Other People's Money with Max Wiethe

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/

In this episode of Other People's Money, Max Wiethe sits down with Militia Capital founder David Orr to discuss the recent unwinding of the massive AI infrastructure and semiconductor trade. Orr explains his contrarian thesis that AI compute is rapidly heading for a massive oversupply because the physical world will take years to catch up with our new abundance of digital intelligence. The conversation explores the deflationary impact AI will have on white-collar jobs, how it threatens the moats of major software companies, and the potential for a societal shift back toward hands-on physical trades. Finally, Orr shares his perspective on the downside protection offered by hyperscalers and how he is managing his fund's net exposure during a volatile market environment.

Read Militia’s new Substack: https://content.militia.com

Follow David on X: https://x.com/orrdavid

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

Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing.

There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns.

ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com

Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.

Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

Timestamps:

00:00 Intro

01:30 AI Trade Unwinds

05:58 CapEx Drives Glut

08:13 Software Correlation

09:42 Hyperscalers Advantage

14:39 Sarmaya LENS ETF

16:59 Antitrust And Search

21:18 Physical Bottlenecks

26:02 Demand Narratives Shift

27:14 White Collar Automation

32:20 The Impact on Skilled Labor

34:25 Software Moats and Deflation

38:31 Back to Physical World

44:53 Social Media Moats Debate

51:45 Market Exposure Wrap Up

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/

Cem Karsan and Noel Smith, co-CIOs of Kai Asset Management, join OPM with Max Wiethe to dissect the volatility compression that is currently masking extreme dispersion across equity markets. Karsan explains why the current is one major catalyst away from a fat-tail Minsky moment, while Smith outlines the exact options strategies they are deploying to navigate the market's structural fragility. The duo also breaks down the macro shift toward populist, demand-side economics, predicting that structural inflation is here to stay and the value factor will crush growth investing in that environment. Finally, they reveal why an impending U.S. Treasury crisis will force the Federal Reserve to deploy massive quantitative easing, effectively bringing state-run intervention to U.S. equities to prevent a market collapse.

Follow Cem on X: https://x.com/jam_croissant

Follow Noel on X: https://x.com/NoelSmith

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

Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing.

There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns.

ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com

Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.

Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

Timestamps:

00:00 Intro

01:21 Post Midterms Volatility Break

04:20 Crash Risk and Fat Tails

09:52 Catalysts and Timing Window

12:30 Skew Explained and Carry Trade

15:14 AI Calls and Rotation Flows

18:09 Sarmaya LENS ETF

19:36 December OPEX Flow Pressure

27:40 Do You Need a Catalyst?

30:12 Index Calm but Violent Sector Rotation

35:58 Populism Will Drive the Value Factor

44:22 Why Rates Stay Higher

48:50 Treasury Crisis and QE

52:38 Partnership and Process

54:15 Options Structures and Catalysts

57:36 Three-Legged Market Stool

01:04:04 Conclusion

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/

Russell Clark, founder of Brumby, joins Other People’s Money to unpack the market fallout from the recent US midterm elections. They explore the systemic shift toward pro-labor policies and wage-driven inflation, which Clark believes will persistently drive bond yields into the pain zone. The conversation also tackles the massive AI data center build-out, with Clark breaking down exactly why betting against this exponential trend remains an incredibly dangerous game for short sellers. Finally, they discuss the shrinking pool of global capital, what it means for private equity and US homebuilders, and why he believes Japan is quietly emerging as the most attractive market for investors.

Read Russell’s Substack: https://www.russell-clark.com/

Follow Russell on X: https://x.com/rampagingruss

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

Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing.

There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns.

ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com

Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.

Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

Timestamps:

00:00 Intro

01:06 Midterms Blue Wave

03:00 Bond Market Fallout

05:17 Data Center Politics

09:08 AI Short Thesis

13:10 Equity Funding Still Flows

17:17 Sarmaya Partners LENS

18:44 Capital Scarcity Rising Yields

23:19 Short Ideas

26:38 Homebuilders

30:23 Fed Hikes And Sticky Inflation

33:11 Buybacks vs. Capex

42:14 Why Japan Looks Different

47:11 Which Trump Policies Persist

50:00 Iran War Politics and Risks

55:29 Conclusion

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/

Vincent Deluard, Director of Global Macro Strategy at StoneX, breaks down why a broader equity bear market may already be underway beneath surface-level index strength. Deluard unpacks the approaching stagflationary squeeze, driven by persistent wage pressures, slowing fiscal subsidies, and a looming political gridlock that strips away both monetary and fiscal safety nets. He outlines a tactical rotation out of equities and into long-term Treasuries over the next six months, capitalizing on year-end liquidity, pension fund rebalancing, and debt ceiling constraints. Finally, the conversation looks abroad to the escalating fiscal spiral in France and the broader structural crisis facing the Eurozone, mapping out why currency devaluation or fragmentation may be inevitable.

Follow Vincent on X: https://x.com/VincentDeluard

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

Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing.

There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns.

ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com

Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.

Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

Timestamps:

00:00 Intro

01:03 Bear Market Call

02:58 Why Treasuries Now

07:12 Secular Inflation View

08:46 AI Bubble and Taxes

11:38 Fiscal Boost to Margins

14:55 Sarmaya LENS ETF

16:22 Fed Stagflation Trap

24:53 Oil Shock Tail Risk

29:24 France Debt Spiral

34:55 Euro Devaluation Fix

40:07 Weak Euro Politics

43:53 Euro Designed for Crisis

48:34 ECB Tightening and Succession

52:33 Brazil Election Shock and Flows

56:12 Brazil Terms of Trade Tailwinds

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/

Ben Inker, Co-Head of Asset Allocation at GMO, joins Other People’s Money to discuss why the IPOs and subsequent shareholder unlocks of SpaceX, Anthropic, and OpenAI will bring an unprecedented amount of equity issuance and pop the AI bobble. Inker explains how this mechanism was responsible for popping tech bubbles in 2000 and 2021 and the mathematical relationship between below average equity returns and equity supply. He also outlines how this equity supply in conjunction with a slowdown in the AI buildout from realizations of an AI overbuild could send the stock market down as much as 50% with even greater pain for the most AI linked companies.

Read GMO’s Q3 2026 Quarterly Letter: https://www.gmo.com/globalassets/articles/quarterly-letter/2026/gmo-quarterly-letter_3q-2026.pdf

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

Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing.

There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns.

ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com

Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.

Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

Timestamps:

00:00 Intro

01:10 AI Bubble Setup

06:12 Equity Supply Matters More

10:44 IPO Wave Math

15:32 Sarmaya LENS ETF

16:59 Dotcom Fiber Parallel

20:32 Finding Non-AI Bets

24:06 Passive Flows and Liquidity

29:40 Credit Risks and Spillovers

37:51 Can Government Backstop AI?

41:48 Credit Stress Check

45:36 Energy Portfolio Benefits

48:13 Value Versus Growth Spreads

50:10 Ex-US AI Winners

54:34 Big Tech Commoditizes Compute

57:00 What If Mega Caps Go Sideways?

01:01:53 Memory: Cyclical Peak Earnings Trap

01:05:09 The Major Crash Scenario

01:10:44 Conclusion