The Meb Faber Show - Better Investing

Today’s guests are Eric Crittenden, CIO of Standpoint Asset Management, and Jason Buck, CIO of Mutiny Funds. In today’s episode, we talk about the sentiment around trend-following today. We discuss optimal diversifiers for trend-following, how the Herschel Walker trade relates to portfolio construction, and if investors are as diversified as they think they are. (1:01) - Welcome back to our guests, Eric and Jason; Episode #389: Eric Crittenden; Episode #440: Jason Buck (2:02) - Investor interest in trend following (6:00) - Herschel Walker Syndrome (15:55) - Building a portfolio away from the traditional 60/40 (18:08) - Rob Lintner Revisited (29:02) - Interest overseas (41:30) - Paul Mulvaney’s back-to-back 40% months (51:19) - Show recommendations (56:22) - What Jason & Eric are hearing from investors today (1:03:22) - Love for ETFs (1:10:12) - Pairing trend following with factor investing Learn more about Eric and Jason: Standpoint; Mutiny Fund ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Hendrik Bessembinder, a professor at Arizona State University. In today’s episode, Meb and Hank discuss Hank's research on long-term stock returns and wealth generation. They explore the concept of power laws in the stock market, where a small percentage of stocks generate significant returns, while the majority underperform. They also discuss the implications of Hank's findings for investors, including the importance of diversification and the challenges of holding onto big winners. (1:06) - Welcome to our guest, Hendrik Bessembinder (1:27) - Do Stocks Outperform Treasury Bills? (6:16) - Power laws drive stock market returns (13:52) - The importance of holding on to winners in your portfolio (15:22) - Shared traits among the best stocks (23:10) - Takeaways from his global studies (28:21) - Mutual Fund Performance and Long Horizons (31:34) - Other topics Hank is interested in researching (37:52) - Hendrik’s most memorable investment Learn more about Hendrik: SSRN; Lessons from Bessembinder ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: 10 East is a membership-based investment firm founded by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner, focused on providing targeted exposure to private markets. Members invest at their discretion in single-investment and niche fund vehicles across private credit, real estate, private equity, and venture capital. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Catherine LeGraw, a member of GMO’s Asset Allocation Team. In today’s episode, Catherine explains why this is “the best relative asset allocation opportunity we’ve seen in 35 years," and “we are building portfolios with some of the highest forecasted relative and absolute returns we’ve ever seen." She explains where she sees opportunity around the world today, why she’s excited about deep value and quality, and how she’s thinking about the Magnificent 7. (1:34) - Welcome to our guest, Catherine LeGraw (1:45) - Why Catherine is so excited about the opportunity set today (Record Highs…But We’re Still Excited) (8:04) - The Magnificent 7 (Magnificently Concentrated) (14:39) - The opportunity in deep value (17:10) - Opportunities in foreign stocks (20:38) - GMO 7-Year Asset Class Forecast (Feb. 29, 2024) (23:46) - Currency implications (24:56) - The current state of bonds (30:46) - Other interesting assets (34:35) - Jump in the Deep End / GMO (34:59) - Catherine’s most controversial opinion (37:04) - Catherine’s most memorable investment (38:41) - What in Tarnation ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). View their Economic Update Visual Deck. ----- Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Professor Ken French, the Roth Family Distinguished Professor of Finance at the Tuck School of Business at Dartmouth College. He’s written some of the most influential papers in finance alongside former podcast guest, Professor Eugene Fama. In today’s episode, Ken shares what topic he and Professor Fama disagree on. Then we get into a number of topics: what it means to truly be a long-term investor, the global market portfolio, misconceptions around stock buybacks, and much more. (01:17) - Welcome to our guest, Kenneth French (03:35) - Investing in FAANG Stocks: Should You Expect Unexpected Returns? (07:10) - Deciphering an investors skill vs. luck (15:12) - Having an investment plan (20:24) - The global market portfolio (25:02) - Thoughts on gold and other commodities (26:26) - Incorporating human capital (32:12) - Ken’s thoughts on stock buybacks (35:36) - Improving financial education (40:10) - Disagreement, Taste, and Asset Prices (44:05) - Ken’s most controversial opinion (46:37) - Ken’s most memorable investment Resources Ken’s website The Best Way To Add Yield To Your Portfolio by Meb Faber The Arithmetic of Active Management by Bill Sharpe Things I’ve Learned from Gene by Kenneth French ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: 10 East is a membership-based investment firm founded by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner, focused on providing targeted exposure to private markets. Members invest at their discretion in single-investment and niche fund vehicles across private credit, real estate, private equity, and venture capital. Follow The Idea Farm: Twitter | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

In today’s episode, Meb reads a white paper, “T-Bills and Chill…Most of the Time.” ----- Follow Meb on Twitter, LinkedIn and YouTube To learn more about our funds and follow us, subscribe to our mailing list. ----- Follow Meb on Twitter, LinkedIn and YouTube To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Cliff Asness, co-founder, managing principal and Chief Investment Officer at AQR Capital Management. In today’s episode, Cliff & I start by talking about some quotes he may or may not have said in the past. Then we kick around a bunch of topics. We talk about diversifying by both asset class and geography, the challenge of managing short-term expectations while keeping a long-term perspective, and how AQR is implementing AI and machine learning in their investment process. (1:20) - Welcome to our guest, Cliff Asness (1:45) - Cliff’s article in the Financial Times (2:30) - Parsing Cliff’s real quotes from fake ones (8:56) - Thoughts on bonds as a diversifier (13:37) - Moving away from market-cap weighting (19:27) - Managing client expectations (29:30) - AQR Data Sets (29:56) - Alternative trend-following (43:48) - Position resizing for alternative strategies (48:06) - AQR implementing AI in their investment process (51:46) - Cliff’s most controversial opinion (57:39) - Cliff’s most memorable investment Learn more about Cliff: AQR; Twitter ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Steve Edmundson, the Chief Investment Officer of the Public Employees’ Retirement System of Nevada, which manages over $60 billion. As pension funds continue to hire more employees, pay more and more fees and build more complex portfolios, Steve is an outlier for his approach that emphasizes simplicity over complexity. He’s one of two investment professionals on staff and has indexed 100% of all publicly traded asset classes. I love it! Steve talks about the culture that allows this model to work and shares some thoughts on the rise of private markets and the impact of higher interest rates. The late Jack Bogle had a quote that applies well to Steve & Nevada PERS: “Don’t do something, just stand there!” ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). Read their 2024 Advisor-Client Communication Survey Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

In today’s episode, Meb reads his blog post, “Should CalPERS Fire Everyone And Just Buy Some ETFs?.” Resource: What Does Nevada’s $35 Billion Fund Manager Do All Day? Nothing ----- Follow Meb on Twitter, LinkedIn and YouTube To learn more about our funds and follow us, subscribe to our mailing list. ----- Follow Meb on Twitter, LinkedIn and YouTube To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). Read their 2024 Advisor-Client Communication Survey Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guests are Peter Atwater and Grant Williams, two guys that have known each other for a decade. Peter is a professor and author of The Confidence Map: Charting a Path from Chaos to Clarity. Grant is the author of the newsletter Things That Make you Go Hmmm… and host of The Grant Williams Podcast. He was also a co-founder of Real Vision. Today’s episode is a masterclass in how to analyze market sentiment, which seems particularly timely given how the market has been lately. Peter shares his framework for looking at the world through the lens of certainty and control and how that drives consumer confidence. Then he and Grant kick around a bunch of topics, including the relationship between natural gas and Nvidia, Elon Musk and the velvet rope economy, gold and Bitcoin, the opportunity in Japan, and much, much more. (1:40) - Welcome to our guests, Peter Atwater and Grant Williams (2:28) - Confidence and vulnerability’s role in financial market (6:18) - Elon Musk 0 - 60mph Tweet (10:21) - Peter’s take on natural gas and Nvidia (13:17) - Class versus wealth (17:30) - Thoughts on gold and Bitcoin (22:38) - The world of luxury (28:43) - The UK stock market (33:10) - Why Grant is excited about the Japanese stock market (37:14) - Who would Grant want to interview today? (38:23) - Modern-Day Asset Management Business w/ Anthony Deden (44:29) - Peter and Grant’s most controversial opinions (48:59) - Peter and Grant’s most memorable investments ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Tim Ranzetta, co-founder of Next Gen Personal Finance, a non-profit organization working to increase access to financial education. In today’s episode, Tim updates us on everything going on with Next Gen Personal Finance. You all know I’m a huge proponent of teaching kids personal finance and Tim is as focused on this making this happen as much as anyone. He talks about “Mission 2030,” which is to guarantee every high school student in the US takes at least one semester-long personal finance course by 2030. Tim also shares how you can get involved in your community, along with some books and podcasts he’d suggest for kids to teach them about personal finance. I have a feeling in 7 years, Tim will be back on the show to celebrate achieving Mission 2030. Listen to Tim’s first appearance on The Meb Faber Show here. (1:30) - Welcome to our guest, Tim Ranzetta; Tim's first episode on the podcast (2:03) - Update on Next Gen Personal Finance (8:25) - Financial education in California (13:31) - Financial education in schools (18:27) - Designing the curriculum for personal finance in high schools (25:57) - What the future looks like for Next Gen Personal Finance (27:49) - How you can get involved (33:01) - Psychology of Money by Morgan Housel; Mind Your Money by Yanely Espinal; How to Adult by Jake Cousineau; Gen Z Money $ense by Ella Gupta (34:55) - Lessons learned over the years (38:42) - The Invest America program Learn more about Tim: Financial4ca.com; Next Gen Personal Finance ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). Read their 2024 Advisor-Client Communication Survey. Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Whitney Baker, founder of Totem Macro. She previously worked at shops like Bridgewater and Soros. In today’s episode, Whitney explains what led to $500 billion in money expansion last year and why that’s driven recent performance in asset prices. She discusses the challenge the Federal Reserve faces as they try to balance inflation concerns with the need to support asset prices. Finally, Whitney talks about the huge opportunity she sees in emerging markets today and which countries have attractive valuations and troughing conditions. Listen to Whitney’s appearances in episodes 387 and 453. (1:37) - Welcome to our guest, Whitney Baker (1:55) - Whitney’s view of the macro landscape (4:48) - What led to the money expansion the past few months (14:57) - The challenge the Fed faces (30:58) - Opportunity in emerging markets (40:46) - Interesting markets to keep an eye on (48:03) - What leads to Whitney seeing an investment opportunity (58:57) - Update from Whitney on launching a new fund (1:04:11) - Whitney’s view on gold (1:07:17) - Larry Summers Tweet (1:10:53) - Whitney’s most controversial viewpoint (1:14:44) - Using useful resources from history Learn more about Whitney: Twitter; LinkedIn ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s returning guest is Alpha Architect’s Wes Gray, and he’s joined by Bob Elwood, a business lawyer with a focus on investment funds. Wes and Bob just helped complete a separately managed account to ETF conversion of $770 million, so we had to get them on the show to walk through the process! They walk through the process of doing an SMA to ETF conversion via Section 351 from start to finish. They share some of the more nuances involved in the process and answer some common questions they hear over time. While the most popular ETF story so far this year is the Bitcoin ETF, this is arguably a bigger long-term story and a trend to watch in the next few years. (1:39) - Welcome to our guests, Wes Gray and Robert Elwood; Wes’ prior appearances on the show: how to launch an ETF, 2023 Radio Show, 2021 Radio Show (2:11) - Update on Alpha Architect (2:59) - Overview of converting SMAs to ETFs via Section 351 (13:58) - Mutual fund to ETF conversions versus separate account to ETF conversions (19:34) - Weighing the advantages and disadvantages of SMA to ETF conversions (26:01) - Is Your Alpha Big Enough to Cover Its Taxes? A 25 Year Retrospective (26:35) - The case for the tax-free conversion of SMAs into an ETF via Section 351 (34:35) - Alpha Architect’s connection to former Presidential candidate Vivek Ramaswamy (36:37) - Esoteric examples of SMA to ETF conversions (38:06) - When does it not make sense to do a conversion? (43:23) - The future of Alpha Architect Learn more about Bob and Wes: ETF Architect; Alpha Architect ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

In today’s episode, Meb reads a paper titled, “A Better Approach to Dividend Investing.” Learn more about the Cambria Shareholder Yield ETF, SYLD. ----- Follow Meb on Twitter, LinkedIn and YouTube To learn more about our funds and follow us, subscribe to our mailing list. To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expense before investing. This and other information can be found in the Fund's full or summary prospectus which may be obtained by calling 855-383-4636 (ETF INFO) or visiting our website at www.cambriafunds.com. Read the prospectus carefully before investing or sending money. The Cambria ETFs are distributed by ALPS Distributors Inc., 1290 Broadway Suite 1000 Denver CO 80203, which is not affiliated with Cambria Investment Management, LP, the Investment Adviser for the Fund. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Drew Dickson, founder of Albert Bridge Capital and CIO of Alpha Europe funds. We talk a lot about global investing on this show and wanted to talk about that with Drew given his focus on European markets. Between the end of 1979 and the end of 2009, both the U.S. and Europe were 26 baggers and roughly had the same returns. Since then? The U.S. has returned 15% per year while Europe has returned just 8% per year. We spend a lot of time on whether this will continue. We also talk about the impact former guest and Nobel Laureate Richard Thaler had on his investment philosophy, the importance of shedding our biases to generate alpha, his valuation of Tesla, and much more. (1:32) - Welcome Drew the show (2:17) - Drew’s time learning from Richard Thaler (8:50) - Handling behavioral biases (11:39) - Experiencing the tech bubble in Europe (15:46) - Drew’s focus on investing in European firms (28:43) - Where Drew sees opportunity today (40:28) - Tesla (54:22) - Drew’s most memorable investment ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Ben Mackovak, Co-Founder of Strategic Value Bank Partners, an investment partnership specializing in community banks. Ben also sits on the board for several banks, giving him unique insight into what’s going on in this area. It's been a wild ride lately for the banks. 2023 was the biggest year ever for bank failures. There are concerns about commercial real estate risk in the banking system, the Federal Reserve has raised interest rates at an incredible pace, and valuations for the entire sector are at a steep discount to the market. So, we had Ben join us to talk about all of this and share if these concerns are justified or if there is still opportunity in the space. (1:22) - Welcome Ben to the show (2:08) - Overview of Strategic Value Bank Partners back in 2015 (5:40) - Distinguishing between community and regional banks (7:42) - Discussing bank failures and reforms (28:49) - The state of banks today (33:13) - Banks exposure to commercial real estate risk (35:58) - Engaging with banks (40:13) - The impact of fintech (49:35) - Revealing Ben’s most controversial viewpoint (54:02) - Ben’s most memorable investment Learn more about Ben: Strategic Value Bank Partners ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Jared Dillian, the editor of The Daily Dirtnap, a daily market newsletter for investment professionals. Jared’s back on the podcast to talk about his book, No Worries: How to live a stress-free financial life, which just released yesterday. Jared talks about the 80/20 rule applied to personal finance, his “no worries” approach to investing, which he calls the awesome portfolio, and I bet you’ll be surprised by which asset has performed best since 2000. We also get Jared’s take on the market today. He touches on inflation, private equity, the bond market and more. (1:20) - Welcome Jared back to the show; Episode #344: Jared Dillian (5:02) - Unpacking the concept “we get to choose how much money we have” (6:56) - Applying the 80/20 rule to personal finance (10:14) - Clarifying acronyms from 'No Worries: How To Live A Stress Free Financial Life' (14:57) - Considering the implications of young people accruing debt (18:11) - Different investment strategies & the Awesome Portfolio (34:41) - Jared’s take on inflation and higher interest rates (36:58) - Assessing the current state of the market (43:26) - Concerns about Tony Robbins book (45:53) - Integrating AI into the process of writing Learn more about Jared: The Daily Dirtnap, Jared Dillian Money ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only). Register for their webinar on January 25th with Charlie Bilello. Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Bruno Caratori, co-founder & COO of Hashdex, a global crypto asset manager that launched the first crypto index ETF in the world. In today’s episode, we’re talking all about the SEC’s recent spot Bitcoin ETF approval with someone from one of the 11 companies in the Bitcoin ETF race. And in crypto fashion, the approval actually happened halfway through our episode! Bruno talks about what a wild week it was with the fake announcement by someone who hacked the SEC’s Twitter account. Then he shares the unique structure he created for their ETF (ticker DEFI) and what his prediction is for total assets in Bitcoin ETFs by the end of the year. (1:32) - Welcome Bruno to the show (3:06) – The Bitcoin ETF approval (7:22) - The enthusiasm surrounding a Bitcoin ETF (9:02) - Introducing Hashdex & DEFI (19:22) - The significance of crypto-native companies running the Bitcoin ETF (30:26) - Forecasting the crypto market in 2024 (37:19) - Delving into Bruno's most controversial viewpoint (39:57) - Reflecting on Bruno’s most notable investment Learn more about Bruno: Hashdex; Twitter; LinkedIn; Instagram ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s returning guest is Rick Rieder, BlackRock’s CIO of Global Fixed Income and the Head of the BlackRock’s Global Allocation team. Rick recently won the Morningstar 2023 Outstanding Portfolio Manager award. In today’s episode, Rick shares his take on the macroeconomic landscape as we kick off a new year. He touches on the set up for both stocks and bonds and why he’s focused on finding companies that have “rivers of fast cash flow.” We talk about several other topics including crypto, AI, Japan, the recent shift by the Fed, US debt levels, and much more. As we wind down, Rick touches on his entrance into the ETF space this year with two fund launches. Listen to Rick’s first appearance on the podcast. • 1:30 - Welcome Rick back to the show • 2:36 - Reflecting on current market dynamics • 5:14 - The state of the bond market • 9:00 - Rick’s take on inflation dynamics • 10:55 - Areas of the market that Rick likes today • 15:58 - Opportunities in fixed-income • 22:01 - Rick touches on several asset classes, including crypto, Japan & India • 32:38 - Rick’s new ETFs • 36:01 - Reviewing unexpected outcomes from the last year • 42:06 - Rick's most controversial viewpoints • 46:33 - Thoughts on AI ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. YCharts offers a suite of intuitive tools, including numerous visualizations, comprehensive security screeners, portfolio construction, communication outputs, and market monitoring. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only) Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is well-known macro-expert Felix Zulauf, founder of Zulauf Consulting. He was previously the global strategist for UBS and later ran his own asset management firm. In today’s episode, Felix shares his view of the global investment landscape from Asia to Europe to the US. He shares why the tailwinds of lower inflation may reverse and lead inflation to rise above 10%. He also touches on the state of gold, the US dollar and other currencies, and why he’s focused on the upcoming election in Taiwan. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Liz Simmie, co-founder Honeytree Investment Management, which recently launched an actively managed, ESG-focused ETF, BEEZ. In today’s episode, Liz dives into the strategy of BEEZ, which focuses on responsibly growing companies that are stakeholder governed, purpose driven, and make a net positive impact on the world. Then she shares some hot takes on the state of both ESG and active management. As we wind down, Liz talks about the process of launching an ETF with our friends at Alpha Architect and shares advice for anyone thinking about launching one themselves. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Gabriela Santos, Chief Market Strategist for the Americas at J.P. Morgan Asset Management. In today’s episode, Gabi shares her view of the world after a year where the Magnificent 7 has dominated the headlines. She hammers home her excited about the opportunity set outside of the U.S. She explains why she likes the set up for Japan and India, why nearshoring is just one of the reasons why she’s bullish on Mexico, and why she thinks China has become more of a tactical trading market. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest today is Alfonso Peccatiello but you may know him as Alf! He’s the Founder & CEO of The Macro Compass, which provides financial education, macro insights and actionable investment ideas. In today’s episode, Alf gives a masterclass on the bond market. He talks about Dr. Yield Curve and how yield curve inversions are related to recessions. He also talks about where he sees opportunity in the global equity markets, specifically emerging markets. As we wind down, Alf shares some hot takes that most of his peers would disagree with, and you don’t want to miss what he says. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: AcreTrader is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online. For more information, please visit acretrader.com/meb Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s returning guests are Gavekal co-founder Louis-Vincent Gave and Praetorian Capital Management founder, Harris “Kuppy” Kupperman. In today’s episode, we start by covering the macro landscape and then dive in on some key themes Louis and Kuppy are focused on. We talk about emerging markets, the energy transition’s impact on commodities like oil and uranium, and stealth bull markets in places like Japan and India. We also touch on the Mag7, Argentina, Turkey, and even aviation sub-assembly – a first for the podcast. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. YCharts offers a suite of intuitive tools, including numerous visualizations, comprehensive security screeners, portfolio construction, communication outputs, and market monitoring. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only) Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s returning guest is Jonathan Treussard, who recently left Research Affiliates to launch his own RIA. This time Jonathan brought along Nic Johnson, who ran the commodity desk at PIMCO until early last year, overseeing over $20 billion. In today’s episode, the three of us kick around a bunch of topics. We talk about asset allocation, investor interest in commodities & TIPS, why Nic hates when people say gold is an inflation hedge, how financial incentives drive behavior, and why that’s an issue in areas like finance and residential real estate. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: AcreTrader is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online. For more information, please visit acretrader.com/meb. Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest today is Austin Root, Chief Investment Officer of Stansberry Asset Management. Previously, he co-founded and ran North Oak Capital, a New York-based hedge fund that received a strategic investment from Julian Robertson and Tiger Management. In today’s episode, Austin starts off by discussing the combination of financial planning & investment management. After giving a masterclass on private credit, he shares why he describes himself as a tweener when it comes to investing, the role of gold in portfolios, and much more. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- This episode is sponsored by AcreTrader. AcreTrader is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online. For more information, please visit acretrader.com/meb. Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest today is Jim Bianco, President and Macro Strategist at Bianco Research and one of my favorite macro minds around. In today’s episode, Jim holds absolutely nothing back. He shares why 2020 was the biggest economic event of our lifetime, why the 40-year bond bull market is dead, and why energy is going to be weaponized going forward. We also touch on the recent labor strikes, the impact of remote work, and why it may be time for active management in both stocks and bonds going forward. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only). Register for YCharts’ webinar and kick off 2024 with a successful path to smarter investment decisions and more effective client communications. Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Thomas George, President of Grizzle and Portfolio Manager of the DARP ETF. In today’s episode, Thomas talks about investing in disruption at a reasonable price. Key word: reasonable. He talks about the sector and thematic focus of the ETF and takeaways from the 2022 sell-off in the growthier parts of the market. As we wind down, he walks through the performance of Amazon since its IPO and why it makes for a perfect case study for disruption at a reasonable price. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: This episode is sponsored by AcreTrader. AcreTrader is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online. For more information, please visit acretrader.com/meb. Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s Radio Show is with guest co-host Corey Hoffstein. In today’s episode, Corey and Meb talk about whether topics are overhyped or underhyped: Bitcoin ETF recent news BlackRock launching Target-Date ETFs The death of the 60/40 T-Bill & Chill The Magnificent 7 Dividends They also talk about Roaring Kitty pitching us to come on the podcast in summer 2020 to discuss GameStop, my never ending job application to CalPERS, and more. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. YCharts offers a suite of intuitive tools, including numerous visualizations, comprehensive security screeners, portfolio construction, communication outputs, and market monitoring. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only) Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest today is Que Nguyen, the CIO of Equity Strategies at Research Affiliates. In today’s episode, she shares why stretched valuations along with a rise in interest rates and inflation may create a tinderbox for investors. But not everything is gloomy – she’s sure to share some areas she sees opportunity in the U.S. market today. We also discuss the ‘Magnificent Seven,’ fundamental indexing, and where she sees the dollar going from here. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Vinovest is a wine and whiskey investing platform democratizing access to these 'liquid' assets. With more than 150,000 registered users, Vinovest has made it easier than ever to buy, sell, and store high-performing wine and whiskey. Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Mebisode, Meb reads his post titled, What If You Owned No US Stocks? ----- Follow Meb on Twitter, LinkedIn and YouTube To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. YCharts offers a suite of intuitive tools, including numerous visualizations, comprehensive security screeners, portfolio construction, communication outputs, and market monitoring. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only) Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest today is Jon Hirtle, founder and Executive Chairman of Hirtle, Callaghan & Co., a $20 billion Outsourced CIO business he founded over 35 years ago. Jon is well known for creating the OCIO model that is commonplace today. In today’s episode, Jon shares what led him to start his firm and the OCIO model itself over three decades ago. He walks us through the evolution of asset allocation over that time, lessons from working with countless investment teams during his career, and his broad thoughts on the current investment landscape. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Vinovest is a wine and whiskey investing platform democratizing access to these 'liquid' assets. With more than 150,000 registered users, Vinovest has made it easier than ever to buy, sell, and store high-performing wine and whiskey. Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Mikhail Samonov, CEO of Two Centuries Investments, which was established to create long term wealth for investors through its blend of innovative and behaviorally focused investment strategies. In today’s episode, Mikhail walks through what led him to focus so much on ‘long history’ in his research. He shares lessons learned from studying two centuries of financial returns, including momentum and asset allocation. He also spends time explaining how he’s using AI to study intangible value and company cultures. (1:29) - Welcome Mikhail to the show (2:30) - Why such a focus on long-history? (3:04) - Two Centuries of Price-Return Momentum; Two Centuries of Multi-Asset Momentum (12:41) - Investors often underestimate risks, ignore history (18:11) - Investment comfort zones vary by generation (25:15) - Innovation and creativity are crucial for quantitative investors (34:26) - Applying research on intangibles using NLP (41:00) - CultureLine uses AI to analyze workplace culture, aiding investors and enhancing ESG models (45:46) - Story about Steve Jobs adding "creative" to Apple's 10K (49:46) - Deep dive into asset allocation strategies and their long-term resilience; A Century of Asset Allocation Crash Risk (59:42) - Why investors underestimate drawdowns (1:03:54) - What investment belief Mikhail holds that most of his professional peers do not (1:07:09) - Mikhail’s most memorable investment Learn more about Mikhail: Two Centuries; CultureLine; LinkedIn; Twitter ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. YCharts offers a suite of intuitive tools, including numerous visualizations, comprehensive security screeners, portfolio construction, communication outputs, and market monitoring. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only) Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is John Davi, CEO and CIO of Astoria Portfolio Advisors, which provides ETF managed portfolios and sub-advisory services. In today’s episode, John walks through his macro plus quant approach to the markets. We touch on his entrance into the ETF space with two tickers I love: PPI & ROE. We also talk about global diversification, opportunities in Europe and Japan, and why he focuses on after-tax after-inflation returns. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Vinovest is a wine and whiskey investing platform democratizing access to these 'liquid' assets. With more than 150,000 registered users, Vinovest has made it easier than ever to buy, sell, and store high-performing wine and whiskey. Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Soo Chuen Tan, Founder & President of Discerene Group, which has a fundamental, contrarian, long-term value investing philosophy. Today’s episode starts off with lessons from working under the great Seth Klarman at Baupost. Then we spend a lot of time around what the ideal structure is for an investment firm and how to build a true partnership with LP’s - and that even includes giving money back when there aren’t opportunities in the market. Then we get into his investing philosophy. He answers broad questions like: what businesses actually have network effects? Does it matter if a certain business goes away tomorrow? ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. YCharts offers a suite of intuitive tools, including numerous visualizations, comprehensive security screeners, portfolio construction, communication outputs, and market monitoring. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only). Mark your calendars for September 22nd because YCharts will be hosting a webinar to unveil Proposals and show off its full potential. Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s returning guest is Kevin Carter, Founder and CIO of EMQQ Global. In today’s episode, Kevin pounds the table for India’s tech sector. He covers the demographic trends, The India Stack, the difference from China 15 years ago and the current valuations. He also explains why environmental risks are something to keep an eye on in India. Listen to Kevin’s Kevin’s first appearance on the podcast. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. YCharts offers a suite of intuitive tools, including numerous visualizations, comprehensive security screeners, portfolio construction, communication outputs, and market monitoring. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only) Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Liz Ann Sonders, the Chief Investment Strategist of Charles Schwab. In today’s episode, Liz Ann starts off by sharing some timeless lessons from her mentor, the great Marty Zweig! Then she shares her view of the economy and markets. She touches on earnings estimates, expectations for the Fed, market breadth, and where she sees opportunity going forward. (1:08) - Welcome Liz Ann to the show (1:28) - How Marty Zweig's sentiment indicators had a lasting impact on Liz Ann Sonders' approach (5:26) - Marty Zweig’s Investing Rules (5:42) - Reminiscences of a Stock Operator (7:30) - Rukeyser's advice to Liz Ann: Explain finance so non-finance parents understand (10:01) - Understanding rolling recessions: A pandemic-era phenomenon (12:54) - Unprecedented weakness in leading indicators (LEI) hints at potential recession (15:49) - Housing market varies between existing/new and single/multifamily homes (19:27) - Fed's future path unclear (24:39) - Market's unpredictability and rich multiples require earnings growth for justification (39:30) - Emphasizing international diversification, especially in Japan (42:30) - Investors are turning to treasuries for yield (47:11) - Why this year feels like a "wall of worry" market (48:11) - Why the "get in, get out" approach to investing is gambling, not disciplined strategy (51:03) - What investment belief Liz Ann holds that most of her professional peers do not Learn more about Liz Ann: Charles Schwab; Twitter; ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Future Proof, The World’s Largest Wealth Festival, is coming back to Huntington Beach on September 10-13th! Over 3,000 finance professionals and every relevant company in fintech, asset management and wealth management will be there. It’s the one event that every wealth management professional must attend! Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Ulrike Hoffmann-Burchardi, a Portfolio Manager at Tudor Investment Corporation where she oversees a global equity portfolio inside Tudor’s flagship fund. Her area of focus is around digital, data & disruptive innovation. Barron’s named her as one of the 100 most influential women in finance this year. In today’s episode, she starts by lessons learned over the past 25 years working at a famed shop like Tudor. Then we dive into topics everyone is talking about today: data, AI, large language models. She shares how she sees investment teams incorporating AI and LLMs into their investing process in the future, her view of the macro landscape, and finally what areas of the market she likes today. With all the AI hype going on, there couldn’t have been a better time to have her on the show. And we even had an AI program record the intro with my voice! ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Future Proof, The World’s Largest Wealth Festival, is coming back to Huntington Beach on September 10-13th! Over 3,000 finance professionals and every relevant company in fintech, asset management and wealth management will be there. It’s the one event that every wealth management professional must attend! Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Phil Bak, CEO of Armada ETFs, which provides investors broad access to the real estate asset class. In today’s episode, Phil gives a masterclass on real estate investing. He covers the residential real estate space, the problem investors have come across this year with private REIT strategies, and why he has a solution to their problem. Then he shares how he’s using AI and machine learning to the REIT space through his long-only hedge fund. (0:39) - Sponsor: Future Proof (1:14) - Intro (2:00) - Welcome Phil to the show (2:25) - Navigating the realms of entrepreneurship and investing (5:39) - REIT overview (13:30) - Narratives drive flows, flows drive performance (15:47) - Challenges for Private REITs (30:57) - Creating PRVT ETF to replicate private REIT strategies with lower fees and liquidity (34:18) - Exploring the HAUS ETF (36:12) - Applying AI & machine learning to REITs (43:08) - Phil’s most memorable investment (48:11) - Changing market dynamics due to shifting Fed actions and evolving REIT landscape (51:37) - Lessons from investing in baseball cards (54:37) - What investment belief Phil holds that most of his professional peers do not ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Future Proof, The World’s Largest Wealth Festival, is coming back to Huntington Beach on September 10-13th! Over 3,000 finance professionals and every relevant company in fintech, asset management and wealth management will be there. It’s the one event that every wealth management professional must attend! Sponsor: The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Mohnish Pabrai, founder and Managing Partner of the Pabrai Investments Funds, which he started in 1999 and has since built an incredible track record. In today’s episode, Mohnish talks about his love for bridge, what his friend Warren Buffett’s online bridge name is, his philanthropic endeavors, opportunities he sees in Turkey and India, and what he would do with the Apple position today if he was running Berkshire Hathaway. (0:39) - Sponsor: YCharts (1:26) - Intro (2:00) - Episode begins (5:57) - Mohnish’s educational background (11:37) - Revived love for Bridge (18:00) - The magic of compounding (24:57) - Dakshana provides intense prep for competitive exams to underprivileged kids (38:54) - Investing long-term in high-conviction bets regardless of error rates (42:51) - Think like a founder, hold onto investments long-term despite drawdowns (46:32) - If he worked at Berkshire, would he sell or hold Apple today? (48:53) - What interested Mohnish in Turkey & India? (1:02:45) - Which tech stocks would Bill Gates buy? (1:06:51) - Mohnish’s most memorable investment (1:11:57) - Narrow expertise depth, no need to know everything about everything ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. YCharts offers a suite of intuitive tools, including numerous visualizations, comprehensive security screeners, portfolio construction, communication outputs, and market monitoring. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only). Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Stephanie Pomboy, founder of MacroMavens and one of the top macro minds around. In today’s episode, Stephanie shares her take on the investment landscape and why she’s very concerned about the corporate credit market. Then she shares her take on the dollar, gold, and where she sees opportunity given her bearish views. In reading some of Stephanie’s recent research to prepare for the episode, I came across some data points that I haven’t seen anyone else talking about, so I promise you’ll love this episode. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today's episode is sponsored by Future Proof. Future Proof, The World’s Largest Wealth Festival, is coming back to Huntington Beach on September 10-13th! New in 2023 is Breakthru Meetings Program – which will be facilitating more than 10,000 1-on-1 meetings. Financial Advisors and LPs, get your ticket FREE plus a $750 reimbursement by applying for the hosted meetings program by the August 15th deadline. ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s returning guests are Michael Batnick and Ben Carlson of Ritholtz Wealth Management and hosts of the awesome Animal Spirits podcast. In today’s episode, Michael & Ben give us a preview of Future Proof in September, which I attended last year and will be going once again. Then we talk about a bunch of topics, including asset allocation given the world today, the behavioral aspect of investing, the best diversifier to the average portfolio, and more. Register with our special link by August 15th to get your ticket for free, plus $750! ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s returning guest is Anthony Zhang, founder and CEO of Vinovest, which gives investors the ability to invest in wine and now whiskey. In today’s episode, Anthony updates on the business since his first appearance two years ago. He shares Vinovest now has over 100 million dollars invested and 150,000 registered users. Then we dive into their entrance into the whiskey market and talk about the investment profile of whiskey, how it compares to wine, and what else is in store for this rocket ship startup. For listeners of the show, Anthony shared a special deal for listeners of the show, so click here and the first 50 people that fund their accounts will receive a $50 bonus. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is JD Gardner, CIO & Founder of Aptus Capital Advisors, which provides risk-managed strategies designed to help clients stay invested through market cycles. Today’s episode has an overarching theme that can be summarized by a quote from JD himself: "A strategy's return is much less important than an investor's return while exposed to the strategy." JD explains how they provide solutions to help bridge the behavioral gap and use options provide investors with income and downside protection so investors don’t capitulate at the exact wrong time. JD also spends some time discussing the OCIO part of the business and lessons working with advisors in that capacity. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today's episode is sponsored by Future Proof. Future Proof, The World’s Largest Wealth Festival, is coming back to Huntington Beach on September 10-13th! New in 2023 is Breakthru Meetings Program – which will be facilitating more than 10,000 1-on-1 meetings. Financial Advisors and LPs, get your ticket FREE plus a $750 reimbursement by applying for the hosted meetings program by the August 15th deadline. Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s returning guest is Dr. William Bernstein, a neurologist turned investment advisor. Bill’s an author of several books and just released an updated edition of The Four Pillars of Investing, which came out over 20 years ago. In today’s episode, Dr. Bernstein shares two key updates since the first edition. Then we walk through some his best quotes and tie them to both timeless topics and current events like the AI craze and the media’s love for star managers. Click here to listen to Dr. Bernstein’s last appearance on the podcast. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Steve Klinsky, founder and CEO of New Mountain Capital, a private equity firm with over $37 billion in assets under management. Steve began his time in private equity when he co-founded Goldman Sachs’ Leverage Buyout Group back in 1981 when there were very few private equity firms around. In today’s episode, Steve shares how the private equity industry has evolved over his career to go from a focus on financial engineering to a focus on building businesses. Then he talks about the opportunity today in private credit and what the key drivers are to helping businesses grow and generate returns for both the employees and his firm. He even walks us through some real deals, including his sale of Signify Health to CVS earlier this year for a $8 billion. Enjoy learning about private equity? Check out episode 482 here. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. YCharts offers a suite of intuitive tools, including numerous visualizations, comprehensive security screeners, portfolio construction, communication outputs, and market monitoring. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only). Download a copy of YCharts’ latest white paper taking a deeper look into the performance of various portfolio allocation strategies and asset classes during the four most recent rate hike cycles. Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Blake Street, founder and Chief Investment Officer of Warren Street Wealth Advisors, an RIA located in California. In today’s episode, Blake shares how he wound up building a firm focused on content creators, which includes people who make a living from Tik Tok, e-sports, pickleball, and even OnlyFans! He explains the uniqueness of working within this niche, how he finds creators to work with, and his advice for other advisors who are looking to find their own niche. He also shares his firms’ tech stack, best practices for building out the infrastructure for an RIA, and his take on the future of financial advice. Did you enjoy this episode? Leave us a review, and then listen to Meb’s episode with tax expert Duncan Kelm. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Dr. Gio Valiante, who is regarded as one of the most successful performance coaches in the world. He’s currently the Head Performance Coach for the Buffalo Bills and works with some of the top golfers and top investors. He was previously the Head Performance Coach for Point72 and Steve Cohen. In today’s episode, Dr. Gio starts by sharing the five ways to win on the field or in the market. Then he shares the parallels of top performers in both athletics and investing. He walks through ways to help handle failure, navigate fear, and detach yourself from your results. This is truly a masterclass on what peak performance looks like, so be sure to share this episode with a friend. And if you enjoy this episode, click this link for Dr. Gio’s first appearance on the podcast. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by Farmland LP. Farmland LP is one of the largest investment funds in the US focused on converting chemical-based conventional farmland to organic, sustainably-managed farmland using a value-add commercial real estate strategy in the agriculture sector. Since 2009, they have built a 15,000-acre portfolio representing over $200M in AUM. To learn more about their latest offering, visit farmlandlp.com or email them at [email protected]. Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guests are GMO’s Ben Inker and Tom Hancock. Ben is the co-head of GMO’s Asset Allocation Team and Tom is the head of Focused Equity team and a portfolio manager for GMO’s Quality Strategies. In today’s episode, Ben and Tom give their take on the markets so far in 2023. They both share why they think quality and value stocks are attractive today. We dig into both factors and get specifics on their set up looking forward. We also touch on growth traps, Japan stocks, the opportunity set in emerging markets, and what companies are at risk to be disrupted by AI. Did you enjoy this episode? Leave us a review, and then listen to Meb’s episode last year with GMO co-founder Jeremy Grantham. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. YCharts offers a suite of intuitive tools, including numerous visualizations, comprehensive security screeners, portfolio construction, communication outputs, and market monitoring. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only). Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Dan Niles, Portfolio Manager of the Satori Fund, a US focused, technology biased, large capitalization, long-short equity fund. In today’s episode, Dan shares how his macro outlook is impacting his valuation of the big tech names. And of course, he gives his thoughts about how AI will either help or hurt some those same companies. He also spends time discussing timeless topics like the art of shorting, the importance of cutting your losses, and why he believes the most important trait for an investor is having emotional control. As we wind down, Dan shares some risks he thinks the market may be overlooking as we head into the second half of the year. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s returning guests are Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management, and Corey Hoffstein, co-founder and Chief Investment Officer of Newfound Research, and with this episode, ties for the most appearances ever on the show! In today’s episode, we start off by discussing some takeaways from prior periods of inflation volatility and lessons on managed futures from the Tech Crisis. Then we dive into return stacking. We first spoke to them about this back in 2021, but we get an update on the topic, lessons learned over the past few years, and the launch of their first return stacking ETF! ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by Farmland LP. Farmland LP is one of the largest investment funds in the US focused on converting chemical-based conventional farmland to organic, sustainably-managed farmland using a value-add commercial real estate strategy in the agriculture sector. Since 2009, they have built a 15,000-acre portfolio representing over $200M in AUM. To learn more about their latest offering, visit farmlandlp.com or email them at [email protected]. Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices