Monetary Matters with Jack Farley

This episode is brought to you by the Pictet AI Enhanced International Equity ETF ($PQNT): https://etf.am.pictet.com/pqnt/

In this interview, Joseph Wang of FedGuy.com discusses various levers the Trump administration could pull to lower mortgage rates, even without the Federal Reserve's direct involvement. These include directing government-sponsored enterprises like Fannie Mae and Freddie Mac to increase their mortgage holdings, potentially by lifting their current portfolio caps. Wang also notes that expanding access to cheap financing from Federal Home Loan Banks for mortgage REITs could be another avenue. Beyond housing, Wang predicts that President Trump will significantly influence the Federal Reserve, potentially leading to more interest rate cuts than the market currently anticipates. He suggests that Chair Powell will likely leave his position in May, allowing Trump to appoint a successor. Wang is bullish on the US economy, citing tailwinds like a potential productivity boom, strong credit creation, and stimulative fiscal policy. However, he cautions that AI stocks are in a bubble, though he believes the technology itself will benefit the broader economy by increasing productivity. Recorded January 29, 2026.

Joseph Wang’s YouTube channel: https://www.youtube.com/@Fedguy12

“Sleeping Giants” (Joseph’s piece on Fannie & Freddie): https://fedguy.com/sleeping-giants/

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The relentless surge in precious metals continues, with gold seeing gains in all but three trading days this year and silver holding above $110 despite some analyst warnings that the rally may be nearing an end. While some attribute these moves to a "debasement trade" or a weakening US dollar, the speakers argue that silver’s rise is primarily driven by real industrial demand and supply shortages rather than pure speculation. Beyond metals, the 2026 market is being shaped by a "hawkish" Federal Reserve that signaled it is unlikely to cut rates in March due to a stable labor market and elevated inflation. On the earnings front, Microsoft and Meta reported strong revenue but faced differing investor reactions over massive capital expenditures in AI. Meanwhile, Tesla saw its stock rally despite a double-digit decline in automotive revenue, as investors focused on its transition into a "physical AI" company specializing in robotics and autonomous driving. Finally, a "doomsday" narrative is currently haunting software-as-a-service (SaaS) companies, as investors weigh whether AI will commoditize software or if established brands can maintain their high customer retention. Recorded evening of January 28, 2026.

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Deiya Pernas, co-founder of Pernas Research, has crushed the market and compounded at over 30% since he and his partners began tracking their portfolio in 2017. In this interview, Deiya examines 10 key micro and macro questions that he believes could be the key to continued outperformance in 2026, including questions around SaaS spend, white collar hiring, home buying in a lower rate environment, consumer spending trends, and more.

Learn more about Pernas Research: https://pernasresearch.com

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Timestamps:

00:00 Introduction

01:14 Key Market Questions for 2025

02:19 The SaaS Apocalypse and Disruption Risks in SaaS

05:03 Investment Strategies and Mean Reversion

11:17 AI's Role in SaaS and Portfolio Construction

13:53 Structural Changes and Consumer Behavior

18:13 SEO and Commercial Search Intent

23:14 Small Companies and Market Trends

27:19 Investment Philosophy and Risk Management

29:34 Remitly: A Case Study in Investment

32:46 Stablecoins and Remittance Payments

36:39 Challenges for Crypto Adoption in Remittances

38:30 Understanding Migrant Financial Behavior

39:41 Consumer Spending Shifts Post-2020

42:25 Housing Market and Economic Indicators

44:26 Brand Equity and Consumer Discretionary Investments

49:36 The Influence of Social Media on Sports Spend

56:57 Commercial Travel and Office Return Trends

01:05:31 Cybersecurity: A Growing Investment Focus

01:07:56 Conclusion

Maredith Hannon, Head of Business Development at Wisdom Tree Digital, joins Other People’s Money to discuss how tokenized real-world assets are taking off at a pace eerily similar to the early growth of ETFs. Crypto enthusiasts have long touted the potential for fund vehicles to be tokenized and put on chain. That story is quickly becoming a reality with rapid AUM growth and established players like WisdomTree with over $100B in AUM quickly launching funds from money market and equity to alternatives like private credit. Hannon also discuss the additional utility that on chain funds provide and how they are giving access to retail and institutional clients alike with platforms like WisdomTree Prime and WisdomTree Connect.

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Timestamps:

00:00 Introduction

00:54 The Rise of Tokenization

02:20 WisdomTree's Tokenized Funds

04:35 Comparing ETFs and Tokenized Funds

10:35 User Experience in Tokenized Assets

20:29 Regulation and Future of Tokenized Funds

25:12 Tokenized Private Credit

26:01 Liquidity and Redemption in Private Credit Funds

28:08 Secondary Market and Peer-to-Peer Transfers

29:34 Transparency and Daily Updates

37:10 Future of KYC and Identity Verification

43:12 Global Expansion and New Use Cases

46:10 Getting Started with WisdomTree Prime

Learn more about the Fundrise Income Fund here:

https://Fundrise.com/mm

In this deep-dive interview, NYU Finance Professor Aswath Damodaran, the "Dean of Valuation," assesses the current state of the U.S. stock market, describing the S&P 500 as richly priced but stopping short of calling it a bubble. He explores the "big market delusion" inherent in the AI revolution, distinguishing between the profitable "architecture" of chips and the highly speculative future of Large Language Models. Damodaran provides a candid look at his own portfolio, explaining why he recently exited his Nvidia position after a massive run while continuing to hold Microsoft. He offers a sharp critique of "lazy" valuation metrics like the P/E ratio, arguing that investors must instead focus on cash flows and the shift toward buybacks to understand market resilience . Furthermore, he warns that while AI will benefit consumers, the resulting competition may actually lead to lower profit margins for most companies collectively. Finally, the Professor touches on the role of gold as something that is viewed as an "insurance policy" in a world where institutional trust is rapidly eroding. Recorded on January 15, 2026.

Aswath Damodaran’s YouTube channel https://www.youtube.com/@AswathDamodaranonValuation

Aswath Damodaran’s Website https://pages.stern.nyu.edu/~adamodar/

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