Other People's Money with Max Wiethe

• The Market Has Moved from Deflation to Debasement | Warren Pies

  This Other People’s Money episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXMAx Warren Pies, strategist and co-founder at 3Fourteen Research joins Other People’s Money to discuss how the market and economy are transitioning from a deflation to a debasement mindset. He explains why he’s bullish equities, expecting continued disinflation despite his longer-term debasement view, and expecting the Fed to cut 3 times before the end of the year while the economy avoids recession. Pies also looks back on his launching his first year as an ETF fund manager. Follow Warren on X: https://x.com/WarrenPies 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 An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation

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• Is Leverage the Solution to America’s Retirement Crisis? | Abdul Al-Asaad of Basic Capital

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• Capacity Constrained by Design: The 25-Year-Old Building Niche Multi-Manager Hedge Fund Platforms | Zach Levitt

  Zach Levitt, CIO and Founder of Sixth Turn Capital and Opus One Asset Management joins Other People’s Money to discuss how he is standing up multi-manager platforms at just 25 years old by focusing on niche capacity constrained managers. Levitt discusses the benefits of combining uncorrelated capacity constrained strategies in a multi-manager platform, his unconventional path to founding a multi-manager platform, how mentorship has helped accelerate his growth, and how he goes about attracting talented investors to his platform. Follow Zach on X: https://x.com/derivative_bro 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 00:48 Skipping the Analyst Track and Founding a Hedge Fund at 25 07:14 Many Great Track Records Indicate Nefarious Information Was Traded On 09:42 What Does a Good Capacity Constrained Manager Look Like? 13:38 What Level of Correlation is "Uncorrelated" 18:20 What Level of Capacity is "Capacity Constrained"? 21:30 Mentorship Through Podcasts & Cold Outreach 26:13 Convincing Managers To Join Your Platform as a 25 Year Old 28:46 Investor Interest in SMAs vs Commingled Funds 35:25 Battling Startup Costs 39:06 Selling Talented Investors on Your Success Story 43:39 Risk Management and Cutting Portfolio Managers 47:38 Marketing "Hypothetical" Track Records 52:32 Next Stages of Growth 54:20 Assessing the Capacity Limits 57:17 Can PA Traders Become PMs?

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• What Investors Are Overlooking in AI & Semis | Val Zlatev

  Val Zlatev, Portfolio Manager and Senior Partner at hard tech specialist hedge fund Analog Century Capital Management joins Other People’s Money to discuss what he thinks investors still fail to appreciate about the secular growth of AI and semiconductors. He also discusses why DeepSeek was so misunderstood, other aspects of the AI supply chain, the state of the analog chip cycle, running long/short and market neutral strategies and garnering interest from the large multi-manager platforms. Learn More About Analog Century Capital Management: https://www.analogcm.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 Timestamps 00:00 Intro 01:15 What is Hard Tech? 02:41 The Evolution of the Hard Tech Sector From the 90s to Now 05:04 Investors Are Underweight Hard Tech 11:09 The Massive Impact of the End of Moore's Law 16:59 New Investment in Semiconductor Capacity 18:08 Why AI Should Be Compared to Cloud, Not Fiber 22:55 What Investors Got Wrong About DeepSeek 25:41 The US Government's Impact on AI & Chips 33:04 The Chinese Government’s Involvement in AI & Chips 35:13 Dominant Players in Chinese Semiconductor Market 39:12 The AI Supply Chain Beyond Semiconductors 43:53 Analog Semiconductors & Power Management 49:55 Winners, Losers, and Fakers in AI 57:03 Research Process for Hard Tech 01:01:25 Dispersion in Hard Tech Returns 01:03:31 Trading and Portfolio Construction at Analog Century 01:08:13 Market Neutral & Garnering Interest From Multi-Manager Platforms 01:12:20 Market Neutral vs Long/Short Investors 01:14:51 The Value of Partners and Team Continuity 01:16:42 Conclusion

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• Patient Value Investing and America’s Industrial Advantage | Bob Robotti

  Bob Robotti, legendary value investor and President and CIO of Robotti and Company Advisors, is one of a very select group of investors with a 30+ year track record of S&P 500 outperformance. Here he joins Other People’s Money to discuss long-term value investing, why he likes to invest in companies perceived to be facing headwinds, and his view that American based industrial companies are competitively advantaged for reasons completely unaffected by trade policy. He also discusses how he operates both an advisory business and a broker dealer business and how the broker dealer has served as a starting point for many other great value investors. Learn More About Robotti Advisors: https://advisors.robotti.com Follow Bob Robotti on X: https://x.com/BobRobotti 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 01:27 Patient Capital 08:05 Investing in Companies with Headwinds 12:13 Building Products Businesses 16:08 North American Industrial Advantage 22:41 Industries Returning to the USA 27:18 Valuing Businesses on Cost of Replacement 30:56 The Links Between Lumber, Building Products, and Housing 33:24 Engaging With Management in Long-term Positions 39:04 Trading Around Long-Term Positions 47:57 Buying Stocks After They've Gone Up 52:56 Trading Against Each Other 55:01 Having a Broker Dealer and Advisory Business 59:15 Jumping From the Sell Side to the Buy Side 01:04:08 Capital Churn 01:06:03 All US Equity Investors Should Compare Themselves to the S&P 500

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