Waiting For The Fat Pitch | “Recession Denier” Jonny Matthews on Real Slowdown In U.S. Economic Data
For 26% off to SuperMacro: https://billing.super-macro.com/b/14A5kDfMVeim3VM5ZW7bW06
For many Jonny Matthews, former PM at Brevan Howard and publisher of SuperMacro, has emphatically rejected the case for a recession in the U.S. Recent economic data is causing him to reevaluate his view. While he still calls himself a “recession denier,” Matthews now thinks a slowdown is already occurring in the U.S. that will *look* like stagflation in the fall. Whether it will actually be “real stagflation” is a different question. But Matthews has a bearish view on stocks and bonds, while acknowledging that putting on these trades are difficult and that he is waiting for the right time. Recorded on August 6, 2025.
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Deep Engagement: A Banking Approach to Classical Value Investing | Donald Zilkha of Zilkha Investments
Donald Zilkha, founder of Zilkha Investments joins Other People’s Money to discuss how his deep-rooted DNA in banking and deal making has evolved into an investment strategy focused on deep research and engagement with management to affect change without upsetting the apple cart. He discusses how this strategy has evolved from single name SPVs to the commingled strategy he has today, case studies like Nathan’s Famous Hot Dogs, and why this classical style resonates with investors.
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Timestamps
00:00 Intro
00:34 The Birth of Modern Banking in the Middle East
10:27 Evolution from Venture, to SPVs, to Drawdown, to Vanilla Equity
19:09 Engagement vs. Activism
27:17 Nathan's Famous Hot Dogs Case Study
33:05 Take Private Opportunities
35:55 Investing in a "Classical" Style
38:43 Talking About Process Instead of Positions
45:02 Value Investing in Tech and Old-Line Businesses
50:05 Team Continuity & Incentives
54:18 Marketing After 10+ Years
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The Speculation Phase Begins | Michael Howell on Liquidity Cycle, China, Fiscal Dominance, and Dollar Weakening
This episode of Monetary Matters is brought to you by VanEck.
Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack
Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack
Michael Howell of Crossborder Capital returns to Monetary Matters to share a strategic update on his reading of the liquidity cycle. A weakening U.S. Dollar is allowing many central banks around the world to ease. With large amounts of monetary easing from China’s central bank (PBOC), falling fixed-income volatility, and a shortening of the U.S. debt term structure, which Howell calls “not yield curve control yield curve control,” Howell sees a bullish liquidity backdrop throughout the end of the year into 2026. Recorded July 21, 2025.
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Beyond the Fed | Jack & Max on FOMC, GDP, Earnings & Tariffs
This Monetary Matters episode is brought to you by Fiscal.ai.Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm
Jack Farley & Max Wiethe break down today’s FOMC rate cut decision, this morning’s GDP report, recent tariff developments as major August deadlines approach, and the big earnings reports that are moving markets.
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Optimizing the Investment Business for Long-term Results | David Steinberg of Marlowe Partners
David Steinberg, founder and CIO of Marlowe Partners joins Other People’s Money to discuss why he believes the operational and capital raising side of the investment business is the most important factor in determining success. He also discusses how he is navigating the capital raising process with a focus on weeding out investors who are not a fit for his concentrated long-term investing style, how that long-term style affects his ability to use AI in the research process, and why it is important not to be too innovative with your investment terms.
David would also like to highlight the importance of high quality service providers and has shared three service providers he would highly recommend to other investment professionals.
For accounting services David uses: https://rsmus.com
For outsourced compliance services David uses: https://www.salusgrc.com
For legal services David uses: https://www.akingump.com/en
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Apple Podcast https://bit.ly/4e7QJ1M
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Timestamps
00:00 Intro
00:30 The Most Important Aspect of Investing
10:16 The Market for Concentrated Investing
13:47 Staying in the Game
17:45 Non-Standard Structures Are a Risk
19:41 New Structures for Individual Investors
27:11 Communicating Investing Process
34:28 Using AI to Cut Investment Research Costs
49:04 The Mission of $1B to $100B
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