Monetary Matters with Jack Farley

Learn more about the Fundrise Income Fund here:

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Recorded in February 6th 2026, technical analyst Milton Berg returns to discuss his market outlook after correctly predicting the major market bottom in April 2025. Although his long-term retail model remains 100% long equities until a specific 8% drawdown occurs, Berg reveals that his institutional portfolio is currently net short across major indices. This bearish institutional stance is driven by rare technical anomalies, including a "disturbing" volatility signal from December and a historic "island reversal" pattern in the Russell 2000. Berg admits the current market is tricky, noting that recent strong buying action might force him to cover shorts, though he remains skeptical of the rally's breadth. Turning to commodities, Berg states he is bearish on gold and silver, having shorted them near their late January highs due to signs of a "climax top" and extreme overvaluation relative to inflation. He also provides a critical assessment of Bitcoin, arguing it holds no intrinsic value and pointing out that it recently failed to hold critical technical support levels. Throughout the discussion, Berg emphasizes that his methodology ignores standard economic narratives in favor of identifying rare volume and price occurrences that signal market turning points . Finally, he introduces a new service for individual investors designed to capture the bulk of bull markets while neutralizing emotional decision-making. As Jack notes in the beginning, Milton has since turned from net short to net long U.S. stocks for institutional clients.

About Milton Berg Edge: https://miltonbergedge.com/

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This Newsletter contains hypothetical performance results. Please carefully review and consider the following disclosures. 

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Milton Berg Edge is a newsletter (“Newsletter”) owned and published by Milton Berg Advisors, LLC, doing business as “Milton Berg Edge” (“MB Edge,” “firm,” “we,” “our,” and “us”). Milton Berg Advisors, LLC is registered as an investment advisor in the States of Florida and New York. Registration as an investment advisor does not imply any level of skill or training.

The Newsletter is a subscription based publication that contains (i) our general commentary and opinion on broad-based market trends and other factors affecting the domestic investment markets in the United States; (ii) answers and reactions to subscriber submitted questions and comments; and (iii) the actual trading activity and net performance of our proprietary investment model (as traded within an account that is actively managed by the firm) and the backtested performance of the model (the “Model”). The contents of the Newsletter and our website (“Website,” and collectively with the Newsletter, the “Content”) are for informational and educational purposes only. No portion of the Content should be construed as investment advice or recommendations tailored to the financial circumstances, investment needs, objectives, and/or limitations of any particular subscriber. Investing in securities involves the risk of loss. Past performance is not indicative of future results.

This episode is brought to you by the Pictet AI Enhanced International Equity ETF ($PQNT): https://etf.am.pictet.com/pqnt/

Carson Block, founder of Muddy Waters Capital joins Monetary Matters to discuss why they aren’t rushing to short AI pretenders and fakers until more supply of speculative companies hits the market from big IPOs. They also discuss the increasing dominance of flows over fundamentals in US markets and abroad and Muddy Waters expanding investment focus including: metals and mining stocks, Vietnam, and momentum strategies.

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Timestamps:

00:00 Introduction

01:44 AI and Market Speculation

05:14 Challenges in Short Selling AI Stocks

17:58 Pictet PQNT

19:09 AI Pretenders

21:41 Mining Investments and Strategies

36:51 Red Flags in Investor Presentations

39:07 Geopolitical Considerations

40:15 Fraud in Chinese Companies

49:43 Vietnam and India Investment Opportunities

59:05 Momentum Strategy in the S&P 500

01:05:07 Activist Short Selling and Future Plans

This episode is brought to you by the Pictet AI Enhanced International Equity ETF ($PQNT): https://etf.am.pictet.com/pqnt/

Alexander Campbell, founder of Rose AI and former head of commodities at Bridgewater, joins the show to dissect the structural drivers behind the silver market and the transformative potential of artificial intelligence. Campbell details the "Silver Squeeze" thesis, attributing the metal's volatility to a combination of inelastic industrial demand from solar manufacturing and speculative capital flight out of China. He clarifies complex market dynamics, specifically the "Shanghai Premium" and the logistical friction involved in moving physical metal between Western and Eastern exchanges. Shifting to technology, Campbell warns of an impending "air pocket" for traditional software stocks, arguing that AI agents will disrupt companies that function primarily as "a database and a front end". He outlines a future defined by local compute and open-source models, predicting that value will accrue to data ownership and physical hardware rather than legacy SaaS applications. The conversation concludes with Campbell’s macro strategy of being long the "world of stuff" and data while betting against the "economy of paper" amidst de-globalization. Recorded February 2, 2026.

Alex’s pieces:

“Silver: The Only Money That Generates Electricity”: https://www.campbellramble.ai/p/silver-the-only-money-that-generates

“The Silver Squeeze”: How Solar Threatens a Decade of Deficits

https://www.campbellramble.ai/p/the-silver-squeeze

“When You Feel Pain, Remember to Reflect”: https://www.campbellramble.ai/p/when-you-feel-pain-remember-to-reflect

“The Protection Portfolio: September 2025”:https://www.campbellramble.ai/p/the-protection-portfolio-september

Follow Alex Campbell on X https://x.com/abcampbell

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

World Silver Survey 2025:https://silverinstitute.org/wp-content/uploads/2025/04/World_Silver_Survey-2025.pdf

November 2025 Interim Market Review: https://silverinstitute.org/wp-content/uploads/2025/11/Silver_Institute_Silver_Interim_2025.pdf

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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

 

Raghav Khanna, managing director at Oaktree’s Global Private Debt strategy, joins Jack to discuss the ins and outs of the credit industry. Raghav offers insight into the opaque world of lending, including his opinions on the First Brands Group fiasco, private credit, and artificial intelligence. Raghav not only explains recent trends in credit, but gives his thoughts on where things may be headed as technology shifts. Recorded on January 22nd, 2026.

 

Follow Raghav Khanna on LinkedIn https://www.linkedin.com/in/raghavkhanna/

Follow Jack Farley on Twitter https://x.com/jackfarley96

 

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Monetary Matters on:

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This episode is brought to you by the Pictet AI Enhanced International Equity ETF ($PQNT): https://etf.am.pictet.com/pqnt/

In this interview, Joseph Wang of FedGuy.com discusses various levers the Trump administration could pull to lower mortgage rates, even without the Federal Reserve's direct involvement. These include directing government-sponsored enterprises like Fannie Mae and Freddie Mac to increase their mortgage holdings, potentially by lifting their current portfolio caps. Wang also notes that expanding access to cheap financing from Federal Home Loan Banks for mortgage REITs could be another avenue. Beyond housing, Wang predicts that President Trump will significantly influence the Federal Reserve, potentially leading to more interest rate cuts than the market currently anticipates. He suggests that Chair Powell will likely leave his position in May, allowing Trump to appoint a successor. Wang is bullish on the US economy, citing tailwinds like a potential productivity boom, strong credit creation, and stimulative fiscal policy. However, he cautions that AI stocks are in a bubble, though he believes the technology itself will benefit the broader economy by increasing productivity. Recorded January 29, 2026.

Joseph Wang’s YouTube channel: https://www.youtube.com/@Fedguy12

“Sleeping Giants” (Joseph’s piece on Fannie & Freddie): https://fedguy.com/sleeping-giants/

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