SpaceX IPO: Why This Hedge Fund Manager is Fading the Hype | Moez Kassam
Other People's Money with Max WietheShow Notes
Monetary Matters is now streaming daily as part of Monitoring the Situation. Join us live on X and YouTube from 4 to 5 PM ET Monday through Friday @MTSlive for live interviews and analysis breaking down the market’s most important situations. This is recording of a recent live interview from MTS.
Hosts Jack Farley and Max Wiethe are joined by Moez Kassam, the Chief Investment Officer of Anson Funds. Moez breaks down his strategy for generating alpha by acting as a contrarian and fading the crowd during times of rampant market speculation.
In this episode, we cover:
• The SpaceX IPO Rumors: Moez discusses the potential mechanics of the largest expected IPO in history and the rumors of early investor unlocks. He also details the "Day 9" trading strategy surrounding Nasdaq index inclusion.
• The Massive Cannabis Opportunity: Learn why Anson Funds believes the U.S. cannabis sector could see a 400% move in a few years. Moez breaks down the DEA's descheduling process and the elimination of the restrictive 280E tax code.
• Software and Activism: Why the indiscriminate selling of software stocks has created a massive opportunity for free cash flow investors and activist campaigns.
• Navigating Emerging Tech: A candid assessment of AI, Space, and Quantum technologies. Moez explains why Quantum is facing a massive discount rate and why investors should be wary of the "me-too" space stocks.
• Crypto & Private Credit: Insights from the recent Trump Crypto Conference and why the extreme negative sentiment around private credit makes its 10-15% yields highly attractive.
Follow Moez Kassam on Instagram: @munchingmoez
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Timestamps:
00:00 Intro
02:10 SpaceX IPO Setup
05:49 Index Inclusion Trade
07:21 S-1 Filing Reality Check
08:32 Elon Rolls Up Businesses
12:12 Shorting Space Me Toos
13:35 AI, Space, Quantum Hype
16:18 Software Selloff and Activism
18:42 Cannabis Contrarian Bet
21:44 Descheduling Mechanics
24:30 AI & Semis: Crowded Trade?
26:10 Crypto Mood Shift
29:29 Media Activism Plays
31:16 Software Cash Flow vs Hype
34:49 Measuring Market Sentiment
37:51 Bitcoin Crowd Psychology
40:06 Shipping and Energy Contrarian
41:16 Canada: Gold & Oil Pulse
43:35 Process Over Predictions
45:50 Private Credit Negativity
46:34 Outro
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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/
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/
James Elbaor, Founder and Portfolio Manager at Marlton LLC joins OPM to discuss why the private credit boom is officially over. Elbaor explains how artificial intelligence is threatening the SaaS businesses that make up over half a trillion dollars of private credit exposure, while also detailing how liquidity gates are currently trapping investors in massive interval funds like BCRED. The discussion concludes by exploring lucrative upcoming merger opportunities in the public BDC space and analyzing why asset managers utilizing permanent capital vehicles are being rewarded with premium market multiples.
Eric Wallerstein, Chief Macro Strategist at Clocktower Group, joins OPM to discuss why he sees substantial risk that the Fed is making a policy mistake by hiking into a supply shock that could cause a 2022 style bear market. He also explores the global coordination of rate hikes and why he believes the participation of lower growth economies like Canada indicate that this is a reaction to higher energy prices and not a substantially higher global neutral rate.
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