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/

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

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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

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/

Charles Lemonides, CIO and founder of ValueWorks LLC, joins Other People’s Money to discuss why the 18-year bull market still has room to run. Lemonides argues that we have not yet reached the explosive "liftoff" phase typical of late-stage bull markets and explains why the biggest gains often come right before the turn. He shares his strategy for finding "growth in value's clothing," highlighting high-upside opportunities in semiconductors, rideshare, delivery, and offshore energy. Plus, he breaks down where he sees extreme overvaluation in the market and breaks down his most compelling short positions.

Learn more about ValueWorks: https://www.valueworksllc.com/

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

01:00 Are We in a Bubble?

04:14 Rates Growth and Bonds

07:04 Value Investing Reframed

09:37 Micron Peak Earnings Debate

11:20 Intel Foundry

15:24 Sarmaya LENS ETF

16:52 Sizing Themes and Diversifying

18:41 Undervalued Challengers: Lyft & Instacart

29:10 Energy Sector Setup

35:40 Portfolio Construction & Shorts

37:47 Shorting Texas Pacific Land Trust

41:24 Royalty Trusts and Mesabi

47:16 Retail Shorts: Casey’s & Grocers

52:43 AI Industrials, Quantum, & Aerospace

55:37 Offshore Wind and Conclusion

James Elbaor, Founder and Portfolio Manager at Marlton LLC joins OPM to discuss why the private credit boom is officially over. Elbaor explains how artificial intelligence is threatening the SaaS businesses that make up over half a trillion dollars of private credit exposure, while also detailing how liquidity gates are currently trapping investors in massive interval funds like BCRED. The discussion concludes by exploring lucrative upcoming merger opportunities in the public BDC space and analyzing why asset managers utilizing permanent capital vehicles are being rewarded with premium market multiples.

Try model portfolios available on Plutus and get a 45-day fee waiver when you signup with code OPM45: https://runplutus.com/mm-opm/login

Follow James on X: https://x.com/jameselbaor

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

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X https://x.com/opmpod

JFMW Partners LLC (“Promoter”) is providing this endorsement of, and information related to, the advisory services offered by Namsoft Advisors LLC ("Namsoft"). Promoter is not a current client or investor in any Namsoft advisory account or private fund. Promoter receives cash compensation from Namsoft in the form of a flat referral fee of $750 for each client that engages Namsoft as a result of Promoter's promotional activities. Because Promoter is compensated for this endorsement, a material conflict of interest exists, as Promoter has a financial incentive to promote Namsoft's services to you. This endorsement is delivered as part of a podcast or other audio program produced by Promoter and does not constitute investment advice or a recommendation that any particular advisory arrangement is suitable for you.

Timestamps:

00:00 Intro

01:42 Private Credit Redemptions Continue

07:03 IPO Window Shuts & Credit Fund M&A

15:28 AI Threat to SaaS Borrowers

16:51 Sponsor Message Plutus

18:17 Private Credit vs Private Equity

24:25 Systemic Risk and Wrappers

29:15 Public vs Private BDC Gap

34:46 Why Interval Funds List

39:44 Alt Managers Valuation Reset

43:33 Permanent Capital Explained

50:17 Hedge Funds vs Private Equity

54:41 Pershing Square Liquidity

01:04:17 Conclusion

Eric Wallerstein, Chief Macro Strategist at Clocktower Group, joins OPM to discuss why he sees substantial risk that the Fed is making a policy mistake by hiking into a supply shock that could cause a 2022 style bear market. He also explores the global coordination of rate hikes and why he believes the participation of lower growth economies like Canada indicate that this is a reaction to higher energy prices and not a substantially higher global neutral rate.

Try model portfolios available on Plutus and get a 45-day fee waiver when you signup with code OPM45: https://runplutus.com/mm-opm/login

Follow Eric on X: https://x.com/ericwallerstein

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

JFMW Partners LLC (“Promoter”) is providing this endorsement of, and information related to, the advisory services offered by Namsoft Advisors LLC ("Namsoft"). Promoter is not a current client or investor in any Namsoft advisory account or private fund. Promoter receives cash compensation from Namsoft in the form of a flat referral fee of $750 for each client that engages Namsoft as a result of Promoter's promotional activities. Because Promoter is compensated for this endorsement, a material conflict of interest exists, as Promoter has a financial incentive to promote Namsoft's services to you. This endorsement is delivered as part of a podcast or other audio program produced by Promoter and does not constitute investment advice or a recommendation that any particular advisory arrangement is suitable for you.

Timestamps:

00:00 Intro

00:56 Fed Hike and Higher for Longer

02:30 Oil Driving Global Yields

05:58 Canada and Global Neutral Rate

07:14 Energy Crisis and Degrowth Risks

08:44 Politicized Fed and Credibility

11:50 Neutral Rate and AI CapEx Boom

14:47 Inflation Outlook and Policy Mistakes

17:20 Plutus Sponsor Break

18:46 Key Data to Watch: Bank Lending

20:07 Doves vs Hawks and Fiscal Drag

23:30 2022 Style Bear Market Setup

25:56 What Could Invalidate the Thesis?

26:41 BOJ Hike and Yen Intervention

31:20 Korea Silicon Boom

35:43 Europe Under Pressure

39:25 Middle East Outlook

43:06 Midterm Issues: AI vs. Gas Prices

48:34 China Oil Strategy

52:10 Big Calls Wrap