Matt Jozoff, co-CEO, Portfolio Manager, and Head of Macro Research at Trevally Capital joins Other People’s Money, to discuss how trends like the growth in the Ginnie Mae market, low credit borrowers and non-bank originators, and other factors are affecting mortgage prepayments and creating opportunities in the mortgage market for firms like Trevally Capital. He also discusses how Trevally Capital is looking to extract alpha from these opportunities and build a world-class institutional asset manager with the backing of partners like The Raptor Group and Seaport Global Securities.

Learn more about Trevally Capital: https://www.trevallycapital.com/

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Timestamps

00:00 Intro

01:33 Post-Tariff Fixed Income Market Update

06:49 Recent Mortgage Market Developments

10:45 Ginnie Mae Mortgages

12:04 Not Calling For Another Mortgage Crisis

13:42 Nobody Can Afford Refinancing

17:24 Trump Admin and Fannie & Freddie

21:08 Factors Affecting Mortgage Prepayments

28:27 Day one Institutional Quality

34:53 Prepayments Part II

39:04 Importance of Seed Investors like Raptor & Seaport Global

42:07 Hedge Fund Seed Investing is Venture Capital

43:55 Peers & Competitors in the Mortgage Market

49:36 Physics & Cincinnati Connection

Libby Cantrill, Managing Director and Head of Public Policy at PIMCO, joins Monetary Matters to explain her outlook on U.S. trade and tax policy. Cantrill argues that while Trump administration has flexibility in tariff negotiations and that the China tariffs are likely headed much lower (a prediction that already looks like it will come true), tariffs are not going away anytime soon and she views the 10% tariffs on the world as a floor, with reciprocal tariffs on top of that floor especially on China being elevated. Cantrill also shares her views on sectoral tariffs, the rumored “Mar-a-Lago Accord” (she doesn’t think it has traction), and tax cuts. Recorded the afternoon of April 22, 2025.

Follow Libby Cantrill on LinkedIn https://www.linkedin.com/in/libby-cantrill-cfa-17162513b/

Most recent piece, “Overall U.S. Tariff Level Still High Despite Exemptions”:

https://www.pimco.com/us/en/insights/overall-us-tariff-level-still-high-despite-exemptions

Cantrill’s profile on PIMCO: https://www.pimco.com/us/en/experts/libby-cantrill

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To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: https://www.vaneck.com/OUNZProspectus

Learn more: https://www.vaneck.com/OUNZJack/overview/

What happens to Private Credit in a slowdown? Are fears of tariffs overblown? Danny Moses of “The Big Short” renown joins Monetary Matters to share his views on these important issues and more. Recorded April 17 2025.

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Danny Moses’ podcast, On The Tape: https://open.spotify.com/show/1Bawg52xr2HpGeN36npyua

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Freya Beamish, Chief Economist at TS Lombard, joins Jack to argue why American tariff policy is accelerating a transition to a multi-polar international monetary order. She estimates that U.S. and China will reach a deal lowering tariffs to ~30% levels and shares her views on bonds and gold. Recorded on April 14, 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://mi2partners.com/macrocapture-landing-page/

Julian Brigden Co-Founder of MI2 Partners joins Monetary Matters to discuss why the dramatic shift in US trade policy is making non-US investors dump US assets and bring home the profits from a historic bull run in US assets. He also explains why this repatriation of profits coupled with an eventual slowdown in the flow of dollars driven by tariff policy itself spells a weaker dollar and trouble for US financial markets, even if it does result in American reindustrialization. Recorded April 15, 2025.

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Timestamps:

00:00 Intro

01:53 The Whole World is Overweight the US

09:55 Tariffs Slow the Dollar Flow

17:54 Selling US Assets is Prudent for Foreign Investors

26:42 Who Wins in the US Domestic Economy?

29:56 MacroCapture

34:58 Tariffs Have Been a Carpet-bomb Approach

44:06 Tariffs = Stagflation

49:43 Tariff Effects on China and Europe

54:04 Are Risks Greater in the US?

01:00:13 Will Foreign Markets Outperform on US Weakness or Their Strength?

01:04:32 Bond Market Outlook

01:10:24 Gold Outlook

01:12:50 Reading the Tape to Detect Market Participants

01:18:16 Where is the Trump Put?

01:22:21 America’s Liz Truss Moment

01:25:59 Credit Trades and HYG

Måns Levin, CEO and co-founder of Ridge Capital, joins Other People’s Money, to discuss why they believe the Nordic high yield credit market provides unique opportunities for double-digit returns and insolation from tariff and trade war risks. Levin discusses the exceptional start Ridge Capital has had, both in terms of performance and asset raising, the specific features and composition of the Nordic high yield market that they find most attractive, and the flexibility in strategies required to take full advantage of the opportunities they see.

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#credit #creditmarket #fixedincome #bonds #nordic #sweden #norway #denmark #finland #stocks #economics #economy #stockmarket #investing #hedgefunds #trading #wallstreet #ridgecapital #finance

To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: vaneck.com/OUNZProspectus

Learn more: vaneck.com/OUNZJack

Lyn Alden of Lyn Alden Investment Strategy explains the connection between the capital and financial imbalances the U.S. has with the rest of the world and its trade imbalances which are under so much scrutiny by the current U.S. administration. Alden argues that turbulence in markets, particularly U.S. assets, could continue, and warns listeners not to be exposed beyond their risk limits at a juncture that could be a historic time for markets and the global economy. Recorded April 10, 2025.

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Lyn Alden’s book, “Broken Money”: https://www.amazon.com/Broken-Money-Financial-System-Failing/dp/B0CG8985FR

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____

The material must be preceded or accompanied by a prospectus. Before investing you

should carefully consider the VanEck Merk Gold ETF’s (“OUNZ” or the “Trust”)

investment objectives, risks, charges and expenses.

An investment in the VanEck Merk Gold ETF (“OUNZ” or the “Trust”) is subject to

significant risk and may not be suitable for all investors. OUNZ is not an investment

company registered under the Investment Company Act of 1940 (the “1940 Act”) and

therefore is not subject to the same protections as mutual funds or ETFs registered

under the 1940 Act.

The request for redemption of shares for gold is subject to a number of risks

including but not limited to the potential for the price of gold to decline during

the time between the submission of the request and delivery. Delivery may

take a considerable amount of time depending on your location.

The Sponsor for the Trust is Merk Investments, LLC. The Marketing Agent for

the Trust is Van Eck Securities Corporation.

© Merk Investments LLC

© Van Eck Associates Corporation

Wayne Himelsein, CIO and founder of Logic Capital Advisors, joins Other People’s Money, to discuss how his hedge fund is built to profit when volatility spikes in moments just like this. Everybody wants to carry crash protection but if implemented improperly the cost of carrying hedges can bleed you dry. Finding innovative ways to solve this problem is what drives Himelsein and Logica forward and in this discussion he discusses their approach to maintaining at the money long volatility exposure without relying on spread trades to fund tail hedges.

This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm

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Charles Gasparino, Fox Business Senior Correspondent, give color into the protectionist and moderate factions in the White House, and explains why he thinks that, President Trump is likely to reach a deal with major trading partners. Recorded April 8, 2025.

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Tian Yang, CEO and head of research at Variant Perception, explains his view on a variety of assets on time horizons of tactical, cyclical, and structural duration. Recorded April 7, 2025.

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

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