Monetary Matters with Jack Farley

If you weren’t in large and often expensive technology stocks you likely struggled as a hedge fund manager in 2024. For small/mid-cap value investors like Kyle Mowery, Portfolio Manager and Founder of Grizzly Rock Capital, who’ve sold their investors a mandate that makes it nearly impossible to go buy the NVIDIAs of the world you can only fall back on communication and the clear expectations you’ve set with your investors. The problems plaguing small cap value managers are not new though, and if you are still practicing what Mowery calls “the old ways,” 2024 was likely not the first tough year you’ve had to explain. Here, Mowery explains how he’s adjusted his strategy over 13 years of existence to adapt to changing market structure, why he thinks of you have skills joining a pod is better than starting your own fund, and things he would do differently if he was setting up Grizzly Rock in 2025. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Max Wiethe on Twitter: https://x.com/maxwiethe Find more on Grizzly Rock Capital here: https://www.grizzlyrockcapital.com/

Steve Hou, Researcher at Bloomberg Indices, joins Monetary Matters to share his work on Treasury Issuance patterns and equity index construction. Hou explains that “the supply effect” (i.e. the degree to which issuance of long-term bonds rises bond yields is related to stock/bond correlation). He shares several findings from his work on indices related to pricing power, research and development (R&D), and other factors, and at the end he offers his macro views on bond yields and the increasingly concentrated stock market. Recorded on January 7, 2025. __ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez __ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Steve Hou on Twitter https://x.com/stevehouf Follow Bloomberg on Twitter https://x.com/Bloomberg Follow Bloomberg Terminal on Twitter https://x.com/TheTerminal __ Chapter 1 of Steve’s dissertation (“When is the supply effect large in the government bond market?”): https://finance.unibocconi.eu/sites/default/files/files/media/attachments/SteveHou_JMP20180115111812.pdf Steve’s work on the innovation factor (R&D): https://t.co/VSSpiUExWL Steve’s work on pricing power: https://www.bloomberg.com/professional/insights/financial-services/cracking-the-code-of-pricing-power/ Work on Analyst ratings upgrades: https://www.bloomberg.com/professional/insights/trading/analyst-ratings-improvers-a-bet-on-turnaround-companies/

Jack Farley and Max Wiethe of the Monetary Matters network break down the sell-off in stocks after a strong December jobs report and hot inflation expectations reading surprises markets. Recorded afternoon of January 10. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Other People’s Money on:  Apple Podcast https://bit.ly/4e7QJ1M  Spotify https://bit.ly/3Yhaazi  YouTube https://bit.ly/3C63VXR  Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Philadelphia Fed work on early : https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/economic-insights/2022/q3-q4/eiq3q422_rs-measuring-state-employment.pdf https://www.philadelphiafed.org/surveys-and-data/regional-economic-analysis/early-benchmark-revisions Bloomberg Opinion piece on Equity Risk Premia: https://www.bloomberg.com/opinion/articles/2025-01-10/who-s-afraid-of-rising-treasury-yields-not-stocks?srnd=opinion

Mel Mattison, investor, monetary theorist, and former fintech executive, joins Monetary Matters to share how he’s thinking about the next few years for the financial system. Stunned that Mel’s “6,000 by year-end 2024” prediction actually happened, Jack asks Mel why he now expects a violent correction in early 2025 while at the same time extending his S&P 500 forecast to the stunningly high 15,000 level by the end of 2028. They also discuss Bretton Woods 2.0, incoming Treasury Secretary Scott Bessent, potential revaluation of gold, and several advanced monetary topics. Recorded December 30, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Mel Mattison on Twitter https://x.com/MelMattison1 Mel Mattison’s website https://www.melmattison.com/ Mel Mattison’s book “Quoz”: https://www.melmattison.com/quoz