Why Beating the Market Isn’t Enough for Investment Managers | Corey Hoffstein
This Other People’s Money episode is brought you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm
Corey Hoffstein, CEO and CIO of Newfound Research and co-founder and PM of Return Stacked ETFs, joins OPM to discuss his journey in the investment management business. He argues that beating the market is a commoditized value proposition and that investment managers need to solve other problems for their clients to attract assets. He also discusses his experience licensing research to other asset managers, his belief that distribution is the key question of success in the asset management business, and how quantitative research and other forms of content like podcasts and social media can help build brand awareness.
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Timestamps
00:00 Intro
00:27 Fiscal AI
01:16 The Difference Between Quant and Systematic Investing
03:18 Can Market Bubbles Be Measured?
05:05 Is Market Timing a Good Bet?
09:31 Evolving Risk Premia and Market Inefficiencies
16:41 Fiscal AI
18:20 Beginnings in Investment Management
23:04 Licensing Indexes to Other Managers
27:35 Providing Education Materials
31:26 Moving Into Asset Management
36:47 Evolving into Current Strategies
40:06 Thinking About the Investment Product Wrapper
43:11 Asset Management vs Investment Management
47:27 Solving Behavioral Finance Problems and Market Problems
51:28 Different Ways of Using Leverage
52:41 Knowing Your Client Base Isn’t Institutional
55:45 Content Creation and Brand Building
59:27 Growing an Audience: What Financial Content Goes Viral?
01:04:27 Dealing with Compliance and Education
01:07:22 How To Read and Interpret Quantitative Research as a Normie
01:12:22 How Is AI Being Used by Quants?
01:15:48 Conclusion
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Is It Enough? Michael Howell on Money Market Turbulence, Standing Repo Facility, and Why Fed Balance Sheet Expansion Is Inevitable
Monetary Matters listeners can get 20% discounted access to an annual subscription of Michael Howell’s Capital Wars here: https://capitalwars.substack.com/MonetaryMatters
With the Federal Reserve announcing the end of Quantitative Tightening (QT) on December 1st, Jack welcomes Michael Howell of GL Indexes and the Capital Wars Substack back to share an update on his measure of Fed liquidity and his outlook for 2026. Howell explains why Fed balance sheet expansion is inevitable. Recorded on November 6, 2025.
Pieces discussed:
“The Return Of ‘Not-QE, QE’ (Part 1),” October 31, 2025: https://capitalwars.substack.com/p/the-return-of-not-qe-qe-part-1
“The Return Of ‘Not-QE, QE’ (Part 2),” November 1, 2025: https://capitalwars.substack.com/p/the-return-of-not-qe-qe-part-2
“Global Liquidity Watch: Weekly Update,” November 4, 2025: https://capitalwars.substack.com/p/global-liquidity-watch-weekly-update-c8e
Also:
“Scrambled Eggs, The Fed’s Latest Policy Directive: ‘FSSF-Off,’” November 9, 2025: https://capitalwars.substack.com/p/scrambled-eggs
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Fed Governor Miran: The Case For Big Rate Cuts | Miran on Deterioration in Labor Market, the Neutral Rate of Interest, and Fed Balance Sheet Policy
Learn more about the VanEck Rare Earth and Strategic Metals ETF: https://vaneck.com/REMXJack
Stephen Miran, member of the Federal Reserve Board of Governors, has dissented in two consecutive Fed FOMC meetings since his joining the Board in September 2025, preferring to cut by 50 basis points (0.50%) instead of 25 basis points (0.25%). Governor Miran joins Monetary Matters today to explain in detail his reasoning for why he thinks considerably lower interest rates are appropriate. Tariffs, fiscal policy, immigration, weakening labor market. Recorded on November 4, 2025.
Governor Miran’s speech on September 22, 2025, “Nonmonetary Forces and Appropriate Monetary Policy”:
https://www.federalreserve.gov/newsevents/speech/miran20250922a.htm
Follow Governor Stephen Miran on Twitter https://x.com/SteveMiran
Full unedited (other than for form) transcript of this interview: https://docs.google.com/document/d/1vaZ8-ArOIdDKnnkeoxp92nMBq52aXxNA/edit?usp=sharing&ouid=113485899782770300642&rtpof=true&sd=true
Note: in Jack’s introduction, he makes an incomplete remark where he says Miran was “appointed by President Trump.” In actuality, Miran was nominated by Trump, and approved by the Senate.
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This Hedge Fund Trying to Become the Top Pod Shop in Crypto is Rethinking the Multi-Manager Hedge Fund Model | Anatoly Crachilov of Nickel Digital
This Other People’s Money 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
Anatoly Crachilov, CEO and Co-Founder of Nickel Digital Asset Management, joins Other People’s Money to discuss why crypto is the perfect asset class for the multi-manager pod shop model. He also explains how Nickel is taking a “West Berlin” approach to partnering with external traders compared to the “East Berlin” approach of many traditional pod shops where non-competes and strict control of IP is the norm. He also discusses why 2025 has been a difficult year for crypto traders, how their team is managing the choppy markets, and how scaled up pods and incubation stage pods managed the extreme volatility in October.
Follow Anatoly Crachilov on LinkedIn: https://www.linkedin.com/in/anatoly-crachilov/
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Timestamps
00:00 Intro
00:38 CAIA.nxt
01:24 Multi-Manager Origin Story
03:12 No Central Book or Alpha Capture
04:32 Expanding Number of Pods
06:15 Technology Enabled Growth
10:09 Onboarding a New Pod
14:38 Benefits of Crypto's Infinite Divisibility
15:58 CAIA.nxt
16:54 Determining the Scalability of Strategies
18:03 Minimum & Maximum Pod Sizes at Scale
18:33 Measuring Risk Adjusted Returns
20:34 Pod Compensation and Fund Level Fees
24:43 Winning the War for Talent
29:29 Pods Can Be Independent Prop Shops and Single Managers
35:03 Demand for Crypto Multi-Manager Funds
39:02 Reducing Risk in Crypto with 3rd Party Settlement & Custodians
46:08 Crypto Still Has Low Liquidity
49:41 The Cost of Poor Trade Execution in Crypto
53:16 Current Environment for Crypto
58:22 Risk Management Adjustments in a Choppy Year
01:02:04 Different Testing Environments for New Pods
01:06:30 What Happens When a Scaled Pod Has a Drawdown?
01:09:35 Conclusion
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More Credit Problems, Mag 7 AI CapEX Continues, and Money Market Stress | Jack & Max
This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm
Jack Farley & Max Wiethe breakdown yet another credit “cockroach” that appears to be more related to fraud than overall market weakness. They also discuss the Mag 7 earnings report and the continued onslaught of AI CapEx spending that many believe has entered bubble territory. Finally, they breakdown this week’s fed decision and why big changes to both the Fed balance sheet and the rate cutting cycle could be coming up soon.
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Timestamps:
00:00 Fiscal AI Intro
00:12 More Credit Problems
11:08 Mag 7 Earnings
16:43 Fiscal AI Mid Roll
19:29 Are CapEx Estimates Still Too Low?
28:07 AI CapEx “Bubble” Winners and Losers
34:11 Mag 7 Becoming Capital Intensive?
43:33 Fed Meeting Breakdown
52:11 Market Impact of December Fed Meeting
57:11 Fiscal AI
Ireland