Other People's Money with Max Wiethe

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.

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

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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/

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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

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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 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

In this episode of Other People’s Money, host Max Wiethe sits down with Michael Fritzell, author of Asian Century Stocks, to break down the massive valuation divergence playing out across Asian equity markets. Michael explains why he believes the skyrocketing AI and memory chip sectors in South Korea and Taiwan have entered dangerous bubble territory, fueled by unsustainable profit estimates that ignore looming Chinese supply. Instead of chasing the tech hype, he highlights the massive upside hidden in overlooked South Korean small caps and Japanese growth stocks that are trading at single-digit multiples despite solid fundamentals. Tune in to discover how corporate governance reforms, insider buying trends, and a forming "New Cold War" are creating the ultimate stock-picker's market.

Read Asian Century Stocks: https://www.asiancenturystocks.com/

Follow Michael on X: https://x.com/MikeFritzell

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 Korea Chip Bubble Warning

00:42 Why Asia Diverges Now

02:26 AI Mania Hits Korea

04:37 Bubble Case for Memory

06:40 China Supply Response

09:18 Memory Versus Logic Chips

11:33 Speculation on the Ground

13:41 Western Investors Pile In

15:44 Japan Reforms and Yen Boom

18:26 Korea Governance Fixes

24:20 Korea Small Cap Hunting

25:45 K Beauty and Cultural Exports

30:52 Finding Ideas Before The US

31:57 Nintendo Versus Memory Costs

33:19 Nintendo Release Drought

35:36 Switch 2 Execution Questions

37:39 Family Console vs Roblox

38:25 Iran War Energy Shock

41:50 India & China Underperformance

45:17 China Crackdowns Risk

50:42 The China Gray Zone Trade

54:25 New Cold War Lines

56:54 Hunting Value Across Asia

01:02:19 Reforms and Value Programs

01:04:06 How Much to Allocate to Asia

01:07:41 Where to Follow Michael