The Meb Faber Show - Better Investing

Today’s guest is Rob Citrone, founder of Discovery Capital Management, a hedge fund that invests opportunistically across asset classes in emerging and developed markets. Rob worked for Julian Robertson at Tiger Management in the mid 1990’s and managed money for the Soros family. He’s also a minority owner of the Pittsburgh Steelers. In today’s episode, Rob explains why he expects the investment regime to shift, with higher volatility and lower returns in the next decade. He highlights the potential for Latin America to outperform Asia in the coming years and why he sees a huge opportunity in Argentina. He also discusses his investments in cryptocurrencies, why he’s bearish on China and Europe, and the skill and discipline needed to be a short seller. (2:09) Rob's 25th anniversary at Discovery Capital Management (4:01) Lessons from Julian Robertson and George Soros (7:42) The opportunity in Argentina (18:07) Geopolitics (25:38) Outlooks for China, India, US and Europe (29:12) The art of short selling (36:54) Fiscal policy concerns (39:18) Bitcoin (42:08) Contrarian investment beliefs (43:30) Rob'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 ----- Today's episode is sponsored by YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Download YCharts' latest white paper, which dives into how different asset classes have historically performed when inflation settles into the Fed’s target range. Get 20% off your initial YCharts Professional subscription when you start your free trial. 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

Today’s returning guest is Rob Arnott, founder and Chairman of Research Affiliates. In today’s episode, Rob discusses his newest article, ‘Nixed: The Upside of Getting Dumped,’ which explores the concept of investing in stocks that have been removed from major indexes. He explains that these ‘dumped’ stocks often outperform the market and thinks investing in a strategy such as this provides an opportunity to invest in deep value, small-cap, and unloved companies. Meb and Rob touch on other topics, including the performance of value investing, the narrative around AI, and the macroeconomic backdrop. (2:01) NIXT overview (16:05) Factors behind the strategy (21:52) Expanding the strategy internationally (24:17) Market concentration (30:26) AI narratives and Nvidia (35:25) Macro conditions & election impacts on markets (45:25) Small cap value ----- 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. Get 20% off your initial YCharts Professional subscription when you start your free trial 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

Today’s guest is Michael Mauboussin, Head of Consilient Research at Counterpoint Global, a $70 billion equity manager. In today’s episode, Michael covers some of his latest research on market concentration, equity issuance and stock buybacks, and how the boom and bust cycle relates to AI today. He also shares some common attributes among great investors, lessons from Elon Musk & Tesla, and more. (1:31) Guest Introduction: Michael Mauboussin (2:41) Capital allocation and stock-based compensation (9:58) Trivia question on the top performing stock (15:56) Market concentration (23:13) Modern value investing & the rise of intangibles (28:45) Attributes of great investors (33:09) Factors influencing total shareholder returns (42:22) Technology, capitalism, and market predictability (48:15) Indexing, market efficiency & book recommendations (54:10) The Santa Fe Institute's interdisciplinary approach ----- 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. Visit YCharts to download their 2024 Election Guide & start your free trial - be sure to mention "Meb" for 20% off your subscription (new clients only). 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

Today’s guest is Doug Greenig, CEO & CIO of Florin Court Capital, which uses systematic trend-following in over 500 markets. Doug’s been involved in markets for over 30 years and was most recently at Man AHL as the Chief Risk Officer and Head of the Portfolio Management Group. In today’s episode, Doug explains why we’re living in a world made for trend following. He explains his unique approach to trend following and the benefits of expanding the number of markets traded, including esoteric ones like California carbon emissions and Turkish interest rate swaps. Doug also touches on the macro backdrop - characterized by deep structural hange and tail risks, including intensifying geopolitical conflict and US fiscal instability. (3:00) Doug Greenig intro (7:56) Trend following (10:22) Trading in unique and esoteric markets (22:38) Why trend following works (27:00) Leverage cycles and reflexivity (29:08) Integrating trend following with traditional portfolios (34:52) The macro environment (37:26) Market volatility & narrative shifts (40:21) Gray rhinos (43:29) Bullish on China (48:55) 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: YCharts - YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and get 20% off your subscription (new clients only). 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

We launched a new podcast called The Best Investment Writing. It began as a book, then as individual episodes on this feed, but listeners enjoyed it so much that we decided it needs to be its own show! Where else can you hear hand-selected investment research voiced by some of the most respected money managers and investment researchers in the world. Listen to a recent episode we published featuring prior podcast guest, Jason Buck, reading a piece titled Herschel Walker Syndrome. Subscribe on Apple, Spotify or YouTube. ----- Follow Meb on Twitter and LinkedIn. 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 guests are Andre Rzym and Tarek Abou Zeid, two Portfolio Managers from Man AHL, one of the longest running systematic asset managers in the world. In today’s episode, Andre & Tarek delve into the world of catastrophe bonds. They provide an overview of what catastrophe bonds are, recent performance metrics, how they relate to ESG and sustainable investing. They share some predictions for the 2024 hurricane season and wind down with some thoughts on the crypto markets. ----- 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. Subscribe to the YCharts blog and 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 | 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

Today’s guest is Roger Mitchell, founder of Albachiara, which offers consultancy services and does early stage venture investing, mostly around sports and entertainment. Roger began his career in finance and later became the inaugural Chief Executive of the Scottish Premier League in 1998. In today’s episode, Roger walks through topics from his new book, Sport’s Perfect Storm: An Industry Now Totally Adrift. Roger explains how the rise of new media platforms, changing demographics, and the increasing importance of gambling and fantasy sports are reshaping the sports industry landscape. He discusses the different origins and business models of American and European sports, and why sport franchises and businesses are such unique assets. ----- 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 ----- 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

Today’s guest is Steve Eisman. Steve is most famous for his bet against the US housing market before 2008 and his role in Michael Lewis’ book, The Big Short. He’s now a portfolio manager at Neuberber Berman. In today’s episode, Steve talks about the three themes he sees driving markets today: AI, infrastructure and crypto. He explains why he’s a believer in the first two, but not crypto. He also shares his take on the upcoming election and how that may impact markets. (1:05) Steve's view of the economic landscape (3:13) How to invest in AI (8:08) Infrastructure beneficiaries (14:15) Steve's take on the election (17:43) The impact of policy on markets (22:39) Other market and crypto commentary (27:15) Financial innovation & leverage (29:57) Steve'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 ----- 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

Today's guest is Kate Moore. Kate is a member of the Global Allocation investment team and Head of Thematic Strategy. In this episode, Kate talks about the resilience of the U.S. economy. She talks about the concentration of market leadership, the upcoming election's potential effects on policy and markets, the potential for a momentum reversal, and the role of AI in investing. (2:36) Kate's view of the US economy (5:34) Expectations for the Federal Reserve (8:10) Equity market leadership and sector performance analysis (13:25) Small cap insights (22:23) Historical perspective on interest rates and inflation (24:17) Global market cap trends and investment opportunities in Asia (34:42) Addressing investment biases (39:02) The role of AI in investing (44:18) Book recommendations ----- 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 just published their latest release of their Top 10 Visuals resource deck with fresh data and visuals. 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 | 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

Today’s guest is Ian Cassel. Ian is the founder of MicroCap Club, which is a best idea generator and networking resource for the microcap space. Ian is also the CIO of Intelligent Fanatics Capital Management, which invests in small, illiquid microcaps. In today's episode, Ian gives an overview of the microcap space. He shares common mistakes people make when investing in microcap stocks, what he looks for when analyzing companies, and common characteristics he's found in multi-bagger stocks. (1:05) Overview of the micro-cap sector (3:12) Misconceptions about micro-cap stocks (7:52) Advantages of micro-caps in public markets (14:14) Ian's investment journey (27:30) Case studies (33:03) The discovery phase (37:21) Ian's current holdings (44:32) Selling strategies (46:33) Analyzing the current micro-cap landscape (50:27) Ian'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 ----- 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

Today's returning guest is Aaron Edelheit, CEO and founder of Mindset Capital, a private investment firm. In today's episode, Aaron updates us on the state of the cannabis sector after a rough couple of years. He touches on possible Federal regulatory changes, the key characteristics he looks for in cannabis companies and why he refers to cannabis as the great replacement. As we wind down, Aaron talks about why he's so excited about the opportunity with low dose hemp beverages. (1:47) Overview of the cannabis industry (6:00) The possibility of Federal legalization (17:30) Valuation discussion (21:39) Operational challenges in cannabis (26:07) Factors with successful cannabis companies (31:10) Cannabis investment opportunities (34:18) The opportunity with low dose hemp beverages (41:32) Identifying risks in the cannabis space (44:51) Securities lending revenue in relation to ETFs ----- 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. 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 | 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

Today’s returning guest is Jerry Parker, CEO of Chesapeake Holding Company. Jerry began his career in 1983 when he was accepted into Richard Dennis’ Turtle Program. In today’s episode, Meb & Jerry discuss the launch of their new ETF, the Cambria Chesapeake Pure Trend ETF (MFUT). They delve into the fund, which uses a systematic trend following strategy across stocks, bonds, currencies, and commodities. Jerry covers the key principles of trend following, the importance of capturing big trends, and the benefit of trend following in a portfolio. BEFORE INVESTING YOU SHOULD CAREFULLY CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND CHARGES AND EXPENSES. THIS AND OTHER INFORMATION IS IN THE PROSPECTUS. A PROSPECTUS MAY BE OBTAINED BY VISITING WWW.CAMBRIAFUNDS.COM. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST. To learn more about the Cambria Chesapeake Pure Trend ETF, visit https://www.cambriafunds.com/mfut Investing involves risk. Principal loss is possible. Commodities Risk. Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Foreign Securities Risk. The Fund may invest in foreign securities. Such investments involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Leverage Risk. The derivative instruments in which the Fund may invest provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. If the Fund uses leverage through purchasing derivative instruments, the Fund has the risk that losses may exceed the net assets of the Fund. 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. (0:26) Welcome to our guest, Jerry Parker (0:42) The Cambria Chesapeake Pure Trend ETF (10:10) The various assets the fund trades (13:09) The benefit of short positions (19:08) Trend following principles (22:08) The importance of following rules and hunting outliers (33:16) How trend following fits in a portfolio (43:00) Excitement about ETFs and the future of managed futures ----- 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 Herb Greenberg, a veteran financial journalist and skeptical market commentator. In today’s episode, Herb talks about the evolution of markets during his career, finding and following frauds like Herbalife, and advice for those starting in markets. (1:05) Introducing Herb Greenberg (1:29) Herb's early career (7:10) Market structure changes during his career (11:46) Herb's five simple lessons and their modern interpretations (17:58) The role of short sellers (23:00) Herb's investigation into Herbalife (41:17) Herb's contrarian investment beliefs ----- 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

Today’s guest is Jason Draho, Head of Asset Allocation Americas for UBS Global Wealth Management. He’s also the Chair of the US Investment Strategy Committee. In today’s episode, Jason talks about the possibility of a Roaring 20’s decade for the US economy. He discusses the factors contributing to this scenario, including a possible capex boom, AI, the green energy transition and security & deglobalization. He also covers the role of bonds in the new macro regime, the impact of inflation and growth on stocks and bonds, and his take on the deglobalization narrative. (1:40) Welcome to Jason Draho (2:09) The resilience of the US economy (3:08) Misinterpreting economic signals (4:07) Household financial health post-pandemic (6:29) Positive demand shock and investment trends (14:11) US growth projections (23:26) Asset allocation strategies (39:04) Gold and real estate markets ----- 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: 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. 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

Today’s guest is Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets. She was recently named to Barron’s 100 Most Influential Women in U.S. Finance. In today’s episode, Lori explains why the US market has become more sentiment driven in the post COVID era. She shares her thoughts on the valuations of the top 10 stocks and the broad market. She also touches on small cap stocks, takeaways from earnings season, and her early thoughts on 2025. (1:11) Welcome to our guest, Lori Calvasina (3:50) Indicators and gauging market sentiment today (10:37) Current market valuations (13:08) Impact of upcoming election on financial markets (17:05) US small cap stocks setup (20:24) Value versus growth discussion (36:56) Lori's favorite indicators (42:37) Lori'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: 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. 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 Eva Shang, co-founder and CEO of Legalist, which is an institutional alternative asset management firm using data-driven technology to invest in credit assets at scale. Eva is a Thiel Fellow and participated in Y Combinator. In today’s episode, Eva covers everything related to litigation finance. We walk through why the asset class exists, how it works, using AI to source deal flow, and more. Then we get into her thoughts on building an asset management firm and why she launched a Government Receivables strategy. (1:17) Welcome to guest, Eva Shang (1:47) Overview of Litigation Finance (5:04) Origin Story of Legalist (9:09) Typical litigation process (21:49) The moneyball of litigation finance (28:06) Expanding into other strategies (37:07) Allocating to a litigation finance strategy (40:58) Eva'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). 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 recent post, "The Bear Market in Diversification." ----- 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 ----- 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 Brendan Ahern, Chief Investment Officer at KraneShares, which provides investors access to China, Climate, and other uncorrelated strategies. He also produces China Last Night, a daily note recapping important news out of China. In today’s episode, Brendan delves into the current state of China's stock market and economy, exploring the impact of the property crisis, upcoming U.S. election and the state of the consumer. Our discussion addresses key questions on whether China remains a viable destination for investors, considering recent regulatory changes, economic policies, and global market dynamics. (1:02) Introducing our guest, Brendan Ahern (5:53) The state of China's economy (14:18) Analysis of China's geopolitical concerns and international partnerships (20:01) The narrative around China post Russia-Ukraine (22:03) Deep dive into KWEB (29:44) Implications of the US election (32:40) Discussion on currency hedging (33:52) Other KraneShares' funds (41:44) Will TikTok be banned (43:52) Brendan's most memorable investment (46:18) Future plans for KraneShares ----- 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

Today’s guest is Michael Melissinos, founder of Melissinos Trading, an investment firm that employs a systematic trend-following approach. In today’s episode, Mike shares his journey into trend following and his approach to trading. He emphasizes the importance of removing biases and opinions when observing trends and executing trades. We get into the nuances of trend following, sticking to a trading system, and much more. (0:00) Introduction of guest Mike Melissinos and his journey into trend following (6:08) Jumping into trend following (10:07) Implementation and execution of trend following strategies, with emphasis on risk management (14:19) Deciding what markets to trade (16:33) The pitfalls of overriding your system (21:24) Questioning assumptions and the benefits of sticking to a system (28:40) Trading during the 2020 COVID crash and the subsequent inflation wave (30:07) The unexpected downfall of the 60/40 in recent years (33:11) Long term versus short term trading systems (36:06) Mike'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: 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

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