Monetary Matters with Jack Farley

In this episode, veteran investor and macro strategist Erik from the Erik YWR Substack breaks down his bold bull thesis projecting the S&P 500 to hit 10,000 by the end of 2027. Drawing on his past investing experience in Africa, Erik introduces "Project Zimbabwe," explaining why higher inflationary eras trigger an "upward crash" where nominal assets like stocks and real estate surge even when the broader economy feels sluggish. He challenges today’s market bears by comparing the current AI and semiconductor boom to the 1999 dot-com era, arguing that accelerating earnings growth and revolutionary technology could justify significantly higher market multiples.  Beyond the tech trade, Erik highlights massive opportunities in European and Japanese banks transitioning back to a "risk-on" posture, alongside financial exchanges like CME and ICE that stand to thrive on rising market speculation. He also candidly addresses his toughest underperforming trades in Hong Kong and Chinese tech, differentiating between mainland China's robust hardware plays and Hong Kong's heavily disrupted e-commerce software sector. Ultimately, Erik warns that the greatest long-term risk for investors isn't a temporary 20% market correction, but the wealth erosion of sitting on the sidelines while the cost of living skyrockets around them. Recorded June 29, 2026.

Follow Erik YWR on X https://x.com/erik_ywr?lang=en

Follow Jack Farley on X https://x.com/jackfarley96

Erik YWR’s Substack https://www.ywr.world/

Pieces Discussed In Interview:

“YWR: S&P $10,000 Update,” June 16, 2026:https://www.ywr.world/p/ywr-s-and-p-10000-update

“YWR: Global Factor Model,” June 27, 2026: https://www.ywr.world/p/ywr-global-factor-model-9b9

“YWR: Friday Money Maker(s),” June 19, 2026 (on ICE CME and Exchanges): 

https://www.ywr.world/p/ywr-friday-money-makers

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Leading IPO researcher Jay Ritter, widely known as "Mr. IPO" and the director of the IPO Initiative at the University of Florida's Warrington College of Business breaks down the historic 2026 public market landscape. Ritter analyzes the unprecedented potential for a wave of mega-IPOs from tech giants like SpaceX, OpenAI, and Anthropic. He dives into the realities of staggering price-to-sales ratios, warning that while AI offers immense technological promise, eye-watering trillion-dollar valuations leave very little room for error. Ritter also cuts through the hype surrounding retail access to venture capital and private equity, explaining why extra layers of middlemen, "volatility washing," and an evaporating illiquidity premium mean average investors aren't actually missing out on a free lunch.

Professor Ritter’s IPO Data: https://site.warrington.ufl.edu/ritter/ipo-data/

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Timestamps:

00:00 Intro

00:58 Meet Mr IPO

01:40 2026 is Unprecedented

02:52 Do IPOs Signal Tops

04:27 How IPO Pricing Works

05:57 SpaceX Valuation Risks

09:26 TAM Hype and Cursor

13:27 2026 Versus Past Waves

16:17 Must Own AI Exposure

19:46 Regulation and Unintended Effects

27:29 Geopolitics and Dual Use

29:10 Will IPO Volume Boom?

32:40 VC/PE = No Free Lunch

35:36 Retail Access Fee Stacking

39:14 Volatility Washing and Perps

49:09 Sentiment and Final Takeaways

Liaquat Ahamed, legendary financial historian and author, joins Jack to discuss his latest book, "1873: The Rothschilds, the First Great Depression, and the Making of the Modern World.” Ahamed unpacks the 1873 financial crisis, explaining how Germany's abrupt move from silver to gold during a market panic triggered a massive global scramble for precious metals and severe deflation. He details the preceding infrastructure boom driven by the Rothschilds' bond market expansion, which eventually collapsed due to excessive railroad construction and the infamous Credit Mobilier corruption scandal. Transitioning to modern markets, Ahamed compares the 19th-century railway mania to today's trillion-dollar global AI and data center investment boom. He warns that fierce competition in the AI sector could lead to poor returns and a series of mini boom-bust cycles. While expressing concern over modern speculative bubbles in crypto and loose central bank policies, Ahamed remains hopeful that these technological innovations will spark a significant productivity jump. Recorded June 9, 2026.

“1873”: on Publish Penguin Random House: https://www.penguinrandomhouse.com/books/306461/1873-by-liaquat-ahamed/

“1873”: on Amazon: https://www.amazon.com/1873-Rothschilds-Depression-Making-Modern/dp/1594204179

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In this episode of Other People's Money, host Max Wiethe sits down with Shashank Chiranewala, founder of the new investment platform Plutus, to explore the future of independent research and portfolio management. Shashank explains why his platform is fundamentally different from the copy trading trend, emphasizing the importance of aligning model portfolios with an investor's unique risk-reward needs rather than blindly following a single strategy. They dive into the technical nightmares of executing global, active strategies on your own—like navigating foreign market rules and tracking errors—and how Plutus provides an automated, seamless execution solution for both individual and professional investors. Finally, they discuss why top independent researchers from Substack and FinTwit are choosing to list their portfolios on Plutus rather than launching traditional fund vehicles.

Check out Plutus: https://www.runplutus.com/

Follow Plutus on X: https://x.com/RunPlutus
Follow Shashank on X: https://x.com/sonny_seattle
Follow Max on X: https://x.com/maxwiethe

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Timestamps:
00:00 Intro
01:37 The Broken Options
03:54 From Research to Investing
04:28 Why Not Copy Trading
07:56 SPY and Portfolio Fit
12:25 Building Multi Portfolio Strategies
14:58 Menu vs Tools Debate
20:34 Execution Is the Moat
25:17 Meet the Research Partners
28:18 Who Uses Plutus?
32:04 Creators and Regulation
36:26 Big Vision and Tokenization
38:42 Taxes and Compliance
44:43 How the Platform Works
46:32 Conclusion

Ed Zitron is one of the most prolific skeptic of the AI Boom. Having just reported OpenAI’s 2025 financial loss, he joins Jack to argue that the sheer size of the losses by the large language model (LLM) companies are unsustainable and the operational costs of training and running LLMs far exceeds the revenue customers are willing to pay. Ed also discusses Meta’s confusing AI strategy, the risk (and fall?) of the tokenmaxxing era, and Anthropic’s suspension of Fable 5. Recorded June 19, 2026. 

Pieces discussed in the interview:

“Exclusive: OpenAI Losses Increased Nearly 8X in 2025, With Spending Hitting $34 Billion”:

https://www.wheresyoured.at/exclusive-openai-financials/

“AI Is Slowing Down”: https://www.wheresyoured.at/ai-is-slowing-down/

“AI's Brokenomics”: https://www.wheresyoured.at/brokenomics/

“OpenAI spending hit $34bn last year ahead of planned IPO”: https://www.ft.com/content/e15b0d7e-ff6b-4f16-ba7a-4068feddb828?syn-25a6b1a6=1

Follow Ed Zitron on X https://x.com/edzitron

Follow Jack Farley on X https://x.com/jackfarley96Ed’s newsletter: https://www.wheresyoured.at/

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