Monetary Matters with Jack Farley

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/

Laks Ganapathi, founder of Unicus Research and Minerva Investment Management, where Michael Burry recently joined as a senior advisor, argues that private credit has become a landmine hidden inside retirees’ portfolios. She lays out what she calls the “$2,500 Trap”: wealth managers putting retail investors into illiquid private credit funds that are now gating redemptions. Laks walks through her team’s loan-book forensics across roughly 150 private credit funds and follows the trail into insurers and their affiliated reinsurers in Bermuda and the Caymans, where she has sent a forensic investigator. She tells the story of 777 Partners’ double-pledged collateral and the fallout at Atlantic Coast Life, and describes an insurer she is short whose surplus could be cut in half if its affiliated reinsurers went away. She argues that “AI is disrupting software” is a convenient excuse, since the biggest markdowns in Blue Owl’s OBDC are in healthcare, education, and consumer, and she asks how many first liens are actually first. Laks also covers extend-and-pretend in auto loans, BNPL propping up the consumer, and why she thinks data center debt cracks before direct lending. Recorded November 6, 2026.

Follow Unicus Research on X https://x.com/UnicusResearch

Jack Farley on X https://x.com/JackFarley96Pieces by Unicus Research:

“PIK Your Poison: Blue Owl's (OBDC) Version - I

OBDC’s borrower map, the nesting problem, and what happens to the companies at the end of the chain when the funds get redeemed”:

https://contrarianunicus.substack.com/p/pik-your-poison-blue-owls-obdc-version

“777 Partners Double-Pledged Collateral. Atlantic Coast Life’s Retirees Are Exposed. How Many Insurers Are on the Edge of Receivership? - I”: https://contrarianunicus.substack.com/p/777-partners-double-pledged-collateral

“The $2 Billion Insurance Failure and the Private Equity Firm Golden Gate Capital: The Rise of Insurance Companies’ Quiet Failures. - II”:

https://contrarianunicus.substack.com/p/the-2-billion-insurance-failure-and“Fire Sale Season? Stargate, Vantage and CyrusOne Hit the Auction Block

Hospitality Blues: Hotel debt from the last boom comes due as data center debt from this one goes up for bid”:https://contrarianunicus.substack.com/p/fire-sale-season-stargate-vantage

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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.

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/

Russell Clark, founder of Brumby, joins Other People’s Money to unpack the market fallout from the recent US midterm elections. They explore the systemic shift toward pro-labor policies and wage-driven inflation, which Clark believes will persistently drive bond yields into the pain zone. The conversation also tackles the massive AI data center build-out, with Clark breaking down exactly why betting against this exponential trend remains an incredibly dangerous game for short sellers. Finally, they discuss the shrinking pool of global capital, what it means for private equity and US homebuilders, and why he believes Japan is quietly emerging as the most attractive market for investors.

Read Russell’s Substack: https://www.russell-clark.com/

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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

01:06 Midterms Blue Wave

03:00 Bond Market Fallout

05:17 Data Center Politics

09:08 AI Short Thesis

13:10 Equity Funding Still Flows

17:17 Sarmaya Partners LENS

18:44 Capital Scarcity Rising Yields

23:19 Short Ideas

26:38 Homebuilders

30:23 Fed Hikes And Sticky Inflation

33:11 Buybacks vs. Capex

42:14 Why Japan Looks Different

47:11 Which Trump Policies Persist

50:00 Iran War Politics and Risks

55:29 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/

The Democrats decisive victories in this years midterm elections are already rocking markets and will surely have continued ripple effects for stocks, bonds, and macro universe. Andy Constan of Damped Spring Advisors joins Monetary Matters Live to breakdown the early reaction from the market and the biggest macro knock on effects.

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.

20% discount to annual subscription of Michael Howell’s Substack, “Capital Wars”:

https://capitalwars.substack.com/MonetaryMatters

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/

The AI build-out is draining liquidity. Hyperscalers need close to $1 trillion of debt a year for the next two years, with equity issuance right behind, and roughly 80% of AI funding now comes from markets rather than cash flow.

Michael Howell explains why transformative-technology booms usually end in recessions or financial crises, why the global liquidity cycle has already turned, and what that means for stocks, bonds, Bitcoin and gold heading into 2027. Recorded October 29, 2026.

Follow Michael Howell on X https://x.com/crossbordercap

Jack Farley on X https://x.com/JackFarley96

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

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.

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/

Dan Kraus of Blue Door Asset Management argues that the AI sell-off isn’t about AI fundamentals but about liquidity. As the buildout shifted from hyperscaler cash to market financing, it began competing with Treasuries for capital, so weaker credits like CoreWeave get hit first when liquidity tightens. In his words, “when liquidity weakens, time frames shorten”: concerns that were 18 months out suddenly get priced today. He explains why he expects policymakers to put “trampolines” under the trapdoor. With Bessent calling the AI race crucial and Warsh calling AI disinflationary, hiking rates to kill the buildout would be inconsistent, and some major investors have even floated a “Fannie Mae for AI.” We break down Warsh’s October press conference, why it matters that he didn’t call the economy overheating the way Greenspan did in 1999, and why Dan expects growth and the consumer to slow in 2027. Dan also explains why the rally in AI-disrupted stocks looks like a short squeeze rather than a comeback, why AI may become table stakes rather than a lasting margin boost, and the four warning signs that deficits have turned negative for equities (none are flashing yet).

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

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.