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By Jack Farley
5
4343 ratings
The podcast currently has 26 episodes available.
Warren Pies of 3Fourteen Research joins Jack to share his views on why the stock market isn’t overvalued and why he is recommending to clients an underweight commodities stance. Pies argues that small-caps and mid-caps aren’t destined to do great if the bull market continues. Recorded on November 19, 2024.
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Dan Rasmussen has built his firm Verdad Capital into a billion-dollar asset manager on the back of one core activity, producing high quality research. Since Verdad’s inception in 2014, they have produced almost 500 pieces of research that they publish on their website weekly and distribute both on Twitter and to their large email list of readers. This research serves two functions. It’s both the backbone of the strategies employed at this highly quantitative firm, and a point of connection with existing and potential investors. In this interview with Max Wiethe, Rasmussen discusses how he’s used research to showcase his authentic self and build an audience that provides enumerable benefits. They also discuss the compliance process for publishing research, how he has built out his team and Verdad’s internship program, and why he takes a more SaaS approach to product market fit.
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Timestamps:
00:00 Intro
03:43 The Value of Research and Verdad’s First Big Thesis
10:27 The SaaS Approach Product Market Fit
20:26 Investing in Human Capital
24:21 The Research and Publishing Process
28:41 Research as Brand Building
33:06 Compliance and Misconceptions About Public Statements
41:35 Authenticity and Investor Archetypes
46:07 Making Mistakes
49:45 Being Early on PE
James Davolos, portfolio manager for Horizon Kinetics, joins Jack to share his investment philosophy for investing in companies with strong pricing power that benefit from inflationary environments. Recorded on November 14, 2024.
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Veteran trader Jason Shapiro joins Jack to share how he perceives positioning across FX, Equities, commodities, and bonds. He thinks the crowded long dollar trade has created a set-up for the Euro to rally, and he estimates that traders are a bit too short of oil and natural gas. Equities is in the “too hard” column so he is neutral, however he sees some short-term risks. Recorded on November 12, 2024.
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Hedge fund strategies like distressed, long short equities, relative value, etc. are well defined and understood by allocators. As a result, funds that fit neatly into these style boxes can easily answer the question, “what type of fund are you?” But what if you don’t fit neatly into one of these boxes? Be too exact and no one will search for your niche strategy. Push the envelope to fit into one of these boxes and suddenly investors feel like they’ve been tricked into a meeting. This is a problem that Louis Camhi, founder and CIO of RLH Capital, has had to deal with since launching his SPAC focused strategy in 2021. In this interview with Max Wiethe, Camhi discusses why educating investors about SPACs and defining his fund for style box focused investors has been harder than finding interesting SPAC trades. They also touch on outsourcing back and middle office, the little things you don’t think about when you are working for a larger fund, and the tradeoffs between SMAs and pooled vehicles.
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Citrini, the thematic cross-asset investor known for his prescient and profitable calls on AI and GLP-1s, joins Monetary Matters to review with Jack his “Trump basket” which since its inception in March 4, 2024 to November 8, 2024 is up 87% (his Trump market neutral basket is up 32% over the same time horizon). Citrini explains why he created the basket and how its performance tracked and often predicted Trump’s odds of winning in the betting markets. Upon Trump’s victory, he tells Jack which parts of the basket he thinks are overheated and which have room to run. Citrini also shares his views on AI, the broad stock and bond markets, and the airline industry. Recorded on November 8, 2024.
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The Federal Reserve continued its course of interest rate cuts in the first FOMC
meeting following the election of Donald Trump and a defiant Chairman Powell strongly
rejected any notion that Trump’s presidency could affect the independence of the
Federal Reserve. Here, Jack Farley and Max Wiethe discuss the Fed’s move in light of
recent data, the stock market’s run both before and after Trump’s election, and their
outlooks for stocks and the economy moving forward. Recorded on November 7th , 2024.
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Harris Kupperman, CIO and Founder of Praetorian Capital joins Max Wiethe to share how he’s grown his firm to over $300 million in AUM, largely by breaking the institutional mold. They discuss Kupperman’s choice to build a strategy with UHNW investors and family offices in mind rather than traditional institutional investors and the benefits of a diversified base of LPs. They also discuss the firm’s blog Kuppy’s Korner, the importance of authenticity in brand building, and his choice to register the fund as a 506(c).
Clarification: At 50:48 Harris mentions that almost half the capital in the fund is from gains. As of September 30th, 2024 44% of the fund's capital is from gains.
Sign up for Kuppy’s Korner at: https://pracap.com
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Email [email protected] to inquire about Henley & Partners, and Jack will connect you with Basil.
Basil Mohr-Elzeki, Managing Director and Head of Americas for Henley & Partners, joins Jack on Monetary Matters to explain why more millionaires than ever are going to relocate countries in 2024. He delves into the causes of this phenomenon, the nuances of citizenship and residency investment, and the role that taxes, geographic diversification and other factors play in driving the migration of the world’s high-net-worth individuals.
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Jeff Snider of Eurodollar University joins Jack to explore whether the inverted yield curve signal has been proven wrong, and just how strong or weak the U.S. economy is. Recorded on October 28, 2024.
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Jeff’s YouTube Channel https://www.youtube.com/@eurodollaruniversity
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