Advertise on podcast: Other People's Money with Max Wiethe

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/ Ben Inker, Co-Head of Asset Allocation at GMO, joins Other People’s Money to discuss why the IPOs and subsequent shareholder unlocks of SpaceX, Anthropic, and OpenAI will bring an unprecedented amount of equity issuance and pop the AI bobble. Inker explains how this mechanism was responsible for popping tech bubbles in 2000 and 2021 and the mathematical relationship between below average equity returns and equity supply. He also outlines how this equity supply in conjunction with a slowdown in the AI buildout from realizations of an AI overbuild could send the stock market down as much as 50% with even greater pain for the most AI linked companies. Read GMO’s Q3 2026 Quarterly Letter: https://www.gmo.com/globalassets/articles/quarterly-letter/2026/gmo-quarterly-letter_3q-2026.pdf 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 01:10 AI Bubble Setup 06:12 Equity Supply Matters More 10:44 IPO Wave Math 15:32 Sarmaya LENS ETF 16:59 Dotcom Fiber Parallel 20:32 Finding Non-AI Bets 24:06 Passive Flows and Liquidity 29:40 Credit Risks and Spillovers 37:51 Can Government Backstop AI? 41:48 Credit Stress Check 45:36 Energy Portfolio Benefits 48:13 Value Versus Growth Spreads 50:10 Ex-US AI Winners 54:34 Big Tech Commoditizes Compute 57:00 What If Mega Caps Go Sideways? 01:01:53 Memory: Cyclical Peak Earnings Trap 01:05:09 The Major Crash Scenario 01:10:44 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/ 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

James Elbaor, Founder and Portfolio Manager at Marlton LLC joins OPM to discuss why the private credit boom is officially over. Elbaor explains how artificial intelligence is threatening the SaaS businesses that make up over half a trillion dollars of private credit exposure, while also detailing how liquidity gates are currently trapping investors in massive interval funds like BCRED. The discussion concludes by exploring lucrative upcoming merger opportunities in the public BDC space and analyzing why asset managers utilizing permanent capital vehicles are being rewarded with premium market multiples. 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 Follow James on X: https://x.com/jameselbaor 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 01:42 Private Credit Redemptions Continue 07:03 IPO Window Shuts & Credit Fund M&A 15:28 AI Threat to SaaS Borrowers 16:51 Sponsor Message Plutus 18:17 Private Credit vs Private Equity 24:25 Systemic Risk and Wrappers 29:15 Public vs Private BDC Gap 34:46 Why Interval Funds List 39:44 Alt Managers Valuation Reset 43:33 Permanent Capital Explained 50:17 Hedge Funds vs Private Equity 54:41 Pershing Square Liquidity 01:04:17 Conclusion

Eric Wallerstein, Chief Macro Strategist at Clocktower Group, joins OPM to discuss why he sees substantial risk that the Fed is making a policy mistake by hiking into a supply shock that could cause a 2022 style bear market. He also explores the global coordination of rate hikes and why he believes the participation of lower growth economies like Canada indicate that this is a reaction to higher energy prices and not a substantially higher global neutral rate. 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 Follow Eric on X: https://x.com/ericwallerstein 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 00:56 Fed Hike and Higher for Longer 02:30 Oil Driving Global Yields 05:58 Canada and Global Neutral Rate 07:14 Energy Crisis and Degrowth Risks 08:44 Politicized Fed and Credibility 11:50 Neutral Rate and AI CapEx Boom 14:47 Inflation Outlook and Policy Mistakes 17:20 Plutus Sponsor Break 18:46 Key Data to Watch: Bank Lending 20:07 Doves vs Hawks and Fiscal Drag 23:30 2022 Style Bear Market Setup 25:56 What Could Invalidate the Thesis? 26:41 BOJ Hike and Yen Intervention 31:20 Korea Silicon Boom 35:43 Europe Under Pressure 39:25 Middle East Outlook 43:06 Midterm Issues: AI vs. Gas Prices 48:34 China Oil Strategy 52:10 Big Calls Wrap

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

Precious metal and base metal prices have soared as have many mining stocks, but despite this, Freddy Brick, partner at Muddy Waters Capital says that the industry feels closer to left for dead than euphoric. He explains why that setup and the consistency of the mispricing in the sector brought them to launch a fund with the help of mining expert Darren McLean allowing them to take concentrated investments in the assets they think the market is overlooking while running lower net exposure. He also discusses how they think about hedging in the sector, why they take a bottom-up approach to portfolio construction, and how they approach short and long activism in the sector. Follow Muddy Waters on X: https://x.com/muddywatersre 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 01:28 Approach to Portfolio Construction 07:56 Fraud Report Origin 09:35 Block Models Explained 15:27 Why Juniors Are Distressed 21:19 Finding Mispriced Projects 25:12 Venture Like Investing 28:25 Promoters and Capital Raising 33:43 Sentiment and Cycles 38:28 M&A Wave Ahead 43:27 Trading Vol and Hedging 46:57 Long Activism Approach 50:23 Scaling the Strategy 55:10 When Alpha Shows Up

Max Wiethe sits down with Capelight Partners founder Jeff Keller to dissect the massive Q3 technology sector divergence and the rapidly shifting landscape of AI investments. Keller breaks down why the market is rewarding near-term certainty in the tech sector and why he doesn’t like the "blow-off top" comparison between AI and the ARK implosion of 2021. He also gives his outlook for usage-based software vs. application software and explains the east coast vs west coast divide in assessing hyperscaler capex. Follow Jeff Keller on X: https://x.com/jeffkeller1 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 01:13 Tech Sector Divergence 05:23 Cyber Infra Valuation Risks 08:09 Why Themes Beat Stock Picking 12:01 Valuation and Forecast Limits 17:35 Retail Crowding Warning 20:15 2021Parallels 23:33 Rising Rates and Funding the AI Buildout 27:28 Mag Seven Return Profile Shift 29:43 CapEx is Existential 35:17 Meta Breakdown 39:38 Investor Positioning Themes 41:34 Long Biased Long Short 43:55 What Would Break AI? 46:26 AI Echo Chamber Risk 49:06 Factor Awareness Extremes 51:55 Deleveraging July Playbook 56:58 Year End Watchlist 58:58 Anthropic IPO and SpaceX Effect 01:01:06 Conclusion

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/globalmacro In this episode of "Other People's Money," host Max Wiethe welcomes back Warren Pies, co-founder of 3Fourteen Research, to unpack why macro risks are suddenly taking control of the stock market. Pies explains his tactical decision to downgrade stocks and commodities to neutral, shifting capital into cash as the market enters a historically weak seasonal window between August 15th and October 15th. The conversation dives deep into the Federal Reserve's true reaction function, the mispriced odds of a September rate hike, and the hidden political pressures driving the committee's choices. Furthermore, they discuss the critical data behind the AI build-out, including H200 GPU availability and the potential impact of major lab IPOs like Anthropic on the broader software sector. Save $500/year on Caliban AI from 3Fourteen Research: https://www.3fourteenresearch.com/monetary-matters Follow Warren Pies on X: https://x.com/WarrenPies 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 01:21 Why Macro Takes Over 03:19 Earnings Season Structure 05:43 Upcoming Macro Catalysts 08:24 Fed Hike Odds Mispriced 10:37 Political Pressure on Fed 15:29 Sponsor Break HFGM 17:45 Coin Flip Meeting Dynamics 19:42 Rates Curve and Term Premium 24:54 How to Position in September 26:53 Tech Breadth and AI Cracks 30:17 Lab ARR Reality Check 34:40 Tech Leadership Needed 38:17 Data Center ROI Debate 40:36 Election and Policy Risk 43:44 AI Issuance Scapegoats 47:35 Energy as Diversifier 51:48 Anthropic IPO Impact 55:01 Software Versus Semis 58:28 Pair Trades and Correlations 01:01:19 Fade Macro Risk Playbook 01:02:55 Conclusion

In this episode of Other People's Money, host Max Wiethe sits down with High Yield Harry to examine the major trends in Wall Street compensation and careers, and why 2026 may be the year of the investment banker. Harry shares data from Buy Side Hub to detail buy-side compensation trends, career mobility bottlenecks, and why private equity professionals are resorting to non-recourse loans while waiting on delayed exits. The conversation breaks down the real threat of AI automation on financial modeling and grunt work, emphasizing why finance professionals must develop real-economy operating skills to survive. They also address the surge in private credit redemptions, retail investor panic, and whether buying small businesses is replacing the traditional mega-fund career path. Check out Buyside Hub: https://www.buysidehub.com Follow High Yield Harry on X: https://x.com/HighyieldHarry 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 00:45 Year of the Banker 03:38 Private Credit Redemptions 07:04 Retail Flows and Gating 10:18 Comp Trends and Hiring 13:17 Career Pyramid Reality 15:13 AI Reshapes Analyst Work 17:16 Big Firms vs Small Shops 20:27 Operators and Real Economy 23:56 Agents and Human Edge 26:39 Who Gets Displaced? 31:46 Rates and Longer Holds 37:42 Software Credit Time Bomb 41:16 Choosing Your Career Track 47:22 Top Jobs and Trading 51:56 Closing Takeaways 54:03 Banking Cycles and Layoffs 57:03 Conclusion

Andy Unanue, Founder and Managing Partner of AUA Private Equity Partners and former COO of Goya Foods breaks down the trillion-dollar opportunity in US food, beverage, and pet wellness family businesses. Andy shares how his experience in a family-run business shaped his firm's strategy of partnering with lower-middle-market, family-run companies across those sectors and explains how AUA unlocks 15% to 30% operational efficiencies. The discussion dives into major consumer trends, including the humanization of pets, the rise of ethnic food markets, and the impact of GLP-1 drugs on snacking habits. Finally, Andy offers actionable advice on navigating generational wealth transfers, building positive workplace cultures, and transitioning family enterprises for long-term success. Learn more about AUA Private Equity Partners: https://auaequity.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 Timestamps: 00:00 Intro 00:51 Goya Roots to PE 02:48 Market Size Focus 04:21 Operational Playbook 07:26 Exit Paths for Families 09:34 PE Exits and Buyers 13:18 Leaving Upside for the Next Buyer 16:17 Macro Trends Tailwinds 21:22 Beverage Bets and Risk 28:29 Authenticity Wins Consumers 31:41 Marketing and Internet Shift 36:10 Deal Sourcing and Moats 39:08 Co-Manufacturing Advantage 41:14 Regional Brands and Add Ons 44:56 Manufacturing Renaissance 53:34 Wealth Transfer and Family Offices 58:58 AUA Future and Wrap Up

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

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

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

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

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