Monetary Matters with Jack Farley

Lyn Alden, macro strategist and founder of Lyn Alden Investment Strategy, and author of the sci-fi novel The Stolgard Incident. She discusses AI as a multi-decade structural shift, bullishness on semiconductors amid physical bottlenecks, the capex-driven dynamics of hyperscalers, Bitcoin and stablecoin roles, a K-shaped economy, and her novel’s 2070s vision of AI-driven inequality and escapism.

Thomas Lloyd-Jones, co-founder and CIO of Zenzik Capital, a London-based real estate and asset-backed private credit specialist. He explains why banks are retreating across Europe and how that gap fuels opportunistic lower-middle-market and transitional real estate lending. They discuss regulatory shifts, where traditional lenders won’t go, and the types of loans that create attractive premia for active credit managers.

David Wright, co-head of Quantitative Investments at Pictet Asset Management, runs a $30B quant franchise using machine-learning-driven equity strategies. He explains why tree-based models and gradient boosting beat generative AI for return forecasts. The chat covers 400+ features, 20-day relative return forecasts, ETF design aiming for index-like beta plus 1–2% outperformance, and a push for transparent, interpretable models.

Roderick van Zuylen, CIO of Nightwatch Capital and KEDM researcher, and Harris Kupperman, macro-focused investor and thematic trader, unpack overlooked macro themes. They discuss refining supply-demand shocks and refiner winners. They explore Latin America’s political and rate-driven tailwinds. They cover long-volatility opportunities for commodity brokers and an eldercare supply crunch poised to trigger catalysts.

Warren Pies, founder of 314 Research and creator of Caliban, is a data-driven macro and markets analyst. He contrasts an AI-driven scramble for compute fueling an earnings boom with a massive Strait of Hormuz oil shock. He explains why CapEx and frontier models validate a bullish equity case, details the scale of the oil shortfall, and previews his tactical positioning across stocks, oil, and bonds.

Jacob Pozharny, Co‑CIO and portfolio manager at Bridgeway Capital Management, focuses on sentiment-driven investing for intangible-heavy tech and fundamentals for old economy firms. He discusses using sell- and buy-side signals, textual analysis of earnings calls, country and sector sentiment maps, and where mid- and small-cap mispricings—especially in energy, shipping, and defense—create opportunities.

Jim Bianco, founder of Bianco Research and market analyst, discusses Fed independence and recent dissents. He critiques Jerome Powell’s decision to stay and its political implications. He also covers oil supply risks from the Strait of Hormuz and a market outlook that expects higher oil and interest rates.

Moez Kassam, CIO of Anson Funds and contrarian investor, offers a sharp take on hype-driven markets. He dissects SpaceX IPO mechanics, low-float dynamics, and index inclusion trades. He flags weak “me-too” space names, weighs AI vs. quantum realism, and spots activist and cash-flow opportunities in software. He also outlines bullish catalysts for U.S. cannabis and attraction to high-yield private credit.

Kieran Cavanna, Founder and CIO of Old Farm Partners and former head of external managers at Soros Fund Management, brings a sharp thematic investing lens. He explains how to spot asymmetric, high-conviction opportunities. Topics include manager selection and co-investing, AI capex and related supply chains, crowded trades and blind spots, and portfolio hedging to protect upside.

Matthew Bloomfield, President and partner at Palmer Square Capital, is a structured-credit and CLO specialist. He explains why software loan sell-offs were overblown and how AI fears drove trading. He breaks down BDC portfolio composition, syndicated versus private credit, CLO mechanics and equity dynamics. He also discusses tactical opportunities from market dislocations and buyback versus lending tradeoffs.