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Recorded on March 13, 2025.
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This Monetary Matters episode is brought to you by VanEck.
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Michael Howell of Crossborder Capital returns to Monetary Matters to share his view on how global liquidity is impacting asset markets. While falling fixed income volatility and a declining dollar should buoy liquidity, Howell notes a distinct fall in liquidity momentum from central banks and worries that there could be a liquidity squeeze unless central banks inject more liquidity. He touches on various topics including the PBOC’s new mechanism, gold, and SOFR/EFFR spreads. Recorded on March 10, 2025.
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This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm
Toronto may be the financial capital of Canada but compared to NYC or London it does not quite have the same cachet for top hedge fund managers. This might be why Moez Kassam, CIO and Founder of Anson Funds, has flown under the radar of many keeping track of the industry’s titans while growing Anson Funds to over $2b in assets under management and putting together a track record of 15% annualized returns since inception in 2007. Known as a short selling specialist, Kassam shares his views on the art of shorting, dives into some of the other differentiated strategies Anson employs and explains how he attracts top talent to Toronto.
This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm
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This Monetary Matters episode is brought to you by VanEck.
Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack
During most stock market sell-offs, the dollar tends to rise. Julian Brigden, co-founder of Macro Intelligence 2 Partners, explains why he thinks the U.S. dollar will weaken as the stock market declines as a bubble in dollar assets is popped by new U.S. fiscal policy. Recorded on March 6, 2025.
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With a week of tough declines in U.S. stocks and the U.S. dollar, Jack welcomes business partner and host of “Other People’s Money” show Max Wiethe to talk the uncertainty that is driving markets lower. Jack explains why he is a relative bear on U.S. stocks against global equities, and why he is bullish on Chinese stocks. Max and Jack interpret the February labor market data which showed hiring had slowed, and Jack shares why he thinks the next few jobs reports will be weak because of the efforts to cut waste fraud and abuse from the Department of Government Efficiency (DOGE). Recorded the afternoon of March 7, 2025.
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Recorded on March 4, 2025.
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Eric Wallerstein, Chief Markets Strategist for Yardeni Research, joins Jack to share his optimist outlook on the U.S. economy. Recorded on February 27, 2025.
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Whether you are talking about hedge funds, private equity, private credit, or venture capital, alternative investment strategies are becoming a much larger part of the portfolios of individual investors. For many that’s being done through investment platforms targeting their registered investment advisors. Alan Strauss, senior partner at Crystal Capital Partners, joins OPM to discuss how alternative investment platforms like Crystal Capital are ushering in a new wave of adoption of alternative assets for RIAs and their clients by providing lower investment minimums, curated menus of top tier funds, and improved customization and investment “wrappers.”
Are you a buyside professional looking to fast track your career? Sign up for the Fundamental Edge Analyst Academy and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm
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Learn more about Crystal Capital Partners: https://www.crystalfunds.com
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Timestamps:
00:00 Intro
01:03 History of Fund of Funds
08:47 Early Alternatives Platforms
12:35 Who Invests on Alts Platforms
15:16 Customized Fund of Funds
19:26 Platform Fee Structures
20:46 What Types of Funds Thrive on Platforms
23:56 Fundamental Edge Analyst Academy
25:38 Smaller Fund Managers
27:01 What Gets a Fund Kicked Off Investment Platforms
29:59 The Rise of Private Market Investing
35:36 Newer Vintage Funds
39:10 how Do New Funds Got On Platforms
45:45 Sub Strategy Fund Trends
49:06 Advisor Influence on Fund Menus
53:07 Are Platforms Helping Smaller Fund Managers? -
“Gambling Man” on Simon & Schuster: https://www.simonandschuster.com/books/Gambling-Man/Lionel-Barber/9781668070741
“Gambling Man” on Amazon: https://www.amazon.com/Gambling-Man-Greatest-Disruptor-Masayoshi/dp/166807074X
Lionel Barber, former editor of the Financial Times and author of “Gambling Man: The Secret Story of the World's Greatest Disruptor, Masayoshi Son,” joins Jack on Monetary Matters. Recorded on February 19, 2025.
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Jean-Baptiste Wautie, a veteran of private markets, joins Jack to share his nuanced and informed view on the asset class. Jean-Baptiste (JB) Wautier’s career highlights include significant roles at Arthur Andersen, Morgan Stanley, IK Partners, and BC Partners (BC) where he spent 20 years and was CIO for a decade. At BC he co-managed €40 billion of assets, helped raising three flagship funds and led ten major investments. Recorded on February 7, 2025.
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Jean-Baptiste Wautier website: https://wautier.co.uk/
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Ken Heinz, President of HFR Index LLC, joins Other People’s Money to break down the trends driving the hedge fund industry’s growth to a record $4.5 trillion in assets under management. HFR’s data on the industry that they collect and analyze from over 6,000 funds gives them a birds eye view of the big trends like the growth of multi-managers, crypto funds, and inflows for small and large funds alike.
You can find more info on the HFR Database, HFR Indices, and other industry reports and resources for hedge fund investors and managers on their website: https://www.hfr.com
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Timestamps:
01:13 What is HFR?
02:45 What Qualifies as a Hedge Fund?
07:07 Classifying Your Hedge Fund Properly
10:15 Multi-Manager Hedge Fund Index
15:36 The Crypto Hedge Fund Boom
21:39 Fundamental Edge Analyst Academy
23:20 Hedge Fund Asset Growth
27:04 The Return of Capital Trend
29:47 Do Capital Flows Hurt Returns
31:49 Fund Formation Trends
38:09 Fund Closure Trends
39:44 Fund of Funds
43:46 The Bifurcation of the Hedge Fund Industry
49:22 The Future of Hedge Funds -
This Monetary Matters episode is brought to you by VanEck.
Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack
Dr. Patrick Honohan, honorary professor of economics at Trinity College Dublin and nonresident senior fellow Peterson Institute for International Economics, joins Monetary Matters to share lessons from his latest book, “The Central Bank as Crisis Manager.” Looking at financial and macroeconomic crises from countries ranging from Iceland, Switzerland, and the U.S., to his native Ireland (where he was the governor of its Central Bank from 2009 to 2015), Honohan concludes that central banks must prepare to fight and manage crises in addition to their ordinary mandate of price stability (and, in the case of the Fed, maximum employment). Recorded on February 5, 2025.
Honohan’s Book, “The Central Bank as Crisis Manager” on Columbia Press: https://www.piie.com/bookstore/2024/central-bank-crisis-manager
Honohan’s Book, “The Central Bank as Crisis Manager” on Amazon: https://www.amazon.com/Central-Bank-Crisis-Manager/dp/0881327530
Honohan’s Previous Book, “Currency, Credit and Crisis: Central Banking in Ireland and Europe”:
https://www.amazon.com/Currency-Credit-Crisis-Central-Macroeconomic-ebook/dp/B07R699LFV/?_encoding=UTF8&pd_rd_w=zS3eY&content-id=amzn1.sym.bc3ba8d1-5076-4ab7-9ba8-a5c6211e002d&pf_rd_p=bc3ba8d1-5076-4ab7-9ba8-a5c6211e002d&pf_rd_r=146-4087044-9452813&pd_rd_wg=rdvDv&pd_rd_r=18882405-c569-4216-9a47-f7da59ed6d66&ref_=aufs_ap_sc_dsk
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This Monetary Matters episode is brought to you by VanEck.
Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack
Kenneth Wilcox served as the CEO of Silicon Valley Bank from 2001 to 2011. He reflects on 30 years of service to SVB and its customers, as well as the stunning collapse of the institution in March 2023. Wilcox shares his findings from his new book, “The China Business Conundrum: Ensure That "Win-Win" Doesn't Mean Western Companies Lose Twice,” in which he describes in detail how the Chinese wing of Silicon Valley Bank (“Shanghai SVB”) was serially hampered and eventually taken over by Chinese bankers acting in concert with the Chinese Communist Party (CCP). Recorded on February 11, 2025.
Ken Wilcox’s book on Amazon https://www.amazon.com/China-Business-Conundrum-Win-Win-Companies/dp/1394294166
Ken Wilcox’s book on Wiley: https://www.wiley.com/en-us/The+China+Business+Conundrum%3A+Ensure+That+%22Win-Win%22+Doesn't+Mean+Western+Companies+Lose+Twice-p-9781394294169
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What does it take to succeed in one of the most competitive industries on the planet? Brett Caughran, lead trainer and founder at buyside analyst training platform Fundamental Edge is trying to codify the answer to that question and systematize the process of training hedge fund analysts. Caughran discusses the most important processes analysts must master, why understanding your role is key to success, and why building trust with your PM over years is the perhaps the most important factor in determining the trajectory of an analyst's career.
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Dan Rasmussen, founder and CIO of Verdad Advisers, joins Jack to share insights on value, magnificent 7, private equity & credit, and bonds, from his new book, “The Humble Investor: How to find a winning edge in a surprising world.” Recorded on February 4, 2025.
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Hedge fund success both for their investors and operationally is almost always the result of a team effort. Ilya Zaides, CIO and Founder of 14B Capital Management, explains why this means hedge fund investors can care as much about team and key relationship stability as they do about past success.
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Today's episode is brought to you by Teucrium.
Learn more at: https://bit.ly/4gfI0fe
Rohit Goel, partner and head of global macro at Breakout Capital, joins Monetary Matters to share his views on emerging markets, the dollar, and bond market term premia. Recorded on January 16, 2025.
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Rohit Goel on LinkedIn https://www.linkedin.com/in/goelrohit/
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Brad Rinschler, managing partner and portfolio manager at Down Range Capital, joins Jack to share his in-depth view on the many niches of publicly traded bank stocks. Rinschler explains why he was short all 5 of the banks that failed in 2023, and why he is relatively constructive on small & community banks in 2025. He also offers his bull case for the red-hot stock $GBFH, which he has been involved with for many years. Recorded on January 27, 2025.
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GBank quarterly earnings: https://www.gbankfinancialholdings.com/financial-insights
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This Monetary Matters episode is brought to you by VanEck.
Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack
Joseph Wang of FedGuy.com returns to Monetary Matters to share his view that markets are insufficiently discounting the large and significant tariffs that the Trump Administration will implement shortly. Joseph and Jack also review the January Fed meeting, with Joseph noting that Fed chair Powell might be significantly more dovish than the FOMC committee. Joseph explains why he is bearish on stocks and bullish on bonds and gold (and short-term interest rates). Recorded on January 30, 2025.
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Joseph’s website: https://fedguy.com/
Pieces discussed:
“The Plan”: https://fedguy.com/the-plan/
“It is a Good Day to Tariff”: https://fedguy.com/it-is-a-good-day-to-tariff/
“Shifting Flows”: https://fedguy.com/shifting-flows/
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Former fund manager and short seller Russell Clark has always believed that the key to adding value for investors is to solve for the biggest risks in their portfolios. He also argues it’s the key to successfully raising hedge fund assets. In this interview, Clark discusses the biggest risks he thinks investors face right now, why these risks have him considering relaunching his hedge fund after returning capital in 2021, and why if he does relaunch, he’s inverting the long short hedge fund model.
You can read Russell's Substack here: https://www.russell-clark.com
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Follow Max Wiethe on Twitter: https://x.com/maxwiethe - Daha fazla göster
