This is a special bonus episode of OPM with David Orr. In my first conversation with David, we only discussed his hedge fund that has crushed the S&P 500 since its inception in 2021. In addition to his hedge fund, he also runs the Militia Long/Short Equity ETF ($ORR) which since its inception in January 2025 has also beaten the S&P 500 running a similar but still distinct long/short strategy from the one he employs at his hedge fund. We discuss his unorthodox decision to launch the ETF when the hedge fund was going so well, how he is managing the different liquidity needs, his dual fiduciary duties, differing compliance realities, and the increased transparency of the ETF wrapper.

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This episode of Monetary Matters is brought to you by VanEck.

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Brad Setser, Whitney Shepardson senior fellow at the Council on Foreign Relations (CFR), returns to Monetary Matters to share how China’s growing export dominance is squeezing the balance of payments position of the U.S., Europe, and many other countries as well. Recorded on October 10, 2025.

Relevant articles by Brad:“China’s Stealth Trade Surplus”: https://www.cfr.org/blog/chinas-stealth-trade-surplus

“China’s Data Still Doesn’t Add Up”: https://www.cfr.org/blog/chinas-data-still-doesnt-add

“China’s New Intervention Rule”: https://www.cfr.org/blog/chinas-new-intervention-rule

“China is also Fighting a Trade War with Europe (and Winning)”: https://www.cfr.org/blog/china-also-fighting-trade-war-europe-and-winning

“The Case that China is Now Actively Resisting Pressure on the Yuan to Appreciate”: https://www.cfr.org/blog/case-china-now-actively-resisting-pressure-yuan-appreciate

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Jack Farley & Max Wiethe react to the weakness in the credit markets upon the large (>$10 Billion) bankruptcy of First Brands and the banks and financial entities that have exposure to it, such as Jeffries, UBS, and others. They also discuss President Trump’s threat to raise tariffs on China substantially, which he later specified as 100%, which sent the stock market and other risk assets tumbling on October 10. 

Gymkhana Partners’ (a client) piece on India and tariffs: https://www.gymkhanapartners.com/dispatches/missing-the-forest-for-the-trees

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Richard J Murphy, a political economist, chartered accountant,

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Murphy’s “The Taxing Wealth Report 2024”: https://taxingwealth.uk/

Murphy’s blog, “Funding The Future”: https://www.taxresearch.org.uk/Blog/

Murphy’s Book, “The Joy of Tax”: https://www.amazon.com/Joy-Tax-Richard-Murphy/dp/059307517X

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Jack Farley & Max Wiethe react to the lack of employment data, discuss the “bubble” in AI capex, gold and silver’s recent rise and examine other signs of market froth pointing to the current stage of the market cycle. Jack and Max also discuss a few interesting short and long opportunities they are playing.

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Timestamps:

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe

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Patrick Perret-Green of PPG Macro is a veteran macro trader and analyst. He joins us today to share his concern over two recent high-profile bankruptcies that have caused jitters in the non-bank financial sector: Tricolor and First Brands. Patrick explains why he is bullish on long-duration sovereign bonds in Australia, the U.K., and Japan. Recorded on September 30, 2025.

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Sign up for MacroCapture by MI2 Partners today with coupon codes MM10 (for annual) and MM10Q (for quarterly) to save 10% at: https://portal.mi2partners.com/buy-macro-capture/

This episode of Monetary Matters is brought to you by VanEck.

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Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack

Julian Brigden of MI2 Partners and MacroCapture returns to Monetary Matters to update viewers on his thinking about markets and the economy.

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This Other People’s Money episode is brought to you by VanEck.

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Jeremy Boynton and Zach Lindquist, managing partners at Pure Crypto, have built one of the best performing crypto fund of funds since their inception 2018. In this interview they discuss their view that the crypto market structure is being changed by ETFs and crypto treasury companies, how they think about manager selection, the subtle differences between crypto VCs and crypto hedge funds, and why they are eschewing new entrants into the crypto fund space in favor of OGs who have managed capital and survived multiple market cycles. They also explain why they are volatility agnostic and prefer to take on crypto market beta rather than invest in market neutral and multi-manager crypto funds.

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An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks.

Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation

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Imane Bakkar, Founder and Managing Director of Logarisk, joins Monetary Matters to discuss her most recent White Paper, “Weather Is No Small Talk.” She argues that the electricity grid and the financial system are becoming more weather dependent because of the rise of renewable power, AI, climate, and the increasing ownership of the grid by non-bank financial institutions (NBFIs). Recorded on September 9, 2025.

Imane’s paper, “Weather Is No Small Talk”: https://logarisk.co/2025/09/01/white-paper-weather-is-no-small-talk/

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Jack and Max break down the September Fed meeting, threats to Federal Reserve Independence, and several stocks such as Acuren, Franco Nevada, and MSCI. Recorded on September 18, 2025.

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