Other People's Money with Max Wiethe

Learn more about the Fundrise Income Fund here: https://fundrise.com/mm

In this episode of Other People's Money, GTIS Partners founder and CIO Tom Shapiro breaks down how massive macroeconomic shifts, including AI and inflation, are reshaping the global real estate landscape. He explains why his firm is heavily betting on a San Francisco recovery driven by the booming AI sector, and how they are scooping up properties at steep discounts to replacement costs. Shapiro also details the severe oversupply challenges currently stalling popular Sun Belt cities, alongside the firm's strategic push into industrial logistics to capitalize on domestic reshoring trends. Finally, he shares decades of expertise on navigating the complex Brazilian real estate market, offering a masterclass on global investment strategies in a high-interest-rate environment.

Learn more about GTIS Partners: https://www.gtispartners.com/

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Timestamps:

00:00 Intro

01:30 Macro Shocks and Inflation

02:30 AI Disruption Risks

04:27 Tracking Jobs and Households

06:09 Immigration and Rate Politics

08:03 Build to Rent Bill Fallout

11:57 Affordability and Mortgage Rates

14:41 Fundrise Income Fund

16:36 Regional Winners and Losers

17:12 Sun Belt Oversupply Pain

19:57 San Francisco Comeback Thesis

24:35 AI Occupancy and Investment Plays

28:28 Picking Buildings Block by Block

30:02 Picking the Right Building

30:21 Safety and City Recovery

33:39 AI Jobs and Office Demand

35:17 Froth and Real Revenues

37:39 Data Centers NIMBY Debate

39:54 Reshoring and Warehouse Boom

44:09 Real Estate Capital Markets

49:07 Why Brazil Worked

52:46 Brazil Rates and Currency

55:15 Politics and China Pull

58:44 US Outlook and Wrap Up

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm

Andreas Steno Larsen, macro researcher from Real Vision, joins Max Wiethe on Other People’s Money to discuss the shifting macro regime where inflation has returned and is pushing US Treasury yields over 5%. They discuss the market’s expectation for interest rate hikes and how the new Fed chair Kevin Warsh will react to this environment. They also discuss the other dominant force in markets right now, the AI buildout. Steno Larsen argues that things are going to get crazier before the cycle turns later this year, but in the meantime the shortages in the AI supply chain are creating unappreciated winners in the technology sector.

Follow Andreas Steno Larsen on X: https://x.com/AndreasSteno

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

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Timestamps:

00:00 Intro

00:50 Inflation and the Big Macro Shift

01:43 Transitory Inflation Debate

04:19 Bond Trade Timing

06:13 Steep Curve Playbook

09:41 Why Steepening Helps

12:24 Strong Dollar EM Risk

14:35 HFGM Unlimited Funds

16:51 India Data Versus Rupee

18:24 Energy Supply Countdown

21:23 LatAm Underperformance

23:27 AI Inflation Link

26:52 Korea Semis Surge

28:26 Momentum with Earnings

30:39 Quantum Hype Warning

32:24 Semis Cycle Peak Question

34:47 Late Cycle Winners Flip

39:01 IPO Supply and Rotation

43:35 Valuation Metrics Reframed

46:11 Hidden Scarcity Trade

49:21 Goods Inflation Returns

51:15 AI Jobs and Robotics

54:07 White Collar Disruption Map

59:53 LLMs and Bad Facts

01:04:47 Momentum vs. Value Edge

01:06:15 Rapid Fire Outlook and Wrap

Learn more about the Fundrise Income Fund here: https://fundrise.com/mm

In this episode of Other People's Money, Thomas Lloyd-Jones, Co-founder and CIO of Zenzic Capital, joins the show to unpack the nuances of the real estate private credit market. He explains how the media often conflates direct lending with the broader asset class, overlooking real estate and asset-backed lending. Lloyd-Jones details how increasing banking regulations are forcing traditional lenders to retreat, creating a widening gap for opportunistic credit funds to step in.

This podcast is for informational purposes only and not an inducement to invest with Zenzic Capital. Zenzic Capital’s investment products are limited to professional clients only. The information within this podcast should not be relied upon as tax, legal or investment advice.

Learn more about Zenzic Capital: https://zenziccapital.com/

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

01:52 Private Credit Breakdown

03:32 BDCs And Redemptions

06:35 Allocation Failure Debate

08:47 Regulation and Fragmentation

12:07 Basel III Shift

14:10 Fundrise Income Fund

15:10 Systemic Risk and Leverage

17:36 Banks’ Retreat is Opportunity

20:56 Good vs. Bad Risk Premia

24:39 Senior Finance

28:44 Downside Protection and Spotting Bad Deals

37:48 Macro Matters for Exits

40:13 Finding Fixable Distress

43:22 Geopolitics and Rate Shock

47:01 Preferred Equity Playbook

51:49 When Development Risk Pays

54:52 Student Housing Reality Check

59:40 Macro Allocation Framework

01:01:59 Conclusion

Monetary Matters is now streaming daily as part of Monitoring the Situation. Join us live on X and YouTube from 4 to 5 PM ET Monday through Friday @MTSlive for live interviews and analysis breaking down the market’s most important situations. This is recording of a recent live interview from MTS.

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

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

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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