Other People's Money with Max Wiethe

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs.

Pictet AI Enhanced US Equity ETF (PQUS):

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm

Pictet AI Enhanced International Equity ETF (PQNT):

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm

In this episode of the OPM podcast, Avery and Co. founder Sean Emory explains why he firmly rejects the stagflation narrative and believes the consumer remains in fine shape. Emory argues that despite the psychological impact of higher gas prices, strong tax refunds and a stable housing market are continuing to support consistent consumer spending. He breaks down how this stable macroeconomic view aligns with his fundamental investment approach, detailing high-conviction bets on consumer-oriented companies like Clear Secure and First Watch. The conversation also explores how Emory leverages these macro insights alongside bottom-up analysis to identify long-term value in technology platforms such as Block, Zoom, and Omnicell.

Listen to Avory’s Podcast here: https://www.avory.xyz/insidescooppodcast

Follow Sean Emory on X: https://x.com/_SeanDavid

Follow Max on X: https://x.com/maxwiethe

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

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Timestamps:

00:00 Intro

01:26 Avery Investing Style

02:56 Oil Shock Consumer Check

06:27 Housing Inflation Outlook

10:37 K Shaped Economy

13:50 AI, Employment, and Flows

18:06 Pictet AI-Enhanced Equity ETFs

19:41 Using AI for Investment Research

28:12 How AI is Making Trading More Short Term

31:09 Block ($XYZ) Investment Thesis

36:26 Zoom ($ZM) Investment Thesis

43:35 Defining Small Caps

45:57 Omnicell ($OMCL) Investment Thesis

53:42 Zillow ($Z) and Airbnb ($ABNB) Investment Thesis

54:58 Zillow Flywheel Explained

01:02:02 Housing Catalysts

01:04:30 Waiting Out AI Valuations

01:07:31 SpaceX IPO Speculation

01:09:31 Outro

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs.

Pictet AI Enhanced US Equity ETF (PQUS):

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm

Pictet AI Enhanced International Equity ETF (PQNT):

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm

Max Wiethe sits down with Ben Topor, founder of Titan Capital Partners and author of Decoding the Software Landscape, to unpack the seismic shifts happening in the tech investment world. Topor explains how AI is commoditizing the software application layer and shares why the recent correction in software valuations makes this a prime time to invest. The conversation also delves into the booming secondary market, the structural differences between US and Israeli tech hubs, and how startups can build unbreachable AI-proof moats through distribution and proprietary data. Finally, Topor reveals the strategic tactics founders use to outmaneuver tech giants by moving in silence and misdirecting competitors.

Follow Ben Topor: https://x.com/ben_topor

Follow Max on X: https://x.com/maxwiethe

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

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Timestamps:

00:00 Intro

02:10 Mapping the Software Landscape

03:45 What AI Changes in Software

09:13 AI Led M&A Wave

13:36 Valuations and Timing

15:34 Secondaries Liquidity Thesis

17:33 Pictet AI-Enhanced Equity ETFs

19:08 How Titan Buys Secondaries

21:07 Why Companies Stay Private

23:00 Finding Category Leaders

26:47 Reading Financial Symptoms

28:37 Mispriced Gems or Turnarounds?

31:25 Exit Paths Today

35:17 Investing in Israel

38:16 Cybersecurity Edge

41:08 Too Much Capital

43:38 AI Proof Moats

45:17 What Counts as Data

46:40 Private Credit Risks

50:36 Down Rounds Reframed

53:51 Titan’s Value Add

57:18 Competitive Maneuvering

01:02:37 Conclusion

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):  

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm

Pictet AI Enhanced International Equity ETF (PQNT): 

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm

Emerging market outperformance is turning investors’ heads and in this episode of Other People’s Money, Robert Koenigsberger, CIO and founder of multi-billion dollar EM alternative asset manager Gramercy, explains why the macro environment has emerging markets looking more developed than some developed markets, particularly in how swiftly their central banks acted to combat inflation. He also explains how passive index investing can do damage to an emerging market portfolio and why the typical EM approach focusing on exposure is all wrong. Koenigsberger also dives into the structural advantages of emerging market private credit over its developed market counterparts, emphasizing the importance of local networks, senior secured collateral, and having a positive influence on corporate governance.

Follow Robert Koenigsberger on X: https://x.com/GramercyRK

Follow Max on X: https://x.com/maxwiethe

Follow Other People’s Money on:

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

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Timestamps:

00:00 Intro

00:36 Pictet AI ETFs

01:54 How EM Investing Evolved

02:48 Why EMs Outperformed

04:08 Debt vs Equity Returns

06:09 Policy Convergence EM vs. DM

08:33 Diversifying Beyond Dollar

11:30 EM Private Credit

14:57 Pictet AI ETFs

16:32 Why Borrowers Choose Private

21:06 Defining EM Alpha

25:23 Index Construction Pitfalls

28:57 True Distress and Asymmetry

33:14 China Property Deep Value

35:15 Picking Winners at Five Cents

38:33 Sovereign Timing Checklist

40:07 Sanctions and “Uninvestibility”

43:37 Structuring Downside Control

44:58 Creditor Groups Collaboration

48:55 Restructuring Deal Template

50:23 Warrants Windfalls Risks

53:19 Governance in Private Credit

59:02 Underwriting People Networks

01:02:43 Hedging Without Shorting

01:05:49 Allocator Case for EM Credit

01:08:40 Liquidity Myths and Cycles

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):  

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm

Pictet AI Enhanced International Equity ETF (PQNT): 

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm

Join Max Wiethe on "Other People's Money" as he sits down with world-renowned performance coach Dr. Gio Valiante. Dr. Valiante has spent decades coaching elite performers, from PGA Tour champions like Jordan Spieth to legendary portfolio managers at Point 72 and Citadel. In this deep-dive podcast, Dr. Valiante pulls back the curtain on the psychology of the world’s most successful investors. He explains that top traders operate with the discipline and optimization of elite athletes—"investor athletes"—who must manage fear, detach from ego, and master their environment.

Follow Dr. Gio: https://x.com/GioValiante

Follow Max on X: https://x.com/maxwiethe

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

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Timestamps:

00:00 Intro

00:42 Pictet ETFs

00:55 Why Pods Took Over

03:04 Culture and Incentives Matter

05:19 Fear in Trading Explained

08:53 Embarrassment and Risk Aversion

12:03 Playing to Win vs Not Lose

13:21 Elite Funds Audit Process

14:34 Regret and Missed Trades

19:21 Pictet AI ETFs

20:56 Detaching from Short Term PnL

22:21 Weekends Recovery for PMs

24:15 Handling Weekend News Cycles

28:41 Regulation Favors Big Platforms

32:30 Spinoffs Vs Bootstrapping

33:29 Bootstrapped Edge

34:33 Leaving Pod Shop Reality

36:05 Situated Cognition Explained

37:55 Culture Sparks Ideas

39:43 Mandates and Opportunity Cost

41:17 Ego Identity and Seat

45:04 Capital Cycles Perspective

48:46 Entitlement Versus Humility

54:39 Performance Hierarchy

57:57 Why Hedge Funds Matter

01:00:18 Masters Picks and Wrap

01:01:54 Pictet AI ETFs

Learn more about Teucrium’s CORN ETF (CORN) here: https://teucrium.com/corn

Nadia Martin Wiggen, Director at Svelland Capital joins Other People’s Money for a timely update on energy and shipping markets in light of the “5-day pause” Truth Social post that sent equity markets ripping higher and oil prices dipping lower. She explains why Svelland Capital believes May is the real timeline for controlling the Strait, how refining margins and refined product hoarding create a persistent bid for oil and gas, and how global energy supply chains have shifted with many ships sailing well outside of typical trade routes in their quest for alternative sources of oil. She also touches on how a protracted crisis would harm Asia, Australia, and emerging markets the most.

Svelland Capital: https://www.svelland.com/

Follow Max on X: https://x.com/maxwiethe

Follow Other People’s Money on:

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

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This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today. Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs CORN Fund Page & Prospectus: www.teucrium.com/corn

This material must be preceded or accompanied by a prospectus. The prospectus is available at https://teucrium.com/corn. Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and instruments whose underlying investments include commodities and futures are not suitable for all investors. Past performance does not guarantee future results. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds, which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading, LLC is the Sponsor for CORN, CANE, SOYB, and WEAT. PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with Teucrium Investment Advisors, LLC and Teucrium Trading, LLC.

Timestamps:

00:00 Intro

00:46 Reaction to Trump Announcement and State of the Strait

01:57 Strait Reality Check

05:53 Oil Flows and Bottlenecks

09:32 Asia Scrambles for Supply

12:55 China Refined Export Ban

14:01 Demand Destruction Thresholds

15:05 Military Path to Reopen

17:09 CORN Mid Roll

18:46 New Oil Price Floor

21:28 Broader Market Repricing

25:06 Shipping Rates and Europe Pull

27:33 Export Bans and Hoarding Spiral

30:11 US Refining Edge and Australia

34:37 LNG Shortfall and Europe Risk

41:00 Long Term Diversification

41:33 Trading Signals and Logistics

45:16 Most Vulnerable Products