Monetary Matters with Jack Farley

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Jack welcomes Maria Vassalou, head of the Pictet Research Institute, to discuss global demographic decline and how technological revolution is imperative to prevent economic stagnation. They talk about why aging populations in countries like China, Japan, and Italy pose a fundamental threat to traditional economic growth as dependency ratios are projected to exceed 50%. Maria argues that while these trends seem "gloomy" in isolation, the rise of robotics and AI provides a critical remedy by substituting for scarce labor and significantly boosting productivity. The episode concludes with a look at the "winners" and "losers" of this shift, identifying housing, healthcare, and food as resilient sectors, while cautioning that countries must invest heavily in technology now to avoid long-term GDP flatlining/decline. Recorded December 12, 2025.  “Demographics and Technology” Paper (by Maria Vassalou PhD & Pictet Research Institute): https://www.pictet.com/us/en/about/pictet-research-institute/publications-and-press/demographics-and-technology More info about Pictet Research Institute: https://www.pictet.com/us/en/about/pictet-research-institute/publications-and-press/FT-coverage-30oct2025 Follow Maria Vassalou on LinkedIn linkedin.com/in/maria-vassalou-ph-d-2b771511 Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe   Jay Shambaugh, former Under Secretary of the Treasury for International Affairs, joins Jack to discuss U.S. economic relations, China, and more. He draws on his years of expertise to deliver important insights into how America has realigned itself in the world economic order in the second Trump administration. Recorded on December 17th, 2025.   Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jay Shambaugh on Twitter https://x.com/jaycshambaugh Follow Jack Farley on Twitter https://x.com/jackfarley96   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Read about Indian Aerospace & Defense and sign up for Dispatches From India: https://www.gymkhanapartners.com/dispatches/major-sector-inflection-india-defense-and-aerospace Andrei Stetsenko, partner and portfolio manager at Gymkhana Partners, discusses the explosive growth of India's economy, its strategic shift toward global defense and aerospace leadership, and under appreciated small-cap companies. Follow Andrei on X: https://x.com/astetsen Follow Jack on X: https://x.com/JackFarley96 Follow Gymkhana Partners on X: https://x.com/GymkhanaFund Timestamps: 00:00 Introduction to Indian Aerospace 01:26 Gymkhana Partners: Investment Philosophy 04:09 Valuation and Sectoral Differences 05:36 India's Economic Growth 14:34 Government Policies and Reforms 18:20 Indian Consumer Market 26:03 US-India Trade Relations and Tariffs 28:06 Aerospace & Defense Sector in India 31:49 Investment Opportunities in Indian Aerospace 37:43 Complexities of Indian MRO & Sika's Growth 42:41 Defense Sector Opportunities 46:53 Indigenization of Indian Defense Procurement 56:06 HoldCo Dynamics & Maharashtra Scooters 01:05:56 Gymkhana’s Investment Strategy & Performance 01:13:34 AI Investments & Alphabet's Strategy 01:18:19 Conclusion Disclosure: Andrei’s business partner is Jack's father and Gymkhana Partners is a consulting client of Monetary Matters parent company. Disclaimer: This presentation is for informational purposes only and should not be construed as investment advice. It is not a recommendation of, nor does it constitute an offer to sell or solicitation of an offer to buy, any security, strategy, or investment product. The research for this presentation is based on current public information that Farly Capital considers reliable. However, Farley Capital does not represent that the research or the presentation is accurate or complete, and it should not be relied on as such. The views and opinions expressed herein are current as of the date of this report and are subject to change. Past performance is no guarantee of future results. Certain statements contained herein are forward looking. There is no guarantee such forward looking statements will materialize, and results may differ entirely from what is described. The holdings identified in this presentation do not represent all of the securities purchased, sold, or recommended for Gymkhana Partners L.P. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities in this list. Past performance does not guarantee future results. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to Gymkhana Partners L.P.’s performance will be provided upon request. Any market index referred to in this presentation has been selected for purposes of comparing the performance of an investment in Gymkhana Partners L.P. with a well-known, broad-based equity benchmark. Viewers should not consider any comparative index shown in this document to be a performance benchmark for Gymkhana Partners L.P. The statistical data regarding such an index has been obtained from sources believed to be reliable. The nature of such indices differs from that of Gymkhana Partners L.P. Gymkhana Partners L.P. is not restricted to investing in those securities that comprise any such index; its performance may or may not correlate to any such index and should not be considered a proxy for any such index. Historical performance results for indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results.

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe In this episode of Monetary Matters, Jack sits down with Steve Hou, Senior Quant Researcher at Bloomberg, to discuss the structural forces reshaping the global economy. Hou argues that we have entered a "structurally, modestly more inflationary regime" driven by five key forces: Decarbonization, Demographic aging, Deglobalization, Debt/Fiscal Dominance, and a secular rise in global Defense spending. The conversation explores the "Baumol Effect” and Mike Green’s theory of the poverty level.  Hou also provides a deep dive into his "Reformers Index," a quantitative strategy he is working on at Bloomberg Indices that ignores traditional "quality" stocks to find companies at a fundamental inflection point. By identifying firms moving from "bad to less bad,” such as Uber, Palantir, and Robinhood, Hou demonstrates how systematic fundamental momentum can outperform the broader market. Recorded December 12, 2025. Follow Steve Hou on Twitter https://x.com/stevehou Follow Steve Hou on LinkedIn https://www.linkedin.com/in/steve-hou-001/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

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 Why do institutional investors continue to flock to hedge funds when the average fund underperforms the S&P 500? In this deep-dive interview, Andrew Beer, founder and managing member of DBI, joins Jack Farley to pull back the curtain on the "broad insanity" of the institutional investment world and the evolution of the multi-strategy "pod" model. Andrew argues that much of institutional decision-making is driven by "non-economic considerations" and the "principal-agent issue," where allocators are more concerned with career risk and avoiding difficult conversations with investment committees than they are with maximizing returns. We explore why "smooth" returns in private equity and private credit are often used to mask underlying volatility and correlation issues. Follow Andrew Beer on LinkedIn https://www.linkedin.com/in/andrewdbeer/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez