Other People's Money with Max Wiethe

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Hosts Jack Farley and Max Wiethe are joined by Moez Kassam, the Chief Investment Officer of Anson Funds. Moez breaks down his strategy for generating alpha by acting as a contrarian and fading the crowd during times of rampant market speculation.



In this episode, we cover:

• The SpaceX IPO Rumors: Moez discusses the potential mechanics of the largest expected IPO in history and the rumors of early investor unlocks. He also details the "Day 9" trading strategy surrounding Nasdaq index inclusion.

• The Massive Cannabis Opportunity: Learn why Anson Funds believes the U.S. cannabis sector could see a 400% move in a few years. Moez breaks down the DEA's descheduling process and the elimination of the restrictive 280E tax code.

• Software and Activism: Why the indiscriminate selling of software stocks has created a massive opportunity for free cash flow investors and activist campaigns.

• Navigating Emerging Tech: A candid assessment of AI, Space, and Quantum technologies. Moez explains why Quantum is facing a massive discount rate and why investors should be wary of the "me-too" space stocks.

• Crypto & Private Credit: Insights from the recent Trump Crypto Conference and why the extreme negative sentiment around private credit makes its 10-15% yields highly attractive.

Follow Moez Kassam on Instagram: @munchingmoez

Follow Moez Kassam on X: https://x.com/MunchingMoez

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

Timestamps:

00:00 Intro

02:10 SpaceX IPO Setup

05:49 Index Inclusion Trade

07:21 S-1 Filing Reality Check

08:32 Elon Rolls Up Businesses

12:12 Shorting Space Me Toos

13:35 AI, Space, Quantum Hype

16:18 Software Selloff and Activism

18:42 Cannabis Contrarian Bet

21:44 Descheduling Mechanics

24:30 AI & Semis: Crowded Trade?

26:10 Crypto Mood Shift

29:29 Media Activism Plays

31:16 Software Cash Flow vs Hype

34:49 Measuring Market Sentiment

37:51 Bitcoin Crowd Psychology

40:06 Shipping and Energy Contrarian

41:16 Canada: Gold & Oil Pulse

43:35 Process Over Predictions

45:50 Private Credit Negativity

46:34 Outro

This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners

Kieran Cavanna, the founder and CIO of Old Farm Partners and former head of external managers at Soros Fund Management joins Other People’s Money to break down his high-conviction approach to thematic investing, explaining why "making the main thing the main thing" is the secret to capturing outsized returns in the public markets. From his time working under legendary macro investor Scott Bessent to his current focus at Old Farm Partners, Kieran shares how he identifies "asymmetric" opportunities where the upside is massive and the downside is protected. If you've ever wondered how the world’s most sophisticated allocators source managers and structure co-investments to beat the market, this is an interview you can't miss.

Listen to the Thematic Investors Podcast: https://www.youtube.com/playlist?list=PLTSvmgAOiFVttgxmUaO4hSgMxutOwyS9T

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

Timestamps:

00:00 Intro

01:17 Soros External Managers

03:36 What Makes Great Managers

07:01 Spotting Skill Vs Luck

08:47 Risk Management

12:37 Geography and Benchmarks

15:21 Style Drift and Communication

18:57 Fees and Multi Strat Debate

22:30 Spinouts and Independence

26:47 Co-Investing in Public Markets

30:06 Allocator Base and Drawdown Focus

31:12 Family Office Allocators

32:13 Private Credit Shift

36:57 Big Launches Small Wins

38:40 AI CapEx Main Event

41:26 Defense Tech Next Theme

42:44 Asymmetry Not Binary

44:51 Cross Sector Blind Spots

49:51 Crowded Trades Unwind

52:58 Macro Themes Bottom Up

57:37 Risks and Hedging

59:42 Thematic Investors Podcast

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

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

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

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

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

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod

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