Other People's Money with Max Wiethe

Moritz Seibert and Moritz Heiden of Takahe Capital dive deep into the mechanics of high-octane trend-following strategies and unpack why they target 25-30% annualized volatility, bucking the institutional trend of lower volatility to capture massive outlier trades like the recent cocoa and gold runs. They explore the heated debate between dynamic position sizing and classic approaches, revealing why letting winners run is crucial for massive returns. The conversation also touches on the emerging world of perpetual futures on decentralized platforms and why keeping trading models simple often beats complex fundamental analysis.

Follow Moritz Seibert on X: https://x.com/moritzseibert

Follow Moritz Heiden on X: https://x.com/moritzheiden

Follow Takahe Capital on X: https://x.com/TakaheCapital

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

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X https://x.com/opmpod

Timestamps:

00:00 Intro

01:14 Do You Need Big Trends

03:21 Smooth vs Choppy Trends

05:00 Oil Curve Positioning

07:43 Model Design Not Discretion

09:24 Why Trend Funds Differ

16:02 Classic Trend Playbooks

19:04 Sizing Beats Entry

25:01 Perpetual Futures Reality

32:41 High Octane Philosophy

35:22 Letting Winners Get Huge

39:04 Why Trends End Late

41:55 Price Only vs Fundamentals

46:28 What’s Trending Now

49:57 Spreads Underperforming

52:37 When Signals Die

57:49 Simple Robust Parameters

01:00:59 Design Without Optimization

01:05:43 Diversification and Investors

01:09:32 Uniqueness and Market Mix

01:14:21 Who Buys High Vol

01:15:54 Conclusion

Sean McGould, CEO and CIO of $19 billion hedge fund manager The Lighthouse Group, joins OPM to discuss navigating today's bull market by targeting diverse sources of global alpha. The conversation focuses on Japan as a new source of alpha, spurred by the country's historic corporate governance reforms, the unwinding of cross-shareholdings, and the new NISA guidelines driving unprecedented retail investment. Additionally, McGould breaks down how the AI capital expenditure arms race is shaping global equity issuance and explains why the multi-manager "pod shop" model is the true modern successor to Wall Street's legacy proprietary trading desks.

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

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

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X https://x.com/opmpod

Timestamps:

00:00 Japan Market Shift

01:29 Lighthouse Group

04:53 Why Hedge in Bull Runs?

10:43 Equity Issuance Signals

13:33 Capex Versus Meme Raises

16:27 AI Inside Lighthouse

18:20 Specialists vs. Generalists

19:42 AI Fuels Asia Outperformance

21:18 Japan Reforms and Nikkei

24:43 Korea Value Up Program

27:44 Fixing Incentive Imbalances

32:34 Sector Pair Trades Explained

33:56 Factor Neutrality Pitfalls

34:44 AI and Narrative Factors

41:54 Why Liquidity Means Capacity

44:34 Hidden Alpha in Regulation

50:30 Hedging Regulatory Unknowns

53:50 Peak Pod Shop Debate

57:40 Diversification and Market Liquidity

Leading IPO researcher Jay Ritter, widely known as "Mr. IPO" and the director of the IPO Initiative at the University of Florida's Warrington College of Business breaks down the historic 2026 public market landscape. Ritter analyzes the unprecedented potential for a wave of mega-IPOs from tech giants like SpaceX, OpenAI, and Anthropic. He dives into the realities of staggering price-to-sales ratios, warning that while AI offers immense technological promise, eye-watering trillion-dollar valuations leave very little room for error. Ritter also cuts through the hype surrounding retail access to venture capital and private equity, explaining why extra layers of middlemen, "volatility washing," and an evaporating illiquidity premium mean average investors aren't actually missing out on a free lunch.

Professor Ritter’s IPO Data: https://site.warrington.ufl.edu/ritter/ipo-data/

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

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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

00:58 Meet Mr IPO

01:40 2026 is Unprecedented

02:52 Do IPOs Signal Tops

04:27 How IPO Pricing Works

05:57 SpaceX Valuation Risks

09:26 TAM Hype and Cursor

13:27 2026 Versus Past Waves

16:17 Must Own AI Exposure

19:46 Regulation and Unintended Effects

27:29 Geopolitics and Dual Use

29:10 Will IPO Volume Boom?

32:40 VC/PE = No Free Lunch

35:36 Retail Access Fee Stacking

39:14 Volatility Washing and Perps

49:09 Sentiment and Final Takeaways

In this episode of Other People's Money, host Max Wiethe sits down with Shashank Chiranewala, founder of the new investment platform Plutus, to explore the future of independent research and portfolio management. Shashank explains why his platform is fundamentally different from the copy trading trend, emphasizing the importance of aligning model portfolios with an investor's unique risk-reward needs rather than blindly following a single strategy. They dive into the technical nightmares of executing global, active strategies on your own—like navigating foreign market rules and tracking errors—and how Plutus provides an automated, seamless execution solution for both individual and professional investors. Finally, they discuss why top independent researchers from Substack and FinTwit are choosing to list their portfolios on Plutus rather than launching traditional fund vehicles.

Check out Plutus: https://www.runplutus.com/

Follow Plutus on X: https://x.com/RunPlutus

Follow Shashank on X: https://x.com/sonny_seattle

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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

01:37 The Broken Options

03:54 From Research to Investing

04:28 Why Not Copy Trading

07:56 SPY and Portfolio Fit

12:25 Building Multi Portfolio Strategies

14:58 Menu vs Tools Debate

20:34 Execution Is the Moat

25:17 Meet the Research Partners

28:18 Who Uses Plutus?

32:04 Creators and Regulation

36:26 Big Vision and Tokenization

38:42 Taxes and Compliance

44:43 How the Platform Works

46:32 Conclusion

In this episode of Other People’s Money, host Max Wiethe sits down with Chris Semenuk, an investment partner at Tema ETFs, to discuss the massive secular tailwinds driving the US manufacturing and electrification renaissance. Semenuk argues that after a three-year recession and decades of underinvestment, US industrial capacity and manufacturing are finally entering a powerful recovery cycle. Moving beyond the hype of AI and hyperscalers, they explore how "boring" short-cycle industrial companies like those producing essential components like ball bearings, pneumatics, and filters are primed for extraordinary earnings growth. They also discuss how America’s electrification mega trend goes beyond the AI data center buildout.

Follow Chris on X: https://x.com/ChrisSemenuk

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 Manufacturing Recession Ends

00:46 Meet the Industrial Bull

02:00 Proof Reindustrialization Is Real

05:28 What Reindustrialization Really Means

07:49 Why Companies Build Here

12:45 Advanced Goods Not Old Jobs

15:52 AI Hype Versus Reality

17:27 Picking the Equipment Winners

21:46 Inside Factory Wall Plays

23:26 Short Cycle Sequencing

27:53 Destocking Rates Tariffs Fog

32:28 Why Stocks Held Up

37:03 Valuing Cyclical Industrials

45:05 Tariffs Drive Onshoring

50:31 Humanoids And Automation

54:31 Grid Demand Inflection

57:05 Behind the Meter Reality

01:01:10 Rural Utilities Winners

01:08:22 High Voltage Bottleneck

01:14:40 Service Backlogs and Duration

01:18:28 Secular Tailwinds Wrap Up