Misunderstood Stocks in Data Center Power, Cybersecurity, and Payments | Dean & Deiya Pernas

More from Monetary Matters with Jack Farley All episodes →

1. 

   24 Aug 2026 · 58 min

   Is Private Equity Broken? Why the Buyside’s Problems Are Making 2026 “The Year of the Banker” | High Yield Harry

   In this episode of Other People's Money, host Max Wiethe sits down with High Yield Harry to examine the major trends in Wall Street compensation and careers, and why 2026 may be the year of the investment banker. Harry shares data from Buy Side Hub to detail buy-side compensation trends, career mobility bottlenecks, and why private equity professionals are resorting to non-recourse loans while waiting on delayed exits. The conversation breaks down the real threat of AI automation on financial modeling and grunt work, emphasizing why finance professionals must develop real-economy operating…

2. 

   20 Aug 2026 · 1 hr 28 min

   Why Bessent Blinked | Luke Gromen on Doubling of Treasury Buyback Plan to Tame Long-End Yields

   Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): https://teucrium.com/corn Luke Gromen — founder of Forest for the Trees (FFTT) Research — returns to Monetary Matters the same week Treasury Secretary Scott Bessent doubled the size of Treasury buybacks, and Luke argues it's the first real admission that the U.S. has what his firm calls an "emerging market hard currency debt spiral problem." The math that doesn't work: Luke breaks down why entitlements, interest, and veterans benefits now total 105% of federal receipts — and why that obligation is "hard currency" the government can't inflate…

3. 

   18 Aug 2026 · 1 hr 2 min

   Ex-Goya COO on the $1.4 Trillion Family Business Opportunity in Three Consumer Sectors | Andy Unanue

   Andy Unanue, Founder and Managing Partner of AUA Private Equity Partners and former COO of Goya Foods breaks down the trillion-dollar opportunity in US food, beverage, and pet wellness family businesses. Andy shares how his experience in a family-run business shaped his firm's strategy of partnering with lower-middle-market, family-run companies across those sectors and explains how AUA unlocks 15% to 30% operational efficiencies. The discussion dives into major consumer trends, including the humanization of pets, the rise of ethnic food markets, and the impact of GLP-1 drugs on snacking…

4. 

   16 Aug 2026 · 1 hr 6 min

   Robin Wigglesworth on Hyperscalers' 1.5 Trillion of Off-Balance Sheet Liabilities, Private Credit, and His Book "A Fabulous Debt"

   Robin Wigglesworth — editor of FT Alphaville and author of A Fabulous Debt: The Epic Story of How Bonds Built the Modern World — joins Jack Farley to unpack the hidden debt fueling the AI buildout. Wigglesworth reveals that off-balance-sheet leverage from hyperscalers like Meta, Google, and Microsoft jumped from roughly $1 trillion to $1.5 trillion in a single quarter, hidden in lease structures and purchase commitments that never show up as debt — including Google's own $800 billion in disclosed obligations. He argues the NVIDIA-Blackstone-KKR financing wave marks a shift from an…

5. 

   12 Aug 2026 · 1 hr 24 min

   Milton Berg: I Have Evidence Market Has Likely Bottomed | Why Milton’s Long Semis, Korea, Nasdaq, and More (With Caveats), and Why He Thinks Gold has made a Multi-year Top

   Milton Berg, one of Wall Street's legendary market technicians, returns to Monetary Matters to explain why he believes the recent crash across the S&P 500, Nasdaq 100, KOSPI, and semiconductor stocks has already bottomed — and why he's still positioned long despite major caveats. The positive divergence call: Milton breaks down why the S&P 500's July 29th low held above its June 9th low even as the Nasdaq 100 and Philadelphia Semiconductor Index (SOX) made new lows — a classic technical signal he says points to higher prices ahead. The 1987 crash comparison: Using historical crash-low data,…

6. 

   4 Aug 2026 · 1 hr 32 min

   Victor Haghani on Death of Random Walk, and Passive, Buybacks, and LTCM

   Victor Haghani — founder of Elm Wealth, co-author of “The Missing Billionaires” and former founding partner of Long-Term Capital Management — joins Monetary Matters to explain why the stock market doesn't follow a random walk. Drawing on his new paper "Who Killed the Random Walk?", Victor lays out a model where value investors, static asset allocators, and "extrapolators" interact to produce the excess volatility, momentum, and boom-bust cycles that classical finance theory can't explain. Jack and Victor debate whether passive investing is really to blame for market distortions, why stock…

7. 

   2 Aug 2026 · 1 hr 6 min

   Why Macro is “Pretty Risk-On” for Equities | Tian Yang of Variant Perception

   In this episode, host Jack sits down with Tian Yang, co-founder and head of research at Variant Perception, to analyze the current macroeconomic landscape and equity market outlook. Tian shares why macro indicators point to a broadly supportive "risk-on" environment over the next three to six months despite recent pullbacks in semiconductor and tech stocks. He discusses the exhaustion of the agentic AI rally, explaining how capital is actively rotating into value laggards such as energy, financials, and healthcare. Tian also breaks down their Log Periodic Power Law (LPPL) framework, a…

8. 

   29 Jul 2026 · 1 hr 4 min

   Mum’s The Word: Kathryn Rooney Vera on Fed’s Second Meeting under Kevin Warsh, Plus Earnings Breakdown (Live Replay)

   In this episode, Jack sits down with Kathryn Rooney Vera, Chief Market Strategist at StoneX Group, to unpack the Federal Reserve's decision to hold interest rates and Chair Warsh's transition toward a quieter, laissez-faire communication style. Kathryn shares her macroeconomic outlook, forecasting that we may still see rate hikes post-election unless widespread AI adoption delivers a significant productivity boost to offset inflation. Later in the show, Jack is joined by Max Wiethe for a live, unfiltered reaction to the latest mega-cap tech earnings from Microsoft and Meta. They analyze…

9. 

   28 Jul 2026 · 1 hr 8 min

   Luke Gromen: Yield Curve Control is the Only Way to Stop a Global Bond Crisis

   Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm Luke Gromen, founder of Forest for the Trees, sites down with Max Wiethe to dissect the escalating crisis in the global bond market. Gromen argues that off-balance sheet liabilities, such as baby boomer retirements and surging veterans' benefits, are colliding with massive defense spending to force a dangerous inflationary spiral. He unpacks how "defense stimmies" from nations like Japan and Germany are turning historical creditors into aggressive bond sellers, putting immense pressure on yields. Throughout the…

10. 

    26 Jul 2026 · 46 min

    Debt Service Coverage in Private Markets Is Improving, Actually | Nicholas Brooks

    In this episode of Monetary Matters, host Jack sits down with Nicholas Brooks, Head of Economic and Investment Research at ICG, to discuss the true health of private credit and corporate balance sheets. Brooks argues that underlying corporate fundamentals and EBITDA growth remain highly resilient against macroeconomic and geopolitical noise. He notes that corporate interest coverage ratios are stabilizing in Europe and actually improving in the United States, pointing away from any imminent, systemic private sector risks. Instead, Brooks warns that the most significant medium-term threat to…