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/ Vincent Deluard, Director of Global Macro Strategy at StoneX, breaks down why a broader equity bear market may already be underway beneath surface-level index strength. Deluard unpacks the approaching stagflationary squeeze, driven by persistent wage pressures, slowing fiscal subsidies, and a looming political gridlock that strips away both monetary and fiscal safety nets. He outlines a tactical rotation out of equities and into long-term Treasuries over the next six months, capitalizing on year-end liquidity, pension fund rebalancing, and debt ceiling constraints. Finally, the conversation looks abroad to the escalating fiscal spiral in France and the broader structural crisis facing the Eurozone, mapping out why currency devaluation or fragmentation may be inevitable. Follow Vincent on X: https://x.com/VincentDeluard Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod 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 01:03 Bear Market Call 02:58 Why Treasuries Now 07:12 Secular Inflation View 08:46 AI Bubble and Taxes 11:38 Fiscal Boost to Margins 14:55 Sarmaya LENS ETF 16:22 Fed Stagflation Trap 24:53 Oil Shock Tail Risk 29:24 France Debt Spiral 34:55 Euro Devaluation Fix 40:07 Weak Euro Politics 43:53 Euro Designed for Crisis 48:34 ECB Tightening and Succession 52:33 Brazil Election Shock and Flows 56:12 Brazil Terms of Trade Tailwinds
