Recent Nobel laureate in economics Peter Howitt joins Jack to discuss his work on technological disruption and creative destruction. Dr. Howitt explains that technological advancement creates economic growth while

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Tian Yang, CEO of quant research platform Variant Perception, joins Monetary Matters to discuss how the benign macro regime might shift in the back half of 2026 should the Iran conflict not produce a prolonged shock. Yang also touches on how that roadmap would likely be altered by a prolonged conflict, the case for a manufacturing recovery, jobless growth, and peak market euphoria in the summer that could ultimately be marked by the generational IPO of SpaceX.

Variant Perception: https://www.variantperception.com/

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Timestamps:

00:00 Summer Peak Setup

00:54 Benign Macro Regime

02:54 Iran Energy Shock Risks

04:19 US Versus Rest World

06:41 War Duration Scenarios

10:08 Energy Rotation Signals

10:55 Allocation Engine Explained

13:04 CAIA.nxt

14:00 Fast Calls Repriced

18:44 Historical Cycle Analogies

24:08 Jobless Growth Framework

27:42 Shifting Investment Drivers

29:48 Fed Credibility Tightrope

34:35 Housing Disinflation Drivers

38:58 AI Jobs Debate

39:10 Valuation And Terminal Value

42:28 Capital Cycle Framework

46:31 Semis Versus Software

47:22 Regional Banks Inflection

50:06 Sovereignty Investing Thesis

56:20 Energy and Reindustrialization

59:26 Gold as Risk Off

01:01:20 Conclusion

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

Legendary resource investor Rick Rule, founder of Rule Investment Media, explains why he anticipates a 75% decline in US dollar purchasing power over the next decade. Rule breaks down his recent move to sell a significant portion of his silver holdings to rotate into silver miners, highlighting the massive valuation arbitrage currently available in the sector. He provides a masterclass on the "best-of-the-best" royalty and streaming companies and why he thinks streamers are going to make more deals than ever. He also outlines his top criteria for resources stocks in the mining and oil & gas sectors.

Rule Investment Media: https://www.ruleinvestmentmedia.com/

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Timestamps:

00:00 Introduction

00:53 10 Year Metals Thesis

04:38 Contrarian Investing Rules

07:15 What Starts Bull Markets

10:22 Selling Silver For Miners

14:04 Pictet’s PQNT

16:57 Why Royalties Win

20:00 Big Streaming Deals Ahead

23:58 Valuation Arbitrage And M&A

27:02 Gold Linked Bonds And Credit

30:08 Elemental EMX Merger Synergies

34:11 Altius The Resource Allocator

36:22 Lithium DLE Threat

37:11 Altius Beyond Royalties

39:38 What Makes Great Majors

41:03 Recycle Ratio Explained

45:01 Efficiency Beats Optionality

47:10 Top Picks and M&A Logic

51:58 Jurisdiction Risk Reality

55:12 California Politics and Oil

59:19 Non Producers Highcroft

01:02:29 Snowline and Globex Views

01:06:15 Canadian Oil Royalties

01:09:55 Conclusion

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

Distinguished economist Paul Krugman joins Jack to discuss the devaluation of the dollar, the nomination of Kevin Warsh, artificial intelligence, and much more. Dr. Krugman brings his expertise to give cogent and intelligent answers on important economic questions of our time. Recorded on February 6th, 2026.

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Learn more about the Fundrise Income Fund here:

https://Fundrise.com/mm

Recorded in February 6th 2026, technical analyst Milton Berg returns to discuss his market outlook after correctly predicting the major market bottom in April 2025. Although his long-term retail model remains 100% long equities until a specific 8% drawdown occurs, Berg reveals that his institutional portfolio is currently net short across major indices. This bearish institutional stance is driven by rare technical anomalies, including a "disturbing" volatility signal from December and a historic "island reversal" pattern in the Russell 2000. Berg admits the current market is tricky, noting that recent strong buying action might force him to cover shorts, though he remains skeptical of the rally's breadth. Turning to commodities, Berg states he is bearish on gold and silver, having shorted them near their late January highs due to signs of a "climax top" and extreme overvaluation relative to inflation. He also provides a critical assessment of Bitcoin, arguing it holds no intrinsic value and pointing out that it recently failed to hold critical technical support levels. Throughout the discussion, Berg emphasizes that his methodology ignores standard economic narratives in favor of identifying rare volume and price occurrences that signal market turning points . Finally, he introduces a new service for individual investors designed to capture the bulk of bull markets while neutralizing emotional decision-making. As Jack notes in the beginning, Milton has since turned from net short to net long U.S. stocks for institutional clients.

About Milton Berg Edge: https://miltonbergedge.com/

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DISCLAIMERS and DISCLOSURES for Milton Berg Edge

This Newsletter contains hypothetical performance results. Please carefully review and consider the following disclosures. 

Important Disclosure Information

Milton Berg Edge is a newsletter (“Newsletter”) owned and published by Milton Berg Advisors, LLC, doing business as “Milton Berg Edge” (“MB Edge,” “firm,” “we,” “our,” and “us”). Milton Berg Advisors, LLC is registered as an investment advisor in the States of Florida and New York. Registration as an investment advisor does not imply any level of skill or training.

The Newsletter is a subscription based publication that contains (i) our general commentary and opinion on broad-based market trends and other factors affecting the domestic investment markets in the United States; (ii) answers and reactions to subscriber submitted questions and comments; and (iii) the actual trading activity and net performance of our proprietary investment model (as traded within an account that is actively managed by the firm) and the backtested performance of the model (the “Model”). The contents of the Newsletter and our website (“Website,” and collectively with the Newsletter, the “Content”) are for informational and educational purposes only. No portion of the Content should be construed as investment advice or recommendations tailored to the financial circumstances, investment needs, objectives, and/or limitations of any particular subscriber. Investing in securities involves the risk of loss. Past performance is not indicative of future results.

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

Carson Block, founder of Muddy Waters Capital joins Monetary Matters to discuss why they aren’t rushing to short AI pretenders and fakers until more supply of speculative companies hits the market from big IPOs. They also discuss the increasing dominance of flows over fundamentals in US markets and abroad and Muddy Waters expanding investment focus including: metals and mining stocks, Vietnam, and momentum strategies.

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Timestamps:

00:00 Introduction

01:44 AI and Market Speculation

05:14 Challenges in Short Selling AI Stocks

17:58 Pictet PQNT

19:09 AI Pretenders

21:41 Mining Investments and Strategies

36:51 Red Flags in Investor Presentations

39:07 Geopolitical Considerations

40:15 Fraud in Chinese Companies

49:43 Vietnam and India Investment Opportunities

59:05 Momentum Strategy in the S&P 500

01:05:07 Activist Short Selling and Future Plans

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

Alexander Campbell, founder of Rose AI and former head of commodities at Bridgewater, joins the show to dissect the structural drivers behind the silver market and the transformative potential of artificial intelligence. Campbell details the "Silver Squeeze" thesis, attributing the metal's volatility to a combination of inelastic industrial demand from solar manufacturing and speculative capital flight out of China. He clarifies complex market dynamics, specifically the "Shanghai Premium" and the logistical friction involved in moving physical metal between Western and Eastern exchanges. Shifting to technology, Campbell warns of an impending "air pocket" for traditional software stocks, arguing that AI agents will disrupt companies that function primarily as "a database and a front end". He outlines a future defined by local compute and open-source models, predicting that value will accrue to data ownership and physical hardware rather than legacy SaaS applications. The conversation concludes with Campbell’s macro strategy of being long the "world of stuff" and data while betting against the "economy of paper" amidst de-globalization. Recorded February 2, 2026.

Alex’s pieces:

“Silver: The Only Money That Generates Electricity”: https://www.campbellramble.ai/p/silver-the-only-money-that-generates

“The Silver Squeeze”: How Solar Threatens a Decade of Deficits

https://www.campbellramble.ai/p/the-silver-squeeze

“When You Feel Pain, Remember to Reflect”: https://www.campbellramble.ai/p/when-you-feel-pain-remember-to-reflect

“The Protection Portfolio: September 2025”:https://www.campbellramble.ai/p/the-protection-portfolio-september

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World Silver Survey 2025:https://silverinstitute.org/wp-content/uploads/2025/04/World_Silver_Survey-2025.pdf

November 2025 Interim Market Review: https://silverinstitute.org/wp-content/uploads/2025/11/Silver_Institute_Silver_Interim_2025.pdf

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This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners

Raghav Khanna, managing director at Oaktree’s Global Private Debt strategy, joins Jack to discuss the ins and outs of the credit industry. Raghav offers insight into the opaque world of lending, including his opinions on the First Brands Group fiasco, private credit, and artificial intelligence. Raghav not only explains recent trends in credit, but gives his thoughts on where things may be headed as technology shifts. Recorded on January 22nd, 2026.

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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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