Other People's Money with Max Wiethe

Precious metal and base metal prices have soared as have many mining stocks, but despite this, Freddy Brick, partner at Muddy Waters Capital says that the industry feels closer to left for dead than euphoric. He explains why that setup and the consistency of the mispricing in the sector brought them to launch a fund with the help of mining expert Darren McLean allowing them to take concentrated investments in the assets they think the market is overlooking while running lower net exposure. He also discusses how they think about hedging in the sector, why they take a bottom-up approach to portfolio construction, and how they approach short and long activism in the sector.

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Timestamps:

00:00 Intro

01:28 Approach to Portfolio Construction

07:56 Fraud Report Origin

09:35 Block Models Explained

15:27 Why Juniors Are Distressed

21:19 Finding Mispriced Projects

25:12 Venture Like Investing

28:25 Promoters and Capital Raising

33:43 Sentiment and Cycles

38:28 M&A Wave Ahead

43:27 Trading Vol and Hedging

46:57 Long Activism Approach

50:23 Scaling the Strategy

55:10 When Alpha Shows Up

Max Wiethe sits down with Capelight Partners founder Jeff Keller to dissect the massive Q3 technology sector divergence and the rapidly shifting landscape of AI investments. Keller breaks down why the market is rewarding near-term certainty in the tech sector and why he doesn’t like the "blow-off top" comparison between AI and the ARK implosion of 2021. He also gives his outlook for usage-based software vs. application software and explains the east coast vs west coast divide in assessing hyperscaler capex.

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Timestamps:

00:00 Intro

01:13 Tech Sector Divergence

05:23 Cyber Infra Valuation Risks

08:09 Why Themes Beat Stock Picking

12:01 Valuation and Forecast Limits

17:35 Retail Crowding Warning

20:15 2021Parallels

23:33 Rising Rates and Funding the AI Buildout

27:28 Mag Seven Return Profile Shift

29:43 CapEx is Existential

35:17 Meta Breakdown

39:38 Investor Positioning Themes

41:34 Long Biased Long Short

43:55 What Would Break AI?

46:26 AI Echo Chamber Risk

49:06 Factor Awareness Extremes

51:55 Deleveraging July Playbook

56:58 Year End Watchlist

58:58 Anthropic IPO and SpaceX Effect

01:01:06 Conclusion

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/globalmacro

In this episode of "Other People's Money," host Max Wiethe welcomes back Warren Pies, co-founder of 3Fourteen Research, to unpack why macro risks are suddenly taking control of the stock market. Pies explains his tactical decision to downgrade stocks and commodities to neutral, shifting capital into cash as the market enters a historically weak seasonal window between August 15th and October 15th. The conversation dives deep into the Federal Reserve's true reaction function, the mispriced odds of a September rate hike, and the hidden political pressures driving the committee's choices. Furthermore, they discuss the critical data behind the AI build-out, including H200 GPU availability and the potential impact of major lab IPOs like Anthropic on the broader software sector.

Save $500/year on Caliban AI from 3Fourteen Research: https://www.3fourteenresearch.com/monetary-matters

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Timestamps:

00:00 Intro

01:21 Why Macro Takes Over

03:19 Earnings Season Structure

05:43 Upcoming Macro Catalysts

08:24 Fed Hike Odds Mispriced

10:37 Political Pressure on Fed

15:29 Sponsor Break HFGM

17:45 Coin Flip Meeting Dynamics

19:42 Rates Curve and Term Premium

24:54 How to Position in September

26:53 Tech Breadth and AI Cracks

30:17 Lab ARR Reality Check

34:40 Tech Leadership Needed

38:17 Data Center ROI Debate

40:36 Election and Policy Risk

43:44 AI Issuance Scapegoats

47:35 Energy as Diversifier

51:48 Anthropic IPO Impact

55:01 Software Versus Semis

58:28 Pair Trades and Correlations

01:01:19 Fade Macro Risk Playbook

01:02:55 Conclusion

In this episode of Other People's Money, host Max Wiethe sits down with High Yield Harry to examine the major trends in Wall Street compensation and careers, and why 2026 may be the year of the investment banker. Harry shares data from Buy Side Hub to detail buy-side compensation trends, career mobility bottlenecks, and why private equity professionals are resorting to non-recourse loans while waiting on delayed exits. The conversation breaks down the real threat of AI automation on financial modeling and grunt work, emphasizing why finance professionals must develop real-economy operating skills to survive. They also address the surge in private credit redemptions, retail investor panic, and whether buying small businesses is replacing the traditional mega-fund career path.

Check out Buyside Hub: https://www.buysidehub.com

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Timestamps:

00:00 Intro

00:45 Year of the Banker

03:38 Private Credit Redemptions

07:04 Retail Flows and Gating

10:18 Comp Trends and Hiring

13:17 Career Pyramid Reality

15:13 AI Reshapes Analyst Work

17:16 Big Firms vs Small Shops

20:27 Operators and Real Economy

23:56 Agents and Human Edge

26:39 Who Gets Displaced?

31:46 Rates and Longer Holds

37:42 Software Credit Time Bomb

41:16 Choosing Your Career Track

47:22 Top Jobs and Trading

51:56 Closing Takeaways

54:03 Banking Cycles and Layoffs

57:03 Conclusion

Andy Unanue, Founder and Managing Partner of AUA Private Equity Partners and former COO of Goya Foods breaks down the trillion-dollar opportunity in US food, beverage, and pet wellness family businesses. Andy shares how his experience in a family-run business shaped his firm's strategy of partnering with lower-middle-market, family-run companies across those sectors and explains how AUA unlocks 15% to 30% operational efficiencies. The discussion dives into major consumer trends, including the humanization of pets, the rise of ethnic food markets, and the impact of GLP-1 drugs on snacking habits. Finally, Andy offers actionable advice on navigating generational wealth transfers, building positive workplace cultures, and transitioning family enterprises for long-term success.

Learn more about AUA Private Equity Partners: https://auaequity.com

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Apple Podcast https://bit.ly/4e7QJ1M

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Timestamps:

00:00 Intro

00:51 Goya Roots to PE

02:48 Market Size Focus

04:21 Operational Playbook

07:26 Exit Paths for Families

09:34 PE Exits and Buyers

13:18 Leaving Upside for the Next Buyer

16:17 Macro Trends Tailwinds

21:22 Beverage Bets and Risk

28:29 Authenticity Wins Consumers

31:41 Marketing and Internet Shift

36:10 Deal Sourcing and Moats

39:08 Co-Manufacturing Advantage

41:14 Regional Brands and Add Ons

44:56 Manufacturing Renaissance

53:34 Wealth Transfer and Family Offices

58:58 AUA Future and Wrap Up