The Meb Faber Show - Better Investing

In episode 329, we welcome our guest, Samantha McLemore founder of Patient Capital Management and a Co-Portfolio Manager at Miller Value Partners. In today’s episode, Samantha shares how sending her resume to someone by the name of Bill Miller led to her starting as an analyst under Bill 20 years ago. We hear how the firm defines value and thinks about its edge in the investment process. Then Samantha walks us through some names in her portfolio and the thesis behind them, including ADT, Stitch Fix, GM, and even some SPACs. As we wind down, we go back in time and have Samantha walk through what was going through her mind as she navigated 2020 and the lessons learned from that experience. Please enjoy this episode with Patient Capital Management and Miller Value Partners’ Samantha McLemore. ----- Follow Meb on Twitter at @MebFaber ----- This episode is sponsored by Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Use Promo Code “MEB” to skip their 15,000 person wait list. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 328, we welcome our guest, Katie Echevarria Rosen Kitchens, co-founder of FabFitFun, a lifestyle membership that provides a curated selection of full-size products each season. As a special offer for listeners of the show, visit fabfitfun.com and use the code “MEB” to get $10 off your first box. In today’s episode, we hear about one of the most successful startups to come out of L.A.! Katie shares the origin story of how this media company transformed into a subscription service that now has 2 million members. She walks through the process of curating boxes for women of all ages throughout the entire country and what led them to use influencers before influencers were a thing. As we wind down, we hear what’s in store for the future of the company as they build out an e-commerce offering. ----- Follow Meb on Twitter at @MebFaber ----- 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. AcreTrader provides access, transparency, and liquidity to investors, while handling all aspects of administration and property management so that you can sit back and watch your investment grow. If you're interested in a deeper understanding, and for more information on how to become a farmland investor through their platform, please visit acretrader.com/meb. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 327, we welcome our guest, Mario Gabelli, Chairman and Chief Executive Officer of GAMCO Investors, the firm he founded in 1977. In today’s episode, we hear the framework behind one of the best stock pickers over the last 50 years. Mario walks us through what he thinks about when analyzing both industries and companies. He touches on the impact of fiscal and monetary stimulus, labor costs, and supply chains. Then we walk through some different industries – media, autos, energy, and yes, I even got him to talk about my favorite – farmland and agriculture. As we wind down, we hear about Mario’s recent focus on PPP – people, profits, planet, and why he chose to launch an actively managed ETF. Please enjoy this episode with GAMCO Investor’s Mario Gabelli. ----- Follow Meb on Twitter at @MebFaber ----- Today’s episode is sponsored by NordVPN. NordVPN strives to make the internet better than it is today. It can be free from online threats, censorship, and surveillance. What started with a single VPN server is now one of the most trusted internet security providers in the market, serving over 14 million users worldwide. Known for strong values and well-thought-out features, NordVPN is recognized by influential tech sites and IT security specialists. Visit www.nordvpn.com/meb for a discounted 2-year plan plus a bonus gift. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 326, we welcome our guest, Viktor Nebehaj, co-founder of Freetrade, whose mission is to get everyone investing by making it simple and commission-free with a stockbroker you can trust. As a special offer for listeners of the show, visit freetrade.io/MEB and get a free stock worth 3 - 200 GBP. In today’s episode, we start with Viktor’s early days at Google. Then hear how he went all-in on a crowdfunding campaign for Freetrade and loved the product so much he joined the company as a co-founder. We dive into the company, which offers commission-free brokerage without payment for order flow or margin lending. Viktor shares how the company makes money, what the appetite for this product has been like in Europe, and what it was like to navigate the craziness of 2021. As we wind down, we hear about Freetrade’s crowdfunding experience, with seven total rounds raising roughly 60 million dollars. ----- Follow Meb on Twitter at @MebFaber ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information: www.bitwiseinvestments.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 325, we welcome our guest, Bhu Srinivasan, author of AMERICANA: A 400-Year History of American Capitalism and founder and CEO of SCORETRADE, which is developing the fastest and most precise in-game sports prediction experience possible. In today’s episode, we go all the back to the 1400s and hear how venture capital was behind the discovery of America. Bhu talks about some of the most successful entrepreneurs in American history, including Vanderbilt, Carnegie and Rockefeller. We talk about the role the government has played in helping American capitalism thrive, and the history of booms and busts and the role they serve over time. As we wind down, we discuss the future of capitalism in the U.S. and around the globe, and hear about Bhu’s current venture around crypto and sports gambling. ----- Follow Meb on Twitter at @MebFaber ----- 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. AcreTrader provides access, transparency, and liquidity to investors, while handling all aspects of administration and property management so that you can sit back and watch your investment grow. If you're interested in a deeper understanding, and for more information on how to become a farmland investor through their platform, please visit acretrader.com/meb. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 324, we welcome our guest, Dr. Edward McQuarrie, Professor Emeritus at Santa Clara University. In today’s episode, we hear why the ‘stocks for the long-run’ thesis may not be so true. Dr. McQuarrie found digital archives and older data that gives a different conclusion than what Professor Jeremy Siegel found. We walk through how stock and bond returns have changed over time and learn that bonds have outperformed stocks for decades in countries like France and Japan. We hear about Dr. McQuarrie’s ‘regime thesis,’ which says the risk/return profile of both stocks and bonds depends on what regime we’re in, both capable of outperforming or underperforming over any time horizon. Please enjoy this episode with Santa Clara University’s Edward McQuarrie. ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information: www.bitwiseinvestments.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 323, we welcome our guest, John Montgomery, founder and Chief Investment Officer of Bridgeway Capital Management, a $5 billion quantitative manager that donates 50% of its profits to charity. In today’s episode, we start by hearing what made our John leave a job in the Transit sector to start a quantitative investment firm. We walk through what drew him to a rules-based approach and then touch on different factors, including size, value, and low volatility. We even touch on Bridgeway’s ultra small cap strategy and how it captures the small-cap premium. As we wind down, we hear about the firm’s unique structure, which includes donating half its profits to charity with the goal of ending genocide. Please enjoy this episode with Bridgeway Capital Management’s John Montgomery. ----- Follow Meb on Twitter at @MebFaber ----- Today’s episode is sponsored by Yotta Savings. Yotta Savings is an FDIC-insured savings account with a big twist, saving with Yotta gives you the chance to win $10 million every week. For every 25 dollars deposited into your Yotta Savings account, you’ll receive a recurring ticket into their weekly sweepstakes to win cash prizes ranging from a few cents to $10 million. Open your account to start saving and start winning. Use invite code "MEB" on signup to earn 100 bonus tickets into next week's contest. Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode 322 has a radio show format. We cover a variety of topics, including: - Preparing your portfolio for the possibility of both inflation and deflation - International stocks making a comeback - Value and momentum factors - Listener questions! ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information: www.bitwiseinvestments.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 321, we welcome our guest, Rajiv Jain, Chairman and Chief Investment Officer of GQG Partners, a boutique investment management firm focused on global and emerging markets equities. In today’s episode, we hear how Rajiv is building an asset management firm for the future. We start with Rajiv’s early career as an emerging markets PM and the lessons he learned navigating the Tequila Crisis. Then we dive into his choice to venture out on his own and start a new firm focused on having skin in the game, a diverse team, and a long-term view. We talk about the different investment styles of the firm and how he’s positioned going forward. As we wind down, we take a look around the world and hear Rajiv’s thoughts on emerging markets, Russia, India, and Asia. All this and more in episode 321 with GQG Partner’s Rajiv Jain. ----- 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. AcreTrader provides access, transparency, and liquidity to investors, while handling all aspects of administration and property management so that you can sit back and watch your investment grow. If you're interested in a deeper understanding, and for more information on how to become a farmland investor through their platform, please visit acretrader.com/meb. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 320, we welcome our guest, Shonda Warner, founder of Chess Ag Full Harvest Partners, an asset management company focused on agricultural investment opportunities. In today’s episode, we begin with Shonda’s early career on the trading desks of Goldman Sachs and Cargill in London and Tokyo. Then she shares what led her to decide she wanted to return to her farming roots and launch an agriculture asset management firm. We cover her areas of expertise, what realistic return expectations are in the space, and the possibility for vertical integration going forward. We even touch on some ag-tech and the need for infrastructure around hemp to help the industry grow. All this and more in episode 320 with Chess Ag Full Harvest Partner’s Shonda Warner. ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information: www.bitwiseinvestments.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 319, we welcome our guest, Brandon Zick, Chief Investment Officer of Ceres Partners, a specialist investment manager focused exclusively on food and agriculture. In today’s episode, we’re talking all about farmland. Brandon begins with an update on the asset class, including the impact of both rising commodity prices and COVID. We spend some time on his firms’ investment process and how they evaluate potential deals. Then we walk through lots of factors affecting the space – lack of water, solar and other non-farm value options, and the tax uncertainty with a new administration. As we wind down, we talk about Brandon’s private investing in ag-related businesses and what he’s seeing in that area. Please enjoy this episode with Ceres Partner’s Brandon Zick. ----- This episode is sponsored by Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Use Promo Code “MEB” to skip their 10,000 person wait list. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 318, we welcome our guest, Perth Tolle, founder of Life + Liberty Indexes. In today’s episode, we’re talking about freedom! Perth shares what led her to focus on the relationship between freedom and investing in emerging markets. We hear the story of how she launched the ETF with the help of former podcast guests Rob Arnott and Wes Gray. She shares the inner workings of her Freedom Index and how it uses personal and economic freedom metrics as factors. As we wind down, Perth explains how it differs from most emerging market funds and what the reaction has been from people all around the glove. All this and more in episode 318 with Life + Liberty Indexes’ Perth Tolle. ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information: www.bitwiseinvestments.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 317, we welcome our guest, Chris Cole, Founder and Chief Investment Officer of Artemis Capital Management, which aims to transform stock volatility into opportunities for clients. In today’s episode, we cover the optimal portfolio to help you grow and protect your wealth for the next 100 years. Chris shares why recency bias has led investors to be poorly positioned for secular change. We cover the issues with the 60/40 portfolio and then walk through the five asset classes that he believes belong in your portfolio at all times. Then Chris explains how investors should think about diversification, and his new metric to help you do so. And of course, we talk some long volatility! Be sure to check the show notes to see some slides our guest put together for today’s episode. Please enjoy this episode with Artemis Capital Management’s Chris Cole. ----- 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. AcreTrader provides access, transparency, and liquidity to investors, while handling all aspects of administration and property management so that you can sit back and watch your investment grow. If you're interested in a deeper understanding, and for more information on how to become a farmland investor through their platform, please visit acretrader.com/meb. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 316, we welcome our guest, Dianne McKeever, Co-founder and Chief Investment Officer of Ides Capital, which has been cited as the only woman-led activist fund. In today’s episode, we’re talking all about activist investing. Dianne shares how she went from a Berkshire fan to becoming an activist. She shares the ins and outs of the process, from sourcing names to engaging with management teams. Then we talk about how ESG fits into her activism campaigns. Of course, we walk through a few names in Dianne’s book and hear the story of her campaign with Boingo. Please enjoy this episode with Ides Capital’s Dianne McKeever. ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information: bitwiseinvestments.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 315, we welcome our guests, Warren Pies and Fernando Vidal, co-founders of 3Fourteen Research, which combines expert qualitative insights with true quantitative discipline. In today’s episode, we take a data-driven approach to look at the markets. We start with the firm’s original story and why Warren believes real assets have a place in portfolios going forward. Then they walk us through their research process and the benefits of combining machine learning with technicals and fundamentals. Finally, we hear what their models say about inflation, commodities, oil, and Bitcoin. Warren and Fernando were kind enough to put together some of their research for you to refer to during the episode. Click here to see their reports. Please enjoy this episode with 3Fourteen Research’s Warren Pies and Fernando Vidal. ----- 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. AcreTrader provides access, transparency, and liquidity to investors, while handling all aspects of administration and property management so that you can sit back and watch your investment grow. If you're interested in a deeper understanding, and for more information on how to become a farmland investor through their platform, please visit acretrader.com/meb. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 314, we welcome our guest, Dan Morehead, Co-founder and Chief Investment Officer of Pantera Capital Management, the first institutional asset manager to invest exclusively in blockchain technology and digital assets. In today’s episode, we’re diving into how this Tiger Cub turned his attention to crypto and blockchain. We start with Dan’s background, spending time in Japan after the bubble burst and later at Tiger Management under legendary Julian Robertson. Then we hear about starting Pantera Capital and shortly after solely focusing on Bitcoin and digital assets. He shares what originally caught his interest in crypto, the different ways to value Bitcoin, how to size it and other digital assets in your portfolio, and what he believes this biggest risks are. Please enjoy this episode with Pantera Capital Management’s Dan Morehead. ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information: bitwiseinvestments.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 313, we welcome our guest, Rob Arnott, founder and Chairman of Research Affiliates. In today’s episode, we start with the U.S. stock market and why today’s valuations meet Rob’s definition of a bubble. Rob debunks commonly discussed reasons for why stock valuations should be so high and explains why he doesn’t agree with MMT. Then we touch on value stocks and Rob’s recent piece on the lofty valuations for electric vehicles stocks. As we wind down, hear why Rob is bullish on emerging markets value, and what his new trade of the decade is – UK value stocks. Please enjoy this episode with Research Affiliates’ Rob Arnott. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 312, we welcome our guest, Carter Malloy, founder and CEO of AcreTrader, a farmland real estate investment company offering low minimum, passive farm investments. In today’s episode, we’re talking all about farmland, an asset that’s historically been hard for investors to access, but Carter and AcreTrader are changing that. We start by hearing how COVID increased interest in farmland from both institutions and private equity firms. Then Carter walks through the process of purchasing farmland through AcreTrader, with Meb’s recent purchase of an organic farm in Nebraska as an example. We hear about the process for you to purchase farmland through AcreTrader, the due diligence process for each investment, and their process for deciding which farm is an attractive opportunity. All this and more in episode 312 with AcreTrader’s Carter Malloy. ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information: www.bitwiseinvestments.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode 311 has a radio show format. We cover a variety of topics, including: · The importance of having an investment plan · Valuations update · How Meb approaches startup investing · Listener questions! There’s this and plenty more in episode 311. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 310, we welcome our guest, Kathryn Kaminski, Chief Research Strategist at AlphaSimplex, where she’s also the co-portfolio manager for the firm’s Managed Futures Strategy. In today’s episode, we’re talking all about trend following and managed futures. You may have heard the phrase “crisis alpha” before, and Kathryn is the person who coined that phrase. We start with hearing what it was like for her to study at MIT under the legendary Andrew Lo. Then she explains why trend following works during a crisis and uses last year as an example. As we wind down, Kathryn explains some misconceptions about trend following and talks about why it’s so important to have a process driven investment approach. All this and more in episode 310 with AlphaSimplex’s Kathryn Kaminski. --- This episode is sponsored by Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Use Promo Code “MEB” to skip their 15,000 person wait list. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 309, we welcome our guest Andrew Horowitz, President and Founder of Horowitz & Company and host of The Disciplined Investor Podcast. In today’s episode, we start with Andrew’s investment framework. We talk about the tradeoff between active management and ETF’s with both stocks and bonds. Then we discuss the impact of fund flows on stocks and hear what Andrew thinks about current valuations. As we wind down, we talk about the importance of helping clients have a long-term investment horizon. Please enjoy this episode with Horowitz & Company’s Andrew Horowitz. ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information: bitwiseinvestments.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 308, we welcome our guest, Maciej Wojtal, founder and CIO of Amtelon Capital, an investment fund focused on Iranian equities. In today's episode, we're covering Maciej’s best idea: Iranian equities. In today’s episode, we start by hearing how the 2015 nuclear deal between the US and Iran sparked Maciej’s interest in Iran. He shares what he learned early on – the country has a resilient economy with great demographics – and when paired with companies trading at 3-4x earnings, he was compelled to set up his firm in 2018. Maciej walks us through what it’s been like over the last few years: handling new sanctions under the Trump administration, 70% currency depreciation one year, and, most recently, the impact of COVID. As we wind down, he shares the possibilities for the country going forward and the potential for foreign inflows to drive valuations up in the near future. Please enjoy this special “Best Ideas” episode with Amtelon Capital’s Maciej Wojtal. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 307, we welcome our guest, Vikram Mansharamani, a Harvard lecturer, author, and global trend spotter who shows people how to anticipate the future, manage risk, and spot opportunities. In today’s episode, we’re talking all about financial bubbles. Vikram wrote the book BOOMBUSTOLOGY: Spotting Financial Bubbles Before They Burst, which uses multiple lenses to spot financial bubbles. Today, he shares that framework with us and relates it to today’s market. He explains why skyscrapers and stadiums help predict where there is excess in the market. Then we talk about the Internet bubble, housing bubble, and what he sees today with the rise of SPACs, student sentiment, and monetary and fiscal policy. We also cover a number of other topics, including why it’s important to think for yourself, why he’s bearish on India, and even some UFO’s. All this and more in episode 307 with Harvard’s Vikram Mansharamani. ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information: www.bitwiseinvestments.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 306, we welcome our guest, Jeff Seder, founder of EQB, a high-tech sports medicine startup that consults with the majority of the major thoroughbred racehorse racing stables. In today’s episode, we hear the best moneyball story you’ve never heard. With the Kentucky Derby this weekend, there’s no one better to listen to than Jeff, who’s disrupted the horse racing industry with his quantitative approach. He walks us through all he’s gone through to gather data over the last 30 years and why the industry has been resistant to data even to this day. Then he explains why studying the size of one ventricle in a horse’s heart led him to believe the it had the potential for greatness, leading him to tell his boss, “Sell your house, don’t sell this horse.” Not a bad call since that horse, American Pharoah, went on to become the first Triple-Crown winner in 37 years! As we wind down, we hear what Jeff thinks about this weekend’s Kentucky Derby and his advice if you’re thinking of betting on the race. All this and more in episode 306 with EQB’s Jeff Seder. ---------- This episode is sponsored by URNM: The NORTH SHORE GLOBAL URANIUM MINING ETF is made up of a basket of companies that are involved in the mining, exploration, development and production of uranium as well as companies that hold physical uranium, uranium royalties or other non-mining assets. To learn more go to www.urnmetf.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 305, we welcome our guest, Marc Faber, Editor and Publisher of The Gloom, Boom & Doom Report, which highlights unusual investment opportunities around the world. In today’s episode, we begin with Marc’s thoughts on why governments mishandled the COVID response in the last year, and what he expects the long-term effects from both the monetary and fiscal responses will be going forward. Then he shares his thoughts on why he thinks more and more of the younger generations favor socialism. We touch on the financial speculation in the markets, particularly with Robinhood options trading. As we wind down, we hear where Marc thinks you can put some money to work. He shares his thoughts on gold, Asian equities, energy and financials. All this and more in episode 305 with The Gloom, Boom & Doom Report’s Marc Faber. ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information: bitwiseinvestments.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 304, we welcome our guest, Damon Ficklin, Polen Capital’s head of the Large Company Growth Team and the lead portfolio manager of the firm’s Global Growth strategy. In today’s episode, we’re talking high quality, concentrated growth investing. Damon starts by describing his process for analyzing companies and the key metrics they look for when doing so. Then he covers the paradigm shift we’ve seen in the last year and how companies have adapted to the new norm. We talk about companies that have navigated the shift to e-commerce like Estee Lauder, and others that have transformed their business model like Adobe. Be sure to listen until the end to hear why one of Damon’s most memorable investments is Invisalign, a stock that has soared in the past year. All this and more in episode 304 with Polen Capital’s Damon Ficklin. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 303, we welcome our guest, Kevin Lozer, co-founder of Holistiplan, a tax planning software for financial advisors. In today’s episode, we’re talking about how advisors can utilize technology to help with tax planning, something that’s historically been a very manual process. Kevin shares how creating software to help with tax planning for his own clients then turned into a standalone business. He walks us through the process of using the software and how it not only saves the advisor time but also helps find potential planning opportunities. He also explains how advisors have been utilizing the tools to help with business development. As we wind down, Kevin shares why the software complements instead of competes against CPA’s. All this and more in episode 303 with Holistiplan’s Kevin Lozer. ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information: www.bitwiseinvestments.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 302, we welcome back our guest, Lisa Rich, managing partner of Hemisphere Ventures and founder and COO of Xplore. In today’s episode, we’re chatting about the space sector, which has been absolutely on fire. Lisa updates us on what’s happened in the space sector since we last spoke. She covers the impact of both SPAC’s and Ark Invest’s new space ETF on the sector. Then she shares updates on some of her prior investments, including Axiom Space and their quest to build the first commercial space station. As we wind down, Lisa shares what’s going on with Xplore and the development of their spacecraft, the Xcraft. All this and more in episode 302 with Hemisphere Ventures and Xplore’s Lisa Rich. --- This episode is sponsored by Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Use Promo Code “MEB” to skip their 15,000 person wait list. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 301, we welcome our guest, Dr. Daniel Crosby, Chief Behavioral Officer at Orion Advisor Solutions, where he helps organizations understand the intersection of psychology and the market. In today’s episode, we start by hearing what the 2020 bear market and pandemic looked like from a clinical psychologist’s perspective. Daniel touches on behavioral coaching and why that’s the primary value-add a financial advisor can provide. Then we move onto topics that aren’t discussed much: mental health, social isolation, and depression. He explains why it’s helpful for advisors to have their own therapist to help them handle the day-to-day stresses of the job, and how the increased social isolation over the last year translates to what we’ve seen recently with Reddit, Robinhood and NFT’s. As we wind down, we discuss the potential for technology to help us become better investors and how some fintech firms are using technology and nudges to encourage bad behaviors. All this and more in episode 301 with Orion Advisor Solutions’ Dr. Daniel Crosby. ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information: www.bitwiseinvestments.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 300, we welcome our guest, Geoffrey Batt, managing partner and founder of the Euphrates Advisors, where he invests in Iraqi equities. In today's episode, we're covering Geoffrey's best idea: investing in the Iraqi stock market. Geoffrey begins by telling us how learning about Daniel Cloud’s post-Soviet Union Russia fund led him to look around the world to find somewhere he could earn huge returns, which led him to Iraq. He gives us an overview of the market and economy and how it’s rebounded since Saddam Hussein died. Then he walks us through everything he’s had to deal with since he first invested there in 2010 – political instability, a 20% currency devaluation, negative oil prices, and an Iraqi stock market that closed in response to COVID. We talk about the tailwinds for Iraq, including the growth of the banking sector and ESG, which Geoffrey believes is bullish for oil. Be sure you stick around until the end to hear about Geoffrey’s first trip to Iraq, when he was driving to visit with a company and was forced to turn around because of a car bomb. Please enjoy this special “Best Ideas” episode with Euphrates Advisors’ Geoffrey Batt. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 299, we welcome our guest, Sundeep Ahuja, a three-time founder-turned-investor, who's currently a General Partner at Duro Ventures, Climate Capital, and DVC. In today’s episode, we start by hearing about Sundeep’s entrepreneurial journey, then dipping his toe in angel investing by making his first investment into Goodreads. Then he shares the differences of using Angel List syndicates and rolling funds, and the benefits of each. We touch on why Sundeep decided to devote his investment career to help solve climate change. He explains what areas currently look attractive, why he places a lot of emphasis on the founder when making an investment decision, and how he thinks about valuations. As we wind down, we talk about specific companies he’s invested in, from food delivery to gaming companies. All this and more in episode 299 with Climate Capital’s Sundeep Ahuja. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 298, we welcome our guest, Boris Wertz, the founding partner of Version One, an early-stage venture capital firm focused on backing mission-driven founders. In today’s episode, we’re talking all things marketplaces. Boris’ knowledge of marketplaces is unrivaled. He started one of the first marketplaces in the late 1990’s and recently released the third edition of A Guide to Marketplaces, a must-read for anyone interested in the business model. We start by going all the way back to the early days of eBay and then talk about how marketplaces have evolved over time, most recently with crypto and the blockchain. Then we dive into one of the hot topics of 2021: non-fungible tokens (NFT’s). Boris shares some broad thoughts on NFT’s and touches on one of his portfolio companies, Dapper Labs, which is behind NBA Top-Shot. All this and more in episode 298 with Version One’s Boris Wertz. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 297, we welcome our guest, Tim Ranzetta, co-founder of Next Gen Personal Finance, a non-profit organization working to increase access to financial education by providing its curriculum and professional development at no cost to schools. In today’s episode, we start the episode with the current state of K-12 personal finance education in the U.S. Then we hear how teaching a personal finance class in a school inspired Tim to start Next Gen Personal Finance in 2014. He shares the curriculum they provide to teachers for free, why the 43,000 teachers that are registered on the Next Gen platform are the champions to get personal finance mandated in schools across America, and how he utilizes arcade games to engage kids ranging from K-12. As we wind down, we hear about what Tim calls Mission 2030, which is to get every student who graduates high school to complete a one-semester personal finance course. All this and more in episode 297 with Next Gen Personal Finance’s Tim Ranzetta. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 296, we welcome our guest, Jason Hsu, founder and chairman of Rayliant Global Advisors. In today’s episode, we get an update from Jason on the Chinese stock market and hear how it differs from the U.S. Then we talk about his new ETF, which gives investors a way to allocate to China A-Shares. He explains why the A-Shares are a great place to seek outperformance due to the large amount of retail involvement. Jason then addresses some of the most commonly cited risks for investing in the Chinese stock market, including accounting issues and the presence of so many state-owned-enterprises. As we wind down, Jason gives his take on the recent developments with Ant Financial and Jack Ma. All this and more in episode 296 with Rayliant Global Advisor’s Jason Hsu. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 295, we welcome our guest, Jacob Rubin, founder and Managing Member at Philosophy Capital Management, which focuses on value and distressed credit. In today’s episode, we start by discussing Jacob’s windy road to end up where he is today, including a stint under Jerome Simon at Lonestar Capital Management. Then we dive into his investment philosophy, which can be described as old school value in a new school world. He shares how he uses pattern recognition to his advantage, how credit and equity investing help one another, and the thesis for some of his top holdings. As we wind down, Jacob explains how he thinks about the short-side of the portfolio and tells the story of why watching a TikTok video led him to immediately cover a short. All this and more in episode 295 with Philosophy Capital Management’s Jacob Rubin. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 294, we welcome our guest, Dan Rasmussen, founder of Verdad Advisers, a global investment firm that provides a public market alternative to private equity. In today’s episode, we start with an update on Dan’s private equity replication thesis and hear about the rise of private credit in the past few years. Then we dive into his recent paper on emerging markets crisis investing. While buy and hold investors in emerging markets have experienced higher volatility for disappointing returns, Dan believes learning to navigate these EM crises can provide the ability to reap excess returns. He walks us through the differences between global and idiosyncratic crises and what performs best between both debt and equity in each case. All this and more in episode 294 with Verdad Advisers’ Dan Rasmussen. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 293, we welcome our guest, Ted Seides, host of the Capital Allocators podcast and author of Capital Allocators: How the world's elite money managers lead and invest. In today’s episode, we go all the way back to Ted’s early days working under the great David Swensen at Yale to hear what makes him one of the most respected Chief Investment Officer’s in the world. Then we move on to his famous bet with Warren Buffett and hear how the real winner of the bet was the collateral set aside for the duration of the bet. After touching on what the Chief Investment Officer job entails and sharing the insights he’s learned from speaking with some of the top managers in the world, Ted shares how he invests his own money. We talk about Bill Ackman’s fund, SPACs, and even some crypto. All this and more in episode 293 with Ted Seides. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 292, we welcome our guest, Tom Barton, famed-short seller and founder and President of White Rock Capital. In today’s episode, we start with taking a look back at one of Tom’s tweets from September, which said that GameStop was a misunderstood short, and hear why he thought so back then. We also touch on the differences between shorting based on valuation versus because the company is a fraud. Then we turn to what he mostly focuses on these days: biotech and gene-therapy companies. We hear about his brutal two-year experience as an activist and what he learned from the experience. As we wind down, Tom walks us through some companies he likes in the biotech space, and even shares a SPAC that looks attractive to him at the moment. Please enjoy this episode with the White Rock Capital’s Tom Barton. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 291, we welcome our guest, Ron Lieber, the Your Money columnist for The New York author of the book, The Price You Pay for College. In today’s episode, we’re talking about what Ron describes as the biggest financial decision your family will ever make: paying for your child’s college tuition. We begin with some background as to how the sticker price of college has soared over the past few decades. Then Ron explains what merit aid is, how it can save you tens of thousands of dollars, and how schools are using it to compete with other schools for prospective students. Ron walks us through some of the best ways to start preparing for this big expense and why he believes you should talk to your son or daughter before they enter high school about all the factors impacting this important financial decision. As we wind down, Ron explains what policy suggestions he’d love to see implemented to help fix the student debt crisis. All this and more in episode 291 with The New York Times’ Ron Lieber. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 290, we welcome our guest, Bill Smead, the Chief Investment Officer for Smead Capital Management. In today’s episode, Bill explains why he believes the market is undergoing a tide change. He starts with a look back on the 2000 tech bubble and uses Cisco as an example of why it’s important to separate a good business from a good stock. After talking about parts of the market he doesn’t like, we move on to the parts he finds attractive, including home-builders, energy, suburban mall REITs, and financials. As we wind down, Bill touches on the antitrust case for big tech and what the investment implications may be. Please enjoy this episode with Smead Capital Management’s Bill Smead. Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode 289 is a Mebisode. In this episode, you’ll hear Meb put today's stock valuations into historical perspective. He addresses the claim that stock valuations should be high because bond yields are low and then looks at what conditions were present at the start of the best ten-year stock returns in history. Finally, he provides some thoughts on what investors could do to handle the current market environment. All of this and more in episode 289. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 288, we welcome our guest, Doug Pugliese, the Head of 1042 QRP Solutions at Alpha Architect, where he manages the firm’s qualified replacement property investment strategies practice. In today’s episode, we’re covering Doug’s best idea: employee stock ownership plans. ESOP’s are a niche but incredibly attractive way for a business owner to sell their business for both themselves and the long-term viability of the company. The episode starts with a broad overview and then dives into the inner workings of an ESOP sale. Doug explains how the tax benefits of a 1042 election allow the owner to defer capital gains tax and even invest the proceeds into a portfolio of blue chip stocks. As the conversation winds down, Doug shares why ESOP’s may be an ideal way for middle market private equity companies to exit investments. Please enjoy this special “Best Ideas” episode with Alpha Architect’s Doug Pugliese. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 287, we welcome our guest, Jonathan Hsu, the co-founder and General Partner at Tribe Capital, a venture capital firm focused on using product and data science to engineer N-of-1 companies and investments. In today’s episode we're talking about using a quantitative approach to venture capital investing in a way that hasn’t been done before. Jonathan us through his background, with stops at Facebook and Social Capital. Then we hear how Tribe Capital leverages their data science capabilities to assess the product-market fit of companies to invest from the seed stage to late stage. Jonathan explains how this process led him to invest in both Slack and Carta. As we wind down, we learn about the firm’s co-invest vehicles, which allow others to access their deal flow. All this and more in episode 287 with Tribe Capital’s Jonathan Hsu. This episode is sponsored by Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Use Promo Code “MEB” to skip their 15,000 person wait list. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 286, we welcome our guest, Jeremy Grantham, co-founder and Chief Investment Strategist of GMO. In today’s episode, Jeremy begins by talking about the current market, which he believes will be recorded as one of the great bubbles of financial history. He puts this bubble into historical perspective by comparing it to the Japanese, technology and housing bubbles. Then he addresses the commonly cited argument that low interest rates justify high stock valuations. Next, Jeremy explains why he is so bullish on venture capital and has allocated almost 60% of his foundation to the asset class, making it, as he says, one of the most aggressive portfolios in the philanthropic world. As we wind down, Jeremy explains why he is so passionate about addressing climate change through his foundation, and why China is ahead of the U.S. to address the issue. Please enjoy this episode with GMO’s Jeremy Grantham. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 285, we welcome our guest David Marcus, the co-founder and Chief Investment Officer of Evermore Global Advisors, where he manages the Evermore Global Value Fund. In today’s episode, we’re talking about David’s best idea: special situations in Europe. David’s been investing in Europe for almost his entire career and thinks now is the best opportunity for special situations he has ever seen. First, he explains what it was like for him to watch legendary investor Michael Price navigate the 1987 crash. Then David explains what led him to start Evermore Global and the firm’s investment philosophy. He touches on the different types of special situations he focuses on, including spinoffs, restructurings, and breakups, and why activism, catalysts, and cheaper valuations make Europe especially attractive. As the conversation winds down, David talks about some of his current holdings and the benefits of investing in family-owned businesses. Please enjoy this special “Best Ideas” episode with Evermore Global Advisor’s David Marcus. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 284, we welcome our guest, Michael Gayed, a Portfolio Manager at Toroso Investments, where he runs two tactical, risk-on, risk-off strategies. He’s also the publisher of the Lead-Lag Report. In today’s episode we’re talking about how to use indicators to decide when to go risk-on, risk-off. Michael explains how he came to focus on risk management early in his career and has kept that mentality since. He walks us through how he uses the utilities sector as an indicator for when volatility is going to spike, which worked well in 2020, helping him return over 70% in his ATAC fund. Then he takes us through his award winning paper on lumber and gold, two seemingly uncorrelated commodities that actually work well together to serve as a strong indicator for inflationary or deflationary conditions. As we wind down, he explains how often he assesses these signals and what they are showing as we start 2021. Please enjoy this episode with Toroso Investment’s Michael Gayed. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 283, we welcome our guest, Brian Barish, the President and Chief Investment Officer at Cambiar Investors, a relative value firm focusing on out-of-favor companies with strong fundamentals. In today’s episode we’re talking all about value investing. Brian explains his evolution as a value investor with a comparison to the evolution of the NBA. He covers the two tenets he uses, taking an underwriting approach to evaluating a company and assessing the capital discipline over time. Then we hear about a couple of names in his portfolio and what he expects the recovery to look like in 2021. As we wind down, we take a look around the globe to hear where he sees value and hear what he thinks about the possibility of negative interest rates. Please enjoy this episode with Cambiar Investor's Brian Barish. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 282, we welcome our guest, Salem Abraham, President of Abraham Trading Company and a legend within the trend following and managed futures space. In today’s episode we're talking with Salem about a lifetime of trend-following. Salem explains how a chance meeting with Turtle Trader Jerry Parker was his first encounter with ideas he would build his career on. We talk about the importance of risk management and diversification by utilizing assets other than equities. Then he explains how his relationship with the late Boone Pickens led to a foundation that had such good returns that he opened it up to the public and runs to this day. We touch on asset classes ranging from the dollar, bitcoin, farmland, and even trailer parks. As we wind down, we hear how hedge he put on in February turned $200,000 into $6 million in 37 days, returning 30x his money. All this and more with Abraham Trading Company’s Salem Abraham. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 281, we welcome our guest, Adrian Helfert, Director of Multi-Asset Portfolios for Westwood Group, where he leads Westwood’s multi-asset strategies group, which includes Westwood’s Income Opportunity and Flexible Income strategies, as well as Westwood’s Global Convertibles and Fixed Income strategies. In today’s episode, we’re taking a look at all asset classes. Adrian explains what he seeing in the world, from fixed income to equities and TIPS. We talk about how to earn income in a low interest rate environment through MLP’s and REIT’s, and why TIPS are an attractive insurance policy against high inflation. Then Adrian guest explains his view of the energy sector, gold miners, and the impact of low rates on growth stocks. As we start to wind down, we talk about Westwood’s unique approach to fees. Please enjoy this episode with Westwood Group's Adrian Helfert. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 280, we welcome our guest, Matthew O’Connor, co-founder of AdQuick, the first true marketplace for out-of-home advertising, providing end-to-end tools to improve the out of home buying experience for media owners, brands, and agencies. In today’s episode we’re talking about part of the advertising industry that often isn’t talked about: out-of-home. Matthew walks us through his background, with stops at Instacart and Amazon, and explains why the struggle to advertise on billboards while at Instacart gave him the idea for AdQuick. Then he explains the early days of the company, which included building out both sides of the platform while trying to entice investors and top talent to join AdQuick. We hear how the company is providing data to advertisers in a way that hasn’t been done before and why direct-to-consumer brands are embracing billboard advertising. As the conversation winds down, Matthew tells us the story of Reddit co-founder & AdQuick investor Alexis Ohanian, who used the platform to do a huge campaign for his wife, Serena Williams, when she was going back to her first tennis match after a break from the sport. Please enjoy this episode with AdQuick’s Matthew O’Connor. Learn more about your ad choices. Visit megaphone.fm/adchoices