the Danger Zone | Michael Fritzell | Asian Century Stocks
In this episode of Other People’s Money, host Max Wiethe sits down with Michael Fritzell, author of Asian Century Stocks, to break down the massive valuation divergence playing out across Asian equity markets. Michael explains why he believes the skyrocketing AI and memory chip sectors in South Korea and Taiwan have entered dangerous bubble territory, fueled by unsustainable profit estimates that ignore looming Chinese supply. Instead of chasing the tech hype, he highlights the massive upside hidden in overlooked South Korean small caps and Japanese growth stocks that are trading at single-digit multiples despite solid fundamentals. Tune in to discover how corporate governance reforms, insider buying trends, and a forming "New Cold War" are creating the ultimate stock-picker's market. Read Asian Century Stocks: https://www.asiancenturystocks.com/ Follow Michael on X: https://x.com/MikeFritzell 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 Korea Chip Bubble Warning 00:42 Why Asia Diverges Now 02:26 AI Mania Hits Korea 04:37 Bubble Case for Memory 06:40 China Supply Response 09:18 Memory Versus Logic Chips 11:33 Speculation on the Ground 13:41 Western Investors Pile In 15:44 Japan Reforms and Yen Boom 18:26 Korea Governance Fixes 24:20 Korea Small Cap Hunting 25:45 K Beauty and Cultural Exports 30:52 Finding Ideas Before The US 31:57 Nintendo Versus Memory Costs 33:19 Nintendo Release Drought 35:36 Switch 2 Execution Questions 37:39 Family Console vs Roblox 38:25 Iran War Energy Shock 41:50 India & China Underperformance 45:17 China Crackdowns Risk 50:42 The China Gray Zone Trade 54:25 New Cold War Lines 56:54 Hunting Value Across Asia 01:02:19 Reforms and Value Programs 01:04:06 How Much to Allocate to Asia 01:07:41 Where to Follow Michael
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About Other People's Money with Max Wiethe
Other People's Money is the premier podcast about the business side of the fund management industry. Every week Max Wiethe sits down to learn from some of the best entrepreneurial fund managers about their experience launching and growing a fund management business. OPM is not a show about the next hot stock pick or big trade but an inside look at an opaque and misunderstood industry guided by real professional fund managers who've done it themselves.
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