“This Is A Frothy Bubble” | Rob Arnott on Excessive Valuations, AI, and Reinventing Cap-Weighted Indexing
This episode of Monetary Matters is brought to you by VanEck.
Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack
Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack
Rob Arnott, founder and chairman of the board of Research Affiliates, joins Jack today for an in-depth conversation on AI, bubbles, asset allocation, weighting in index funds, and other topics. The record heights of today’s markets brought on from excitement in the AI industry remind many of the dotcom bubble, which Rob examines using his decades of experience in the finance industry. With how fast everything moves in these turbulent times, this is one episode a dedicated observers cannot miss. Recorded on September 5th, 2025.
Research Papers discussed:“RACWI: Reinventing Cap-Weighted Indexing”: https://www.researchaffiliates.com/publications/articles/1095-racwi-reinventing-cap-weighted-indexing
“The AI Boom vs. the Dot-Com Bubble: Have We Seen This Movie Before?”: https://www.researchaffiliates.com/publications/articles/1038-ai-boom-dot-com-bubble-seen-this-before
Follow Jack Farley on Twitter https://x.com/JackFarley96
Follow Monetary Matters on:
Apple Podcast https://rb.gy/s5qfyh
Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez
--------
1:31:05
--------
1:31:05
Why 900,000+ Jobs Just Got Penciled In To Disappear | Anna Wong & Danielle DiMartino Booth on -911k Non-farm Payroll Revision, Unemployment Rate, and Immigration’s Impact on Labor Market
Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe
Jack welcomes QI Research’s Danielle DiMartino Booth and Bloomberg Economics’ Chief U.S. Economist Anna Wong to interpret the Bureau of Labor Statistics’ (BLS) recent preliminary 911,000 downward revision to non-farm payrolls. Recorded September 11, 2025.
Follow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth
Follow Anna Wong on Twitter https://x.com/AnnaEconomist
Follow Bloomberg Economics on Twitter https://x.com/economics
Follow Jack Farley on Twitter https://x.com/JackFarley96
Follow Monetary Matters on:
Apple Podcast https://rb.gy/s5qfyh
Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez
--------
1:08:56
--------
1:08:56
Why Bonds Still Suck | Aahan Menon of Prometheus Macro on Immigration’s Impact on Lower Job Numbers, Technology CapEx, Business Expansion, Manufacturing Green Shoots, and More
This episode of Monetary Matters is brought to you by VanEck.
Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack
Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack
Take the Monetary Matters poll:
https://docs.google.com/forms/d/e/1FAIpQLSdhu6Ez_R0jcLiz75kDNEPe_KzhNefYAT-Jvj1cm-3xVwQ4Zg/viewform?usp=sharing&ouid=113485899782770300642
Aahan Menon of Prometheus Macro returns to Monetary Matters to explain why he still thinks bonds offer a poor risk/reward relative to stocks. He argues that job market weakness is the result of reduced immigration, in other words, weak supply of labor rather than weak demand for labor. Recorded on September 4, 2025.
Follow Aahan Menon on X https://x.com/AahanPrometheus
Follow Prometheus Macro on X https://x.com/prometheusmacro
Follow Jack Farley on X https://x.com/JackFarley96
Follow Monetary Matters on:
Apple Podcast https://rb.gy/s5qfyh
Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez
--------
1:18:00
--------
1:18:00
Concentrated Investing in Small Caps at the Intersection of Change, Crisis, & Controversy | Stoic Point Capital Management
This episode is brought to you by Fundamental Edge. Learn more about their new AI Academy for buyside professionals: https://www.fundamentedge.com/ai-academy
Raj Shah and Cullen Rose of Stoic Point Capital Management join OPM for a specials double episode. In the first half we explore their view that we may be in for a repeat of the 2020 to 2021 new issuance cycle and how some of their favorite opportunities are still orphaned securities from that last cycle. They explain why small caps undergoing change events like new issuance or that are misunderstood due to crisis & controversy are their favorite as concentrated small cap investors.
Make sure to check out the OPM classic episode we recorded with Stoic Point Capital Management over on the main Other People's Money podcast feed.
Follow Stoic Point Capital Management on X: https://x.com/stoic_point
Follow Max on X: https://x.com/maxwiethe
Follow Other People’s Money on:
Apple Podcast https://bit.ly/4e7QJ1M
Spotify https://bit.ly/3Yhaazi
YouTube https://bit.ly/3C63VXR
X https://x.com/opmpod
--------
51:44
--------
51:44
The Era of AI Semiconductor CapEx | Angus Shillington & Nick Frasse (Fireside Chat)
This episode of Monetary Matters is a Sponsored Fireside Chat brought to you by VanEck.
Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack
Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack
The AI revolution has spurred a growth in capital expenditure on semiconductors the scale of which the world has never seen before. Today Jack explores this phenomenon in a sponsored Fireside Chat with VanEck’s Angus Shillington and Nick Frasse. Shillington, lead semiconductor analyst and deputy portfolio manager, argues CapEx on semiconductors is increasing so much because cloud computing hyperscalers are unable to keep up with demand, and they feel pressure from their competitors. In addition, the expenditure is being spent by the most profitable companies on earth such as Microsoft and Alphabet (Google). Frasse, a product manager covering thematic suite of ETFs, including $SMH and $SMHX, makes the case that AI is more akin to the industrial revolution than it is to the internet.
The trio discuss why and how the VanEck Semiconductor ETF ($SMH) has outperformed a competitor (letting the winners win), and the newer VanEck Fabless Semiconductor ETF ($SMHX) which gives exposure to fabless semi companies that are powering the AI revolution.
Follow VanEck on X https://x.com/vaneck_us
Follow Angus Shillington on X https://x.com/angusshillingto
Follow Nick Frasse on X https://x.com/NickFrasse
Follow Jack Farley on X https://x.com/JackFarley96
Follow Monetary Matters on:
Apple Podcast https://rb.gy/s5qfyh
Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez
Ireland