Monetary Matters with Jack Farley

Deiya Pernas, co-founder of Pernas Research and value investor known for audited real-money portfolios, explains why many small SaaS firms are mispriced. He discusses why AI code generation won’t easily replace enterprise integrations, security, and privileged APIs. He highlights identifying credible AI pivots, real-world SaaS moats, and a set of mispriced opportunities like Sprout Social and remittance plays.

Chris Whalen, a banking specialist and financial analyst, outlines hidden bank risks from private credit and opaque SPVs. He highlights sizable exposures to non‑depository finance, localized commercial real estate distress, and potential losses. He also discusses a bullish case for gold and silver, plus shifting dynamics in payments and fintech competition.

Hanno Lustig, Stanford finance professor who studies macro-finance and fiscal sustainability, outlines financial repression and Japan’s debt puzzle. He describes how Japan used near-zero funding and a public-sector carry trade to earn large returns. He explains who bears the hidden costs, the risks if yield control ends, and why other indebted nations should beware.

Sean Emory, founder and CIO of Avory & Co, is a data-driven investor focused on tech and consumer names. He rejects the stagflation story and argues the consumer is holding up. He links macro views to high-conviction bets on consumer-facing and platform technology companies. He explains how AI reshapes research, hiring, and trading horizons.

Ben Topor, founder of Titan Capital Partners and author of Decoding the Software Landscape, breaks down how AI is reshaping software valuations and why now can be an ideal time to invest. He discusses AI commoditization of app layers, the rise of secondaries and liquidity, US vs Israeli exit dynamics, and how startups build AI-proof moats with distribution and proprietary data.

Michael Haynes, Head of Private Credit at Beach Point Capital, a specialist in direct lending and asset-backed finance. He unpacks private credit product mix and where Beach Point sees the best risk-reward. He highlights public market dislocations as sourcing opportunities and explains liquidity limits, club deals, and how origination gives an edge.

Robert Koenigsberger, founder and CIO of Gramercy with decades in emerging markets debt and restructurings. He discusses why emerging markets are finally outperforming developed peers. Short, punchy takes on how EM central banks moved faster, the power of EM private credit with senior secured structures, index construction pitfalls, and asymmetric China property opportunities.

Ed Finley-Richardson, shipping analyst and author of Misadventures in Shipping, breaks down chaos in tanker markets caused by Middle East conflict. He describes why US Gulf MR product tankers are minting fortunes. He maps which vessel classes and stocks stand to gain and outlines a potential Persian Gulf “feeding frenzy” if straits reopen.

Anna Wong, Bloomberg’s Chief U.S. Economist known for inflation and energy-shock analysis, explains why even $200 oil likely tops headline CPI near 6% rather than 9%. She discusses demand destruction from high energy prices, how household spending is squeezed, why recession odds rise at $150–$200 oil, differences between core PCE and core CPI, and why the Fed might look through commodity shocks.

Dr. Gio Valiante, a performance coach and psychologist for elite athletes and top hedge fund PMs, breaks down the mentality of market champions. He discusses fear and regret in trading, how firm incentives shape risk taking, detaching from short-term P&L, weekend recovery routines, and why culture and environment spark better decisions.