The Meb Faber Show - Better Investing (The Idea Farm)

Today’s guest is Mike Wilson, Chief U.S. Equity Strategist and Chief Investment Officer for Morgan Stanley, and one of the biggest bears on the Street today.  In today’s episode, Mike starts by touching on the price action we’ve seen so far in 2023, which he says is driven by global liquidity instead of fundamental factors. Then he gets into his outlook for 2023. He has a non-consensus view that we’re in the early days of an earnings recession and expects earnings for the S&P 500 this year to come in around $195 compared to the Street average of $210 - $215. Before we let Mike go, we have him share what he is positive on in the US. He explains why operational efficiency is the factor he likes the most right now, and why areas like industrials, financials, commodities, and even some technology names fit that criteria.  ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. YCharts offers a suite of intuitive tools, including numerous visualizations, comprehensive security screeners, portfolio construction, communication outputs, and market monitoring. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only).  Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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, we look back on an amazing 2024 with the episodes that YOU enjoyed the most.  Aswath Damodaran: Apple, Spotify & YouTube  Brad Gerstner: Apple, Spotify & YouTube  Cliff Asness: Apple, Spotify & YouTube  Hendrik Bessembinder: Apple, Spotify & YouTube  Kenneth French: Apple, Spotify & YouTube  Have feedback or questions? Want to sponsor the show? Email us at feedback@themebfabershow.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

As we recorded Episode 28 on Halloween, it starts with Meb referencing his costume from the prior weekend’s festivities. Can you guess what it was? He stayed true to his financial roots, dressing as Sesame Street’s “Count von Count.” (Sorry, no photographs.) But the guys jump in quickly, beginning with the subject of Larry’s 15th and latest book – “factors.” Larry tells us that the term “factor” is confusing. He defines it as a unique source of risk and expected return. So which factors should an investor use to help him populate his portfolio? Larry believes there are 5 rules to help you evaluate factors: 1) Is the factor “persistent” across long periods of times and regimes? 2) Is it “pervasive”? For instance, does it works across industries, regions, capital structures and so on. 3) Is it “robust”? Does it hold up on its own, and not as a result of data mining? 4) Is it “intuitive”? For instance, is there an explanation? 5) Lastly, it has to be “implementable,” and able to survive trading costs. The guys then switch to beta. Larry mentions how valuations have been rising over the last century. He references how CAPE has risen over a long period, and points out how some people believe this signifies a bubble. But Larry thinks this rising valuation is reasonable, and tells us why. Meb adds that investors are willing to pay a higher multiple on stocks in low-interest rate environments such as the one we’re in. Next, Meb directs the conversation toward a sacred cow of investing – dividends. He asks about one particular quote from Larry’s book: “Dividends are not a factor.” Larry pulls no punches, saying, “there is literally no logical reason for anyone to have a preference for dividends…” He believes investors over overpaying for dividend stocks today. He thinks it’s unfortunate the Fed has pushed investors to search for yield, inadvertently taking on far more risk. Dividend stocks are not alternatives to safe income. There’s plenty more on this topic you’ll want to hear. Eventually the conversation drifts back toward market values. Larry tell us that when the PE ratio of the S&P has been around its average of 16, it has about a 7% expected return. So now that the CAPE is roughly 25, and the expected real return is around 4%, some people are shouting “Sell! Huge crash coming!” Larry disagrees and tells us why. But the guys just can’t leave dividends alone. They swing back toward the topic, with Larry telling us the whole concept of investors focusing on dividends literally makes no sense. If you want a dividend, create your own by selling the commensurate number of shares. There’s far more in this episode that you don’t want to miss: the correlation of value and momentum… trading costs… the use of CDs in your fixed income allocation… corporate bonds and an eroding risk premium… the state of the ETF industry 10 years from now… There’s even a warning – if a former Miss America is pitching you a mutual fund, beware… In what weird context does that advice apply? Find out in Episode 28. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 205, Meb talks with Cornerstone Acquisition and Management CEO and Portfolio Manager, Derren Geiger. Meb and Derren cover Caritas Funds’ process for investing in onshore US oil & gas mineral rights and royalty interests. They get into sourcing opportunities, some detail on the royalty model, the role hedging plays in managing risk, and the balance of commodity exposure in the portfolio. As the conversation winds down, the pair walk through an actual example of how an acquisition played out, as well as Derren’s thoughts on the energy market. All this and more in episode 205, including Derren’s most memorable investment. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 267, we welcome our guest, Edward Altman, professor at the Stern School of Business at NYU. In today’s episode, we’re talking corporate bankruptcy, high yield bonds and credit risk analysis. We talk to Professor Altman about the Altman Z-Score Model, which he created in 1968 to predict bankruptcies. He discusses the record high debt levels companies had at the end of 2019 right before COVID hit the U.S. and what he’s seen this year with a large number of billion dollar bankruptcies. He also touches on the jump in the rate of zombie companies around the world. As we start to wind down, Professor Altman explains why he is bullish on high quality junk bonds and why the happiest moment of his career was testifying in front of Congress in 2008 advocating bankruptcy for GM. All this and more in episode 267 with NYU’s Edward Altman. Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode 181 has a radio show format. We cover a variety of topics, including the new ETF rule: Major brokerage firms dropping ETF trading commissions to $0 New ETF rule Market valuation Trend following Investment Process There’s this and plenty more in episode 181. 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 Feedback@TheMebFaberShow.com ----- 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 episode 250 we welcome our guest, Kevin Gibbon, co-founder and CEO of Airhouse. In today’s episode, we’re talking about easing the frustration of shipping, operations and logistics for ecommerce companies. We don’t often hear about the trials and tribulations many founders go through when starting and running businesses. Kevin shares what it was like to launch and run a business that he ultimately was forced to close. He shares the hard lessons he learned, and importantly, the insights he was able to extract and later breathe into a brand new effort with his current company, Airhouse. We talk about the pain point direct-to-consumer brands face when it comes to operations and logistics. We walk through the technology Airhouse is bringing to the table and the deep knowledge they’re learning about warehouses based on their own network data that’s enabling superior matching for customers. Kevin shares his goal that one day, Airhouse might empower the solo entrepreneur to have a 20-30 million-dollar brand. All this and more in episode 250 with Airhouse’s Kevin Gibbon. Learn more about your ad choices. Visit megaphone.fm/adchoices

In today’s episode of the Cambria Fund Profile Series, Meb discusses the Cambria Tail Risk ETF (TAIL). Meb walks through the S&P 500’s move from it’s all time high on February 14th 2020 to it’s recent low on March 23rd 2020 that resulted in a decline of 33.7% in just 20 days. He poses the question: “Is there any way an investor might have been able to mitigate this decline in his or her portfolio?” He then makes the case for the Cambria Tail Risk ETF (TAIL), a fund engineered to help guard against significant market drawdowns. As the episode winds down, Meb poses this scenario: “Is the stock market back on solid footing today? No one has a crystal ball. If I told you a year ago, that unemployment would jump from low single digits around 4% to over 15% today, that Fed interest rates would fall from 2.5% to near zero today, that gold would be up massively, stock volatility would be up, and oil would crash down over 50%, and yet, despite all of this, stocks are up. Would you believe me? Most would not.” All this and more in this Cambria Fund Profile Series episode, featuring the Cambria Tail Risk ETF (TAIL). Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 262, we welcome our guest, Ihor Dusaniwsky, Managing Director of Predictive Analytics for S3 Partners. In today’s episode, we’re chatting all things short-selling. If you are managing money on behalf of others, or even for your own account and don’t know if you are earning money, or even how much, from lending your securities, this is a must listen. We cover the mechanics of short selling, that is, what actually happens when someone sells short a security. Ihor has said Tesla is the longest unprofitable short he’s ever seen. We chat Tesla and its status as the number-one short in the market right now by absolute size. We get into S3, and the unique, and frankly refreshing offering of providing timely, unbiased, stock loan data to investors. As we wind down, we cover some of Ihor’s lessons and takeaways from his time analyzing short interest data. All this and more in episode 262 with S3’s Ihor Dusaniwsky. 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 Feedback@TheMebFaberShow.com ----- 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 Episode 122, we welcome investor and entrepreneur, Phil Haslett. Meb jumps in, asking Phil to tell us more about his company, Equity Zen. Phil gives us an example involving a hypothetical employee. This employee owns equity in her private company but wants some liquidity from her stock options. Equity Zen is a platform where she can sell some her shares to a private investor looking to investor in that company, even though it’s not a publicly-traded company. So, Equity Zen is a place that connect buyers and sellers of late-stage, private companies that are pre-IPO. Meb asks about the process. There’s rarely great information on these private companies – for instance, their valuations and revenues. So, what’s the discovery process like on Equity Zen? Phil tells us that once you get registered and create an account, you can browse the available deals. There will be information about the companies based on what’s available from the public domain. Phil agrees there’s often not great information, so Equity Zen tries to provide as much as possible, backing out revenue and growth numbers. They also show a particular company’s cap table, how they’ve raised money over time, and on what terms. Equity Zen works with shareholders to establish their pricing targets. So, buyers will see the specific price at which a seller is willing to do a deal. The guys get even more detailed here – discussing fees, whether a buyer actually holders real shares in the target company or not, what happens in certain hypotheticals, and Phil’s thoughts on “carry” and why he’s frustrated with carry applied to a single investment. Next, Meb asks about the type of companies that end up in Equity Zen’s offerings. Phil tells us they’ve worked with about 110 companies. The valuations have ranged from $500M to $20B, with concentrations toward unicorns. They typically invest in companies that have VC backings. These VCs have their own ideas of exits, which often means nearer-term liquidity is a goal. The guys get a bit broader here. Discussing where we are in the private company cycle, and how that affects the buying/selling volume on Equity Zen. They then touch on the state of the IPO market. Phil gives us an interesting perspective on companies that stay private (despite being big enough to go public) and the effect that can have on employees, liquidity, and morale. The conversation drifts toward what the response has been from the companies themselves. Do they see these private transactions as a good perk, or as an evil process? Phil tells us attitudes have changed over time. Back in 2010, the idea of selling shares was taboo. But today, companies are approaching Equity Zen in order to discuss a process for providing liquidity. It’s becoming a competitive advantage for talent. Phil believes this trend will continue. There’s plenty more in this episode: a new accreditation definition, and what it means for small investors… the best way to build a private company portfolio… what to evaluate in order to find the right companies for investment… whether buyers should be concerned about differences in share classes… other sites/resources that do a good job of education for private, late stage investors… and Phil’s most memorable trade. This one involves the game, Magic: The Gathering. Get all the details in Episode 122. 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 340, we welcome our guest, Michael Suffredini, CEO and co-founder of Axiom Space, which is building the world’s first internationally available commercial space station.     In today’s episode, we’re talking all about space travel. We start by hearing about Mike’s time running the International Space Station. Then Mike shares what led him start Axiom Space and undertake the task of building the first commercial space station. He walks us through the business model of a commercial space station and what Axiom’s competitive advantage is when competing with China and Russia. Then we talk about the space economy, including the potential benefits for pharmaceuticals, manufacturing, and even 3-D organ printing.     As we wind down, Mike talks about Axiom’s recent 130 million dollar Series B and whether or not an IPO may be in store in the future.     Please enjoy this episode with Axiom Space’s Michael Suffredini.     -----     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. 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.     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. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library. Learn more about your ad choices. Visit megaphone.fm/adchoices

In honor of this Sunday’s Super Bowl, Episode 38 is a special, bonus “gambling” podcast. We welcome mystery guest, E.V. Better, which is an alias for “Expected Value Better.” Meb starts by asking E.V. how he got to this point in his career. E.V. had a traditional finance background, working at a long/short hedge fund for 5 years, but realized he could apply certain predictive analytics that work in the financial world to the sports betting world. He helped create a basketball model at Dr. Bob Sports and enjoyed it so much that he made the jump from traditional finance. Next, Meb requests a quick primer for the non-gamblers out there; for instance, how the various types of bets works, the “lines,” the most popular bets, and so on. E.V. gives us the breakdown. The conversation then drifts toward examples of “factors” when it comes to gambling (such as “value” or “momentum” is in the stock market). E.V. tells us there are really two schools of thought in traditional investing – fundamental and technical investing. When it comes to gambling, there are similarly two schools of thought; you have the strength of a team that’s measured by traditional stats (for example, net yards per pass) or technical factors (having been on the road for 14 days…having suffered 3 straight blow-out losses). When you combine these two factors, you better a better idea of which way to go with your wager. These leads to two questions from Meb: One, how many inputs go into a multi-factor model? And, two, how do you replace older factors that don’t have as much influence or predictive power as they used to? E.V. gives us his thoughts. Meb asks about “weird” or interesting factors that are effective. E.V. points toward “travel distance,” though the effect has diminished over time as travel has become easier. He also points toward “field type.” This leads into a discussion about betting against the consensus (contrarian investor, anyone?). And this leads into a common investing mistake – recency bias. For example, because the Broncos won the Super Bowl last year, people expected them to be great again this year…and they didn’t even make the playoffs (Meb is still bitter). Meb steers the direction away from the NFL. Whether basketball, baseball, or whatever other sport, you’re simply trying to find an edge over the house. Meb brings up “variability” (the more games the better if you have a slight edge), and asks how this changes over different sports. E.V. says duration of season is a huge factor. Also, the level of data available for analysis is key (for example, the amount of data in baseball is amazing). But overall, E.V. says the goal is reduce the variance to make thing as simple and predictive as possible to find your edge. Finally, we get to the topic du jour – the Super Bowl. Meb asks E.V. directly, “Who do you like with New England at -3?” If you’re thinking about betting this Sunday, don’t miss it. There’s far more in this bonus episode, including discussion of betting on the results of the Super Bowl’s coin toss… How long it will take for Luke Bryan to sing the National Anthem… How many times will “Gronkowski” will be said by the commentators during the Super Bowl broadcast… Want to put the odds in your favor? Then join us for Episode 38. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 348, we welcome our guest, Zach Coelius, the Managing Partner of Coelius Capital and angel investor in early-stage startups.   In today’s episode, we’re chatting angel investing with one of Angel List’s top syndicates. We talk about Zach’s transition from entrepreneur to investor and the difference between the two. Then we get into Zach’s investment philosophy and the benefits of being stage agnostic.   Be sure to stick around until the end when we talk about some of Zack’s portfolio companies, including $30 billion autonomous driving company Cruise and former podcast guest Shane Heath’s MUD/WTR.     Please enjoy this episode with Coelius Capital’s Zach Coelius.     -----     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. 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.     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. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 343, we welcome our guest, Dr. Nathan Myhrvold, one of the most prolific inventors with over 900 U.S. patents awarded. He graduated high school at 14, studied under Stephen Hawking in college, became the first Chief Technology Officer at Microsoft, and is now the founder of Intellectual Ventures, where he focuses on tackling big questions.     In today’s episode, we start by talking about one of Nathan’s biggest passions – food! He’s written 2 James Beard award-winning cookbooks and is coming out with a three volume, 1,700-page book about pizza later this year. We walk through the science, stories, culture, and history behind pizza and get his advice on how to make the perfect pizza. Then we discuss the state of innovation in the U.S. and how he thinks we can fight some of the world’s biggest problems like climate change and combatting diseases.      Please enjoy this episode with Intellectual Ventures’ Dr. Nathan Myhrvold.     -----     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. 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.     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. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library. Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode 85 is a radio show format. Meb starts with a recap of his latest travels – this time he was off to New York then Europe. Then, it’s onto Q&A. Some of the questions and topics you’ll hear are: To what extent do economic indicators have any effect on Meb’s view of the markets? Bitcoin has been on a meteoric rise recently in advance of the introduction of Bitcoin futures on Sunday 12/10. What are the potential ramifications of futures trading on it? New money coming in? Prices imploding? What about blockchain? How will it affect various industries? Wes Gray and Toby Carlisle have argued that EV/EBIT is a better metric than PE for latching onto the value premium. Why not then use a cyclically adjusted EV/EBIT instead of CAPE? Someone puts a gun to your head and tells you that you have $1M from an orphanage which you must invest in a single stock. What do you pick? If enough people adopt a trend following approach, and the trend starts heading south, could it lead to a market meltdown like ’87? What are Meb’s thoughts on the best ways to invest when your assets are stuck in a 401k? As usual with the radio show formats, there are plenty of rabbit holes including the Big Mac Index, why you shouldn’t go into a sauna in Zurich wearing clothes, Meb’s old econometric models, and why expectations for the traditional 60/40 appear unrealistic all around the globe. All this and more in Episode 85. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Dan Niles, Portfolio Manager of the Satori Fund, a US focused, technology biased, large capitalization, long-short equity fund. In today’s episode, Dan shares how his macro outlook is impacting his valuation of the big tech names. And of course, he gives his thoughts about how AI will either help or hurt some those same companies. He also spends time discussing timeless topics like the art of shorting, the importance of cutting your losses, and why he believes the most important trait for an investor is having emotional control. As we wind down, Dan shares some risks he thinks the market may be overlooking as we head into the second half of the year. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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 episode 263, we welcome our guest, Julian Klymochko, founder and CEO of Accelerate Financial Technologies, a firm delivering institutional caliber ETFs, ranging from absolute return strategies to private equity replication to arbitrage. In today’s episode we’re covering our guest’s best idea: SPAC arbitrage. It’s been a hot topic lately, and we dive into what the world of SPACs and SPAC arbitrage is all about. Julian offers a nice walk through of what a SPAC is and how the mechanics work. We cover what makes them such a unique vehicle for sponsors and investors alike, and get into the practical steps a SPAC must go through in the process of making business deals. We talk market dynamics, and chat about where the interesting arbitrage opportunities exist for investors. Please enjoy this special “Best Ideas” episode with Accelerate’s Julian Klymochko. Learn more about your ad choices. Visit megaphone.fm/adchoices

Last year we brought listeners the entire volume of The Best Investment Writing Volume 4, in audio format, right here on the podcast. Listeners loved it, so we’re running it back again this year with The Best Investment Writing Volume 5.    You’ll hear from some of the most respected money managers and investment researchers from all over the planet.     Enough from me, let’s let Andrew take over this special episode.    To read the original piece, click here.   -----   Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, visit mebfaber.com/podcast To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com   -----   Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library. Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode 35 features one of the original Turtle Traders. “What’s a Turtle Trader” you ask? The story involves Richard Dennis, a great trader from the 1970’s. As the story goes, he made his first million by about age 25. By the early 80’s, he was worth about $200 million. Around this time, the movie “Trading Places” came out (two millionaires make a bet on the outcome of training a bum to be a financial whiz, while taking a financial whiz and, effectively, turning him into a bum). Richard felt he could similarly train a financial no-nothing, turning him into a great trader. Richard’s partner felt it wouldn’t work. So they made a bet. (Though as you’ll hear on today’s podcast, Jerry doesn’t actually believe there was ever a bet.) Regardless, how’d it turn out? Three or four years later, the group Richard trained had made, on aggregate, around $100 million. The episode starts as Meb asks Jerry how he became involved with Dennis, trend following, and the Turtle Traders. Jerry was hooked on the idea of trend following from the beginning. Meb suggests that many people either “get it” or they don’t – meaning they get hooked, buying into the strategy completely, or not. For many people, the philosophy just doesn’t take. Eventually the program ended, after which Jerry moved back to Virginia and started Chesapeake, which basically consisted of a telephone, a quote machine, and his trading rules. Jerry tell us how the company grew and how its trading systems developed. They’ve gone from trading around 20 markets to well over 100 now. Meb asks in terms of conditions, what’s been the most challenging market for Jerry in his career at Chesapeake? His answer – the market since 2008. The conversation eventually steers toward leverage and volatility. Meb says how most people don’t realize how they can tamp down a volatile market through trend following and managed futures. Jerry agrees, and adds that you want to “make the same (volatility) bet” despite different markets, to maintain consistency. Meb then asks why so many investors, retail and institutional alike, have such small allocations to trend following. Jerry gives us his thoughts, pointing toward the inherent bias people have for equities. He also believes most investors truly don’t realize how powerful diversified trend following can be. Jerry thinks people have it backward—they see trend following as an add-on to some other strategy, when in fact, it’s the core. Start with the CTA strategy and maybe add some long-only equities. The conversation then turns toward common investor mistakes, most notably the tendency to hold losses and sell winners short. Simply put, the behavioral side of investing is extremely challenging. This causes Meb to wonder what will happen to the roboadvisors when a bear market finally begins. Specifically, with it so easy to pull your cash out of a roboadvisor (and no live advisor to stop you), how many investors will allow fear to make them liquidate their positions? There’s tons more in this episode, including how Jerry lost 60% in one day, the differences between technical analysis and trend following, the “turtle program” of the future, and the one market that won’t allow futures trading. Do you know which one it is? Find out in Episode 35. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 357, we welcome our guest, Marko Papic, Chief Strategist at the Clocktower Group, an alternative investment asset management firm, where he leads the firm’s Strategy Team, providing bespoke research on geopolitics, macroeconomics, and markets.   In today’s episode, we’re talking geopolitics and the markets. Marko recently released the book Geopolitical Alpha and he shares his framework for understanding how geopolitical events will affect the markets. Then we talk current events and how he views them. We talk about the implications of Evergrande and why Marko does not believe China will try to takeover Taiwan. Next we talk about the implications of rising food and commodity prices and whether that will cause social unrest around the globe.   As we wind down, we talk about the ESG and sustainability trend and finish by hearing what Marko thinks about inflation, interest rates and the U.S. stock market.   Please enjoy this episode with Clocktower Group’s Marko Papic.    -----   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 FarmTogether. FarmTogether is a technology-powered investment platform that enables investors to channel funding into natural assets, starting with U.S. farmland. By driving abundant and creative capital to farmers, we’re giving investors the opportunity to drive agriculture toward sustainability on a massive scale. Alongside a changing climate, the global population continues to grow, with expectations of reaching 9.7 billion by 2050. This means approximately 70% more food will be required than is consumed today. FarmTogether investors are providing the key financial building blocks for a sustainable future.   Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Marlena Lee, the Global Head of Investment Solutions for Dimensional Fund Advisors, which manages over $600 billion. In today’s episode, we start by hearing what it was like to be a TA under the legendary Gene Fama. Marlena gives he thoughts on the state of value investing, the mentality needed to navigate bear markets, and applying factors to fixed income.  As we wind down, Marlena touches on DFA’s entrance into the ETF space and their plans for future launches. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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 recently published The Best Investment Writing, Volume 2. The first book was a hit, with MoneyWeek concluding that it “should be on every investor’s bookshelf.” But we made the second volume even better – we expanded it to include 41 hand-selected investment articles, written by some of the most respected money managers and investment researchers in the world. We thought it would be fun to bring on some of the authors so that they could read their specific chapter from the book. That’s what you’re getting in today’s special bonus episode. If you’re interested in picking up a copy of The Best Investment Writing, Volume 2, head on over to Amazon or our publisher’s website, which is Harriman House. Also, know that your purchase would benefit charity, as all writer-proceeds go to the charity of the specific author’s choosing. So, enough from me, let’s let Elroy take over with this special bonus episode. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest today is Ivy Zelman, CEO and co-founder of Zelman & Associates, a leading housing research firm. She was recently named to Barron's 100 Most Influential Women in U.S. Finance and gained notoriety leading up to the Great Financial Crisis when she pounded the table the market was overheated, even asking Toll Brothers CEO Bob Toll “which kool-aid are you drinking” on a 2016 earnings call. In today’s episode, we start by going back to 2008 and hearing what led her to be one of the few housing bears. Then we get into the housing market today, which she describes as euphoric and bonkers. She explains why poor demographics and lack of affordability due to rising rates lead her to think the market is over-extended today. We also get her thoughts on other important trends effecting the housing market today: the entrance of iBuyers and Wall Street firms, why she doesn’t think housing demand is as high as other analysts, and the impact of supply chain issues. ----- 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 MUD\WTR. MUD/WTR is a coffee alternative that supports your morning ritual without all the anxiety and jitters of coffee. Get your starter kit and free frother at mudwtr.com/meb and use code FABER for 15% off. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s returning guests are Alpha Architect’s Wes Gray & Jack Vogel.  In today’s episode, we kick it off with an update on the ETF white-label business and some of their new funds, BOXX and HIDE. Then we talk about why you need to think more about taxes when investing, the state of value, why trend-following is timeless, and what the most embarrassing moment in each of our careers. I-was-speechless. Before we get to the episode, Wes’ brother was recently on Joe Rogan’s podcast and helped Joe get a bunch of reviews, so help Wes compete with his brother and go leave us a review on Apple, Spotify, or wherever you listen to the show! To learn more about their latest offering, visit farmlandlp.com or email them at ir@farmland.com. Resources: Long-Only Value Investing: Does Size Matter? Published articles  ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by Farmland LP. Farmland LP is one of the largest investment funds in the US focused on converting chemical-based conventional farmland to organic, sustainably-managed farmland using a value-add commercial real estate strategy in the agriculture sector. Since 2009, they have built a 15,000-acre portfolio representing over $200M in AUM. 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. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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 Episode 87, we welcome market veteran and ETF expert, Mike Venuto. Mike briefly walks us through his background, which includes a fun story about a baffling situation years ago when the gold mining company, Newmont Mining, was falling in price despite gold rising in price. Mike tells us the culprit turned out to be the new ETF “GLD” – Mike realized he needed to learn far more about ETFs. Next, the guys dive into ETFs. Meb starts broadly, asking where we are in the ETF evolution. Mike tells us we’re still quite early. The growth rate has been largely the same over the last 10 years (a little over 20%); but that growth rate is compounded over a larger base now, so it feels like the growth is greater. And in terms of where ETFs are going, free beta is getting saturated. The next move in ETFs will be people thoroughly detailing the differences between two ETFs that appear largely the same at first blush (nowadays, people tend to see similarly-themed ETFs as somewhat the same). Meb pushes deeper on this idea, wanting to know more about this next evolution in ETFs. Mike tells us that myriad factors are a part of any given ETF beyond its expense ratio. For instance, there are the spreads, how well an ETF tracks its index, whether the ETF lends out its shares and what it does with that revenue, then there’s the share price itself. All these factors can make two ETFs that appear similar on the surface actually quite different. This dovetails into the idea of “active share” – basically, the measure of an active ETF that differs from its index. Mike tells us about a tool at Toroso called Smart Cost that helps embrace ETF transparency. The tool helps answer the question “how much am I paying for the smart portion of an ETF?” Mike goes on to tell us that the overall expense ratio is not the most important cost consideration – instead, it’s how much am I paying for the smart portion? He gives us an example, comparing it to its benchmark, then calculate its “price per unit of difference.” The tool shows the amount of the ETF you’re buying that is different – and this helps determine the true value of any given ETF. Meb echoes much of this, saying that in order to justify actively managed fees, an investor wants an ETF that looks truly different than its benchmark. Otherwise, you’re just paying top dollar for cheap beta. The conversation bounces around a bit, including some other tools Mike uses, but eventually Meb asks about something Mike is doing that’s on the forefront of tracking the entire ETF space. It turns out, Mike has created an index that enables investors to track the growth and exposure of the overall ETF ecosystem. This includes not just the issuers, but the exchanges, the data and index providers, the back-office companies, and so on – the entire overall ecosystem. So, Mike has created an index that tracks the growth of all these companies. Next, the guys move into the “fringe ETF” space. Mike predicts we’re going to see more “characteristic” based indexes. Rather than capture a factor, they systemize how to target characteristics – e.g. a spin-off, or insiders buying a stock, or great brands. This leads into a conversation about “structural” factors, where you create a different form of behavior. An example would be a put-write fund. The guys touch on a few topics before moving onto cryptos. They discuss whether crypto has any real legs, and what the potential could be. Mike has some interesting thoughts here. There’s way more in this episode: The Permanent Portfolio… whether gold bugs should be concerned about the rise of crypto… how Meb has a new army of enemies in the form of Litecoin crypto investors… and how one of Mike’s friends bought a pizza years ago with Bitcoin – probably the most expensive pizza that friend will ever purchase. And of course, there’s Mike’s most memorable trade. Hear about it in Episode 87. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 227 we welcome our guest, Alex Smereczniak, Co-Founder and CEO of 2ULaundry. In today’s episode, we’re talking about re-thinking the laundry and dry cleaning business. Alex cut his teeth in the business with a student-run startup at Wake Forest. We get into what he saw with existing startup models trying to scale the laundry business, and why he thought the model needed to be approached in an entirely different way. We discuss scaling the business and 2ULaundry’s differentiating factors of pick up and delivery scheduling, vertical integration, and launching in markets where there is little competition, but room to scale. As the conversation winds down, we cover what 2ULaundry has done to navigate during the COVID-19 pandemic. All this and more in episode 227 with Alex Smereczniak. Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode 14 is easily one of our most interesting so far. While there’s great content about trend following, Eric and Meb also delve into the psychological side of investing. There’s a fascinating tension between what people say they want from investing, versus what they actually do. For instance, investors say that want diversification, but very few, in practice, are willing to implement a truly diversified portfolio. Why? The psychological trauma that people experience when they diversify (and watch parts of their portfolio draw down) is simply too painful. This leads into a discussion about one of Eric and Meb’s favorite ways to diversify a portfolio: managed futures. The numbers suggest managed futures are a fantastic addition to a portfolio. Eric ran an experiment with his clients involving portfolio construction. He presented clients the returns and volatility numbers of a handful of asset classes – without revealing what those asset classes were. 100% of the time, when presented blind, people chose managed futures as their core holding. Eric and Meb then move on to the returns of great fund managers like Buffett and Soros. Eric studied these managers with the thesis that they must have done something other investors are uncomfortable doing (which is the source of their long-term alpha). He concludes that this differentiator is actually “underperforming their benchmark.” Eric says Berkshire Hathaway is a “glaring” example. An investor in Berkshire would have underperformed the S&P more than half the time (over various time-periods), but would have made tremendously more money than investing in the S&P. This leads Eric and Meb back to the psychological side of investing, specifically, the pain of relative performance. Meb recalls the Buffett or Munger idea that it’s not greed and fear that drives the investment world; it’s envy. Meb then turns the focus toward playing defense, which leads Eric to tell us how few people realize the impact on their returns of avoiding drawdowns. Avoiding the big losers has more impact on your compounded returns than catching the big winners. In other words, defense is what wins championships. There’s far more: how 80% of all stocks effectively return 0%, while just 20% of stocks account for all market gains… a pointed warning from Meb to listeners about the fees associated with managed future “fund of funds”… and of course, plenty more on Eric’s trend following approach. All of this and more in Episode #14. Learn more about your ad choices. Visit megaphone.fm/adchoices

In Episode 51, we welcome Mark Kritzman. Per usual, we start with Mark’s background. He tells us a bit about his 40-year career in investing, leading to Windham, where he focuses on asset allocation and risk premia strategies. But it’s not long before the guys jump in, starting with Mark’s 7th book, A Practitioner’s Guide to Asset Allocation, which will be coming out soon. Mark describes the process of asset allocation, starting with the basics, then taking us a layer deeper, discussing asset allocation as a way to balance the goal of increasing wealth while minimizing drawdowns. In essence, you need to identify the asset classes you want, evaluate their expected, long-term returns, then estimate the volatility of each and – just as importantly – estimate the correlation between the asset classes. With all this, you then find the particular allocations that give you the highest return for the same level of risk – the efficient frontier. Next, the conversation takes a turn toward investing fallacies, including the idea that asset allocation drives more than 90% of performance. Mark tells us there are some flaws with this idea, then explains in detail. Another fallacy discussed is that of time-diversification – the assumption that investing over the long-term is safer than investing over shorter periods. Again, Mark provides details that call into question this belief. The guys then get into investing in illiquid assets, and how to appropriately structure them in an asset allocation. It can be hard to maintain a balanced portfolio consisting of illiquid assets. Mark’s approach is to treat liquidity as a shadow investment. In essence, you attach a shadow asset as well as a shadow liability to the appropriate parts of the portfolio. You’ll want to listen to this part of the episode for all the details. This dovetails into hedge funds, since hedge fund investing can also be illiquid. Meb asks how Mark thinks about hedge fund investing, and given limited information, is an investor’s only recourse to be able to pick the best managers? And if one doesn’t have that ability, should he/she just stick with investing in the S&P? Mark has a great answer about how most of the historical premium of private equity over public equity can be attributed to the sector exposures of private equity funds. So investors can build a portfolio of public sector ETFs in a way that can approximate much of the hedge fund sector allocation. You’re probably going to be surprised at just how much of the premium of private equity over public equity doing this which would have delivered to an investor.  As usual, there’s plenty more in this episode: the role of fees and taxes… the concept of “turbulence”… the absorption ratio, and how we can use it to evaluate risk… and lastly, what Mark’s most useful idea is for listeners. What is it? Find out in Episode 51. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 339, we welcome our guest, George Davis, CEO and Portfolio Manager for Hotchkis & Wiley, a global investment manager serving institutional and individual investors.     In today’s episode, we’re talking long term value investing. We start with George’s investment philosophy and then walk through how he views the market today, seeing value in both financials and energy stocks. We talk about what it’s been like to invest for over 33 years, the lessons he’s learned along the way, and what attributes make a great investor.     As we wind down, George talks a little about the business side of asset management and what it’s been like leading a firm that’s been around for over four decades.     Please enjoy this episode with Hotchkis & Wiley’s George Davis.     -----   To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here   -----     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 wait list.     -----     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. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 243 we welcome our guest, Doug Ludlow, CEO of MainStreet. In today’s episode, we’re talking about saving meaningful money. We kick off the conversation with MainStreet’s launch of an incentive campaign that would pay people $10,000 to leave the Bay Area. As a result, they received an influx of local and state governments reaching out to inform them of their own incentive programs. This caused MainStreet to shift the product vision to serve the small business and startup community as a government relations and finance team, making it easy to gain access to the same tools and incentive programs being used by sophisticated corporate finance groups. Better yet, the average company is saving around $50,000 per year! We dive into the user experience of integrating MainStreet into HR platforms, and even get into some of the tax credits out there, some of the qualifications to access them, and the success-based business model the team has implemented. All this and more in episode 243 with Doug Ludlow. 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 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

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

Today’s guest is Adam Nash, a prominent Silicon Valley operator and investor who has turned his attention to philanthropy with his newest venture, Daffy, a not-for-profit community built around a new, modern platform for giving. In today’s episode, Adam starts off by giving an overview of Daffy, which supports over 1.5 million charities, schools, and faith-based organizations. Then he explains why providing low-cost, donor advised funds through the app store may help spur people to donate and help causes they care about. Adam shares how working at or advising companies in the past has impacted how he’s built Daffy, whether it’s the social aspect of LinkedIn, the automation of Wealthfront, or growth strategy of Acorns.  As a special offer for listeners of the show, visit daffy.org/meb/invite and get $25 to give to your favorite charity. ----- 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 MUD\WTR. MUD\WTR is a coffee alternative that supports your morning ritual without all the anxiety and jitters of coffee. Get your starter kit and free frother at mudwtr.com/meb and use code FABER for 15% off. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Lyn Alden, founder of Lyn Alden Investment Strategy one of my favorite macro thinkers. In today’s episode, Lyn gives an overview of how she sees the world today, starting with why the US today reminds her of the 1940’s. She touches on the state of inflation and US monetary policy and what her expectations are for the dollar from here. She shares why she’s bullish on value stocks and real assets, and why she’s closely watching European energy prices 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 ----- 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. Join today and get access to quarterly CAPE ratios, top podcasts and the entire research library. Subscribe for free here. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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

Last year we brought listeners the entire volume of The Best Investment Writing Volume 4, in audio format, right here on the podcast. Listeners loved it, so we’re running it back again this year with The Best Investment Writing Volume 5.  You’ll hear from some of the most respected money managers and investment researchers from all over the planet.   Enough from me, let’s let Dan take over this special episode.  To read the original piece, click here. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by 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. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guests today are Frank Giustra and Ian Telfer, two successful mining executives that built Goldcorp to a $50 billion company. In today’s episode, we’re talking all about gold with two of the most knowledgable in the space. The guys discuss why the set up today mirrors 2001, a time right before gold when on a big bull run. We also touch on how gold performed during the 1970’s and why they’re so bullish on gold today that they started another mining company, Aris. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Join today and get access to quarterly CAPE ratios, top podcasts and the entire research library. Subscribe for free here. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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 episode features Lawrence Kissko and Graham Robertson reading their piece, Trend-Following in Inflationary Environment.  Lawrence is a Client Portfolio Manager for Man AHL. Graham is a partner and Head of Client Portfolio Management at Man AHL and is a member of the investment and management committees. He has overall responsibility for client communication across Man AHL’s range of quantitative strategies. The Best Investment Writing series features top research pieces that we’ve shared via The Idea Farm in the past year. Subscribe here so you get these sent to you each week. Check out the past series of The Best Investment Writing below: Volume 5 Volume 4 Volume 3 Volume 2 Volume 1 ----- 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 Stream by AlphaSense. Stream is an expert transcript library used by people just like you to quickly perform preliminary diligence on new ideas related to their target companies in the tech, media, telecom, healthcare, consumer and industrial sectors; avoiding the time, hassle, and cost of traditional expert network calls. With over 15,000 on-demand expert call interviews, 100+ new transcripts added each day, AI smart search technology, and 70% of our experts unique to our network, it's no wonder the world's leading financial firms choose Stream. Sponsor dollars for the entire Best Investment Writing series are being donated to the charity of the guest’s choice. Today’s sponsor dollars are being donated to Haven House on behalf of Lawrence & Graham. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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 Porter Stansberry, a leading financial writer and the founder of MarketWise. His newest venture, Porter & Company, was launched last year. In today’s episode, Porter shares his frustrating ending with Stansberry Research and then why he chose to launch a new research firm last year. He walks us through the major themes he’s focused on over the next cycle: capital efficient, cash-flowing companies, a big upcoming distressed debt cycle, and the energy transition. Plus – he shares some names and ideas for each.   ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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

Episode 105 is a wholly unique show. In this episode, we depart from traditional investment themes, and instead, bring you an episode featuring Meb’s second professional love, biology. Specifically, we welcome the renowned evolutionary biologist and writer, Olivia Judson. It turns out Olivia wrote for The Economist in her early years. Meb asks how a scientist got started writing for a business magazine. Olivia tells us of the progression that led from one article submission to several other articles, to a staff job. Next, Meb asks about the genesis for writing Dr. Tatiana's Sex Advice to All Creation. (For anyone unaware, the book is written in the style of a sex-advice column to animals. It details the variety of sexual practices in the natural world and provides the reader with an overview of the evolutionary biology of sex.) Olivia tells us one of her early articles was the inspiration, though she’d been studying and researching the topic for years. She thought the book would take her only six months to write so she quit her job…she finally finished it four years later. Meb notes how much of the book identifies a power struggle between males and females, and how this shapes evolutionary dynamics. Olivia expounds, telling us how sometimes what the male wants is not in the interest of the female (and vice versa). These differences create the tensions which affect evolutionary direction. This leads to a conversation about Bateman’s Principle, namely, the general idea that females are pillars of virtue, while males are cads. Olivia’s book suggested this isn’t necessarily true. Meb asks for more details. Olivia starts by redefining the term “promiscuous,” digging deeper into the word in light of the term “choosy.” It turns out certain females can benefit from having multiple partners, though the reasons can vary. In any case, this awareness is much more prevalent than thought 40 years ago. A bit later, Meb asks about homosexuality in the animal world, including questions regarding procreation and genes. Olivia gives us a fascinating answer that includes the concepts of “genetic component,” “exclusivity,” and “commonality” and how these factors might affect homosexual genes remaining in the population. There’s way more in this fun, totally different episode: A dating party where women smelled men’s T-shirts to determine which scent they found most appealing… the male Australian Redback Spider, who actually tries to get eaten by the female during sex… Meb’s surprising discovery from his 22 and Me test that he has more Neanderthal genes than 95% of the population… Olivia’s views on gene editing… Camping on the side of a volcano in Antarctica… and whether we’ll find life beyond our world. We end with asking Olivia about her most memorable experience in all of her research. What is it? Find out in Episode 105. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 237 we welcome our guest, Ryan McQuaid, co-founder and CEO of PlushCare. In today’s episode, we’re getting into a hot topic in this pandemic environment, telehealth. We start by hearing the origin story behind PlushCare as Ryan shares his personal experience of receiving fully digital support and medical care from a friend who was a Stanford physician, identifying that 1% of Americans can afford the price-tag of a concierge doctor, and pursuing the opportunity to democratize the model, making it widely available to all. We walk through the experience PlushCare provides patients and physicians, and the emphasis on investing a lot on the physician side of the business. We cover the experience of navigating COVID as a telehealth provider, and the need to increase physician capacity 4X! We get into the state of the industry, and our Ryan’s thoughts about this being the future of patient-physician relationships, and the vision for the company going forward. All this and more in episode 237 with Ryan McQuaid Learn more about your ad choices. Visit megaphone.fm/adchoices

In Episode 110, we welcome author and market data expert, Dr. Bryan Taylor. Meb begins by asking how Bryan built the massive financial database that is Global Financial Data. Bryan walks us through how the database developed over time. The conversation soon turns to Bryan’s book, Debts, Defaults, Depression and Other Delightful Ditties from the Dismal Science. Bryan tells us this is actually the first of two books. It includes stories about the past that people might find interesting – some of the crazy things that have happened in the financial markets, as well as an inference about what that might mean for the future. The follow-up book will focus on a number of specific cases, from The East India Company, all the way up to some of Trump’s companies. Next, Meb changes gears – there are a few contenders getting close to becoming the first $1T company. Meb uses this as a chance to look back at the first $1B company. Bryan tells us that title goes to Standard Oil. He then walks us through its history, including its practice of pushing prices down to drive competitors into bankruptcy, the Sherman Anti-trust Act, the break-up of Standard Oil, and the effect on shareholders. This conversation dovetails into a conversation about which company today – Apple, Amazon, Facebook, or Google – is more likely to face a threat from government oversight. Listen in to get Bryan’s thoughts. The guys then get into inflation. It turns out, the 20th Century had the highest inflation ever. What might be in store for us in the 21st Century? Bryan and Meb discuss this, touching on various governments’ ability to pay debt, growth rates, Bryan’s red-flag metric (when the interest coverage ratio to GDP exceeds 5%), as well as the most likely path for US and global interest rates. Meb then uses his recent trip to Greece as a springboard for a discussion about the future of the EU. Bryan tells us it’s an all-or-nothing situation. And the concern now isn’t over Greece, it’s over Italy. It might be the first country to drop out of the Euro. If so, it will face severe consequences in trying to be independent. Plus, it could have a domino effect, leading to other countries leaving and the entire system falling apart. He concludes by telling us that “at some point, the stresses are going to be so great that some of the countries (in the European Union) are eventually forced to leave.” Next, Meb moves toward Asia. He brings up a quote from Bryan about the future market-cap of Asian stock markets (as the biggest in the world) and asks if this is a no-brainer “buy Asia” right now. Bryan gives us his thoughts but notes that Asia has lots of internal issues that need solving before they can challenge the US as the primary engine of returns going forward. Next up is an interesting discussion of what investing used to be like, how it changed, and how it might change for us going forward. The conversation touches on investing in the 1800s, how World War I flipped everything on its head, and the current concern of nationalism. There’s plenty more in this episode – the need to be conscious of how integrated global markets are these days… the historical period that most closely resembles today’s investing climate… what Bryan is working on now… And Bryan’s most memorable trade. Get all the details in Episode 110. 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

Today’s guest is Jan van Eck, President & CEO of VanEck, which offers value-added exposures to emerging industries, an investment management firm that manages $85 billion.  In today’s episode, Jan shares the origin story of the firm and its’ tie to gold dating back to the 1960’s. Then he shares his macro framework, criteria for launching a fund, and why the firm has starting getting exposure to venture capital. Next we get into what led him to go down the crypto rabbit hole and launch ETN’s abroad. He shares his big picture thoughts on the crypto ecosystem, his frustrations on how regulators are treating stablecoins, and what his thoughts are on when the Bitcoin ETF will be approved. ----- 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 Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Visit masterworks.io/meb to skip their wait list. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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 episode 386, we welcome our guest, John Arnold, arguably the best natural gas trader of all-time and now one of the largest philanthropists in the US, giving away almost half a billion dollars a year.  In today’s episode, we start with John’s rapid rise at Enron and later launching his own fund, Centaurus Advisors, which posted eye-popping returns and led him to become the youngest billionaire in the US in 2007. We talk about the mindset that helped him become a successful trader, and even touch on the time he took the other side of Amaranth Advisors in a famous trade. Then we hear why, before the age of 40, he decided to wind down his fund, focus solely on philanthropy, and commit to giving away most of his fortune during his lifetime. We talk about some of the problems he’s tackling around public finance, election reform and health care, and hear what has surprised and frustrated him along the way. ----- Follow Meb on Twitter, LinkedIn and YouTube Check out Meb's Deals for discounts from a lot of companies 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 Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Visit masterworks.io/meb to skip their wait list. Learn more about your ad choices. Visit megaphone.fm/adchoices

In Episode 125, we welcome famed short-seller and early stage investor, Tom Barton. We start by going way back, after Tom graduated from Vanderbilt. He walks us through his early career experiences which helped him sharpen his business analysis skills, as well as his operational skills. He developed a great understanding of different industries, yet also what it was like to actually work in them. This was the foundation for the short-selling career that was soon to begin. In 1983 Tom went to work for a wealthy Dallas family, and in the process met one of the original fraud short-sellers, nicknamed “The Mortician”. Tom knew nothing about stocks at that point, but under the guidance of his new mentor, realized that his analytical skills aligned perfectly with sniffing out short-selling candidates. He reasoned “isn’t it easier to spot something that’s going to fail than be certain on something that’s going to succeed?” He then began digging into the research, and finding slews of fraudulent companies. What follows is an incredibly entertaining story-after-story of the various frauds Tom sniffed out (and made money on). There was a company claiming it could change the molecular composition of water… one deceiving customers about building-restoration after fires… a biotech claiming it could cure HIV… By the time 1990 rolled around, Tom’s returns were over 80% and he had generated a couple billion dollars. There’s a great bit in here about “The Wolf of Wall Street” (Stratton Oakmont). Tom is the guy who took them down. Related, the “Wolf” himself snaked an apartment out from underneath Meb a few years ago out here in Manhattan Beach, CA. The guys share a laugh over this.  Eventually the conversation morphs from short-selling to when Tom’s strategy changed to going long. It involves managing money for George Soros, and some of Tom’s early long winners. This dovetails into how Tom got into biotech, which is where he’s spending lots of time today. Tom tells us about his introduction into gene therapy, then successes with the company Intrexon. He talks us through some small companies he’s been a part of that have already sold for huge paydays…for instance, one purchased by Novartis for $9B. This is a must-listen for any short-sellers, market historians, private investors, and biotech investors. And Tom’s most memorable trade is a doozy. This one involves buying puts for a hundred and something thousand dollars…which he sold for $13M. These details and far more in Episode 125. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 163, we welcome our guest, Albert Meyer. Albert begins with his backstory as an accountant and his time in academia with the ultimate transition to the world of investment management. He then gets into his early days in the investing world and the work he did that eventually became public, to uncover the Ponzi scheme at the Foundation for New Era Philanthropy.  Meb then asks Albert what the path looked like when he decided to start his own firm, Bastiat Capital. Albert discusses the evolution from running a research service to having demand for him to manage assets. Albert follows with Bastiat’s investment philosophy, where he dives into his process, looking at company business models, financial statements, corporate governance, and why he gets into the details of items like equity based compensation. The conversation then turns to Bastiat’s portfolio, where Meb asks about portfolio positioning on a high level and where Albert sees opportunities today. Albert discusses positions in things like Microsoft, Google, and Apple, as well as some Chinese stocks. He also explains how through complicated accounting rules, it may actually be easier now than in the past to hide accounting shenanigans. As the conversation winds down, Meb and Albert discuss Albert’s ideas on social security and African development. Don’t miss jam-packed episode 163 full of this and more, including some of Albert’s incredible work uncovering some of the most famous financial frauds in modern history. 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 Feedback@TheMebFaberShow.com ----- 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 episode 246 we welcome our guests, the legendary Eric Sprott, and Oxygen Capital’s Mark O’Dea. In today’s episode, we’re talking gold, silver, mining and exploration. We talk about recent performance, and the popularity of gold among some high-profile institutional investors. We get into the lifecycle of mining and exploration companies, and allocating capital over the full lifecycle. We hear the story of the Gold Corp. Challenge, and how that became the launch point that took Mark O’Dea from contract geologist to running what would later become a multi-billion takeout by Newmont. We discuss the M&A appetite in the sector, and cover some practical thoughts on how investors can put some of the things from this conversation together to potentially implement a few ideas for their own portfolio. All this and more in episode 246 with Eric Sprott and Mark O’Dea. Learn more about your ad choices. Visit megaphone.fm/adchoices

Last year we brought listeners the entire volume of The Best Investment Writing Volume 4, in audio format, right here on the podcast. Listeners loved it, so we’re running it back again this year with The Best Investment Writing Volume 5.  You’ll hear from some of the most respected money managers and investment researchers from all over the planet.   Enough from me, let’s let Laurence take over this special episode.  To read the original piece, click here. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by 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. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s returning guest is Dr. William Bernstein, a neurologist turned investment advisor. Bill’s an author of several books and just released an updated edition of The Four Pillars of Investing, which came out over 20 years ago.  In today’s episode, Dr. Bernstein shares two key updates since the first edition. Then we walk through some his best quotes and tie them to both timeless topics and current events like the AI craze and the media’s love for star managers. Click here to listen to Dr. Bernstein’s last appearance on the podcast. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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 Feedback@TheMebFaberShow.com ----- 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

My guest today is Savita Subramanian, Bank of America’s Head of U.S. Equity Strategy & U.S. Quantitative Strategy. Barron’s named Savita as one of the 100 Most Influential Women in U.S. Finance.  In today’s episode, we cover the key trends shaping markets as we start 2025. Savita discusses the evolution of the S&P 500 over the past 50 years and why that leads her to be more comfortable with higher valuations today. Then she explains why productivity gains could drive the next bull market and the surprising resilience of corporate margins despite inflation volatility. Plus, Savita weighs in on the future of small, mid, and large caps and why she favors selective stock picking over buying the index. (0:00) Intro (0:34) Sponsor: Farmland LP (2:02) The evolution of the S&P 500 (5:13) Does the market deserve a higher valuation? (11:02) 2025 market outlook (14:34) Corporate margin expansion and efficiency (19:43) Fixed income alternatives and large cap value stocks (26:03) IPO trends and private markets (32:23) Reshoring and US infrastructure investment (38:12) Market shift to focus on total return (51:17) Old economy stocks and global market opportunities (58:35) Most memorable investment ----- For detailed show notes, click here ----- 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. Register here for their webinar on March 12. ----- Follow Meb on X, 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: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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 Feedback@TheMebFaberShow.com ----- 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 Laurens Swinkels, Robeco’s Head of Quant Strategy and one of my favorite authors. In today’s episode, we walk through some of Laurens’ favorite research. We begin with the global market portfolio, how it’s evolved over time and where crypto fits in today. Then we talk about his research on factor performance dating back to the 19th century. We also cover his framework for determining expected returns for all major asset classes and why he and his team decided to include climate change in that analysis for the first time this year. Be sure to stick around until the end when we touch on sin stocks, ESG, and even the tokenization of real estate and other 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 ----- Today’s episode is sponsored by MUD\WTR. MUD/WTR is a coffee alternative that supports your morning ritual without all the anxiety and jitters of coffee. Get your starter kit and free frother at mudwtr.com/meb and use code FABER for 15% off. ----- (1:35) – Intro (2:20) – Welcome to our guest, Laurens Swinkels (3:57) – Laurens' research on the global market portfolio (papers here and here) (11:15) – Link to Laurens’ research (15:00) – Where does crypto fit in the global market portfolio? (21:22) – Laurens’ research on global factor premiums since 1800 (link) (28:09) – How investors should think about factor investing (31:15) – Laurens’ research into sustainable investing, ESG and sin stocks (42:38) – Robeco’s huge report on expected returns (52:18) – Other areas Laurens is researching (55:37) – Laurens' most memorable investment over his career Learn more about your ad choices. Visit megaphone.fm/adchoices

In Episode 90, we welcome Founder and Portfolio Manager of Verdad, Dan Rasmussen. We start with a brief walk-through of Dan’s background. It involves a Harvard education, a New York Times best-selling book, a stint at Bridgewater, consulting work with Bain, then his own foray into private equity. Turning to investments, Meb lays the groundwork by saying how many people misunderstand the private equity market in general (often confusing it for venture capital). He asks Dan for an overview, then some specifics on the state of the industry today. Dan clarifies that when he references “private equity” (PE), he’s talking about the leveraged buyout industry – think “Barbarians at the Gate.” He tells us that PE has been considered the crown jewel of the alternative world, then provides a wonderful recap of its evolution – how this market outperformed for many years (think Mitt Romney in the 80s, when he was buying businesses for 4-6 times EBIT), yet its outsized returns led to endowments flooding the market with capital ($200 - $300 billion per year, which was close to triple the pre-Global Financial Crisis average), driving up valuations. Today, deals are getting done at valuations that are nowhere near as low as in the early days. And so, the outsized returns simply haven’t existed. Yet that hasn’t stopped institutional investors from believing they will. Dan tells us about a study highlighting by just how much institutional managers believe PE will outperform in coming years…yet according to Dan’s research, their number is way off. Dan then delves into leverage and the value premium, telling us how important this interaction is. He gives us great details on the subject based on a study he was a part of while at Bain Consulting. The takeaway was that roughly 50% of deals done at multiples greater than 10x EBITDA posted 0% returns to investors, net of fees. Meb asks about the response to this from the private equity powers that be… What is their perspective on adding value improvements, enabling a higher price? Dan gives us his thoughts, but the general take is that doing deals at 10x EBITDA is nuts. Next, the guys delve into Dan’s strategy at Verdad. In essence, he’s taking the strategy that made PE so successful in the 80s and applying it to public markets. Specifically, he’s looking for microcap stocks, trading at sub-7 EBITDAs, that are 50%-60% levered. With this composition, this mirrors PE deals. The guys then get neck-deep in all things private equity… control premiums, fees, and illiquidity… the real engine behind PE alpha… sector bets… portfolio weights… Meb and Dan land on “debt” for a while. Dan tell us how value investors tend to have an aversion to debt. But if you’re buying cheap companies that are cash-flow generating, then having debt and paying it off is a good thing. Debt paydown is a better form of capital allocation than dividends or buybacks because it improves the health of the biz, leading to multiple expansion. The guys cover so much ground in this episode, it’s hard to capture it all here: They discuss how to balance quantitative rules with a human element… The Japanese market today, and why it’s a great set-up for Dan’s PE strategy… Rules that should work across geography, asset classes, markets, and time… Currency hedging… And far more. For the moment, we’re still ending shows with “your most memorable trade.” Dan’s involves a Japanese company that had been blemished by a corporate scandal. Did it turn out for or against him? Find out in Episode 90. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's guest is famed short-seller Marc Cohodes. Marc has investigated and brought down some major frauds in the past, and earlier this year he set his eyes on crypto darling Sam Bankman-Fried, the founder of FTX. Unless you’ve been living under a rock, you must be aware of the bankruptcy of FTX and other related crypto entities, but the bigger story may be the alleged fraud, which includes accusations of stealing billions of dollars of customer deposits, providing executives with loans up to $1 billion, and much more. This is a story that almost seems too insane to be true. Hindsight bias comes for us all, and while many people now say the red flags were clear as day, there were very few people criticizing or Sam & FTX before the recent couple of weeks. But on August 1 this year, Marc tweeted, “The Best Short on The Board is this fella…SBF.” John Ray is the new CEO & Chief Restructuring Officer for FTX and famously oversaw the liquidation of Enron. Given his decades of experience in this role, the statement he made in the recent bankruptcy filing is eye-opening and summarizes the depth of the situation: "never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here [at FTX].” Since this is a story that seems to change by the day, note that we are recording this on Monday, November 21st. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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 Hugh Hendry, formerly the CIO of Eclectica Asset Management and now a luxury hotelier and host of The Acid Capitalist podcast. In today’s episode, Hugh shares his thoughts on all the macro factors in the world today. He touches on inflation, energy markets, the dollar, the situation in China, and more. Be sure you stick around to hear why a dream about the Wizard of Oz led him to buy gold from the Bank of England.   ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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 Episode 133, we welcome Todd Harrison. Meb begins the conversation asking Todd about what got him into the cannabis space. Todd discusses his intellectual curiosity of the space, and what he has learned about the history of cannabis, from the 30,000 year relationship we have had with it as humans, to the US weaponizing marijuana. Meb then leads into the topic of governments and states changing their attitudes. Todd talks about it being a confluence of things, but gets into a personal story of how he discovered the efficacious ability of cannabis by working with Dr. Julie Holland after struggling with a decade long treatment of PTSD with a Western medicine protocol. The conversation then turns to the marketplace. Todd relays that there is quite a bit ahead for the consumer space. In hearing what scientists have to say, it has painted a much different picture for the breadth of wellness that is going to be disrupted going forward. Next, Meb and Todd discuss a little background on cannabinoids in general. Todd describes that there are over 200 different cannabinoid strains that exist. CBD and THC are two that have been popularized, but when you drill down, there are far more, including CBN, that aids sleep. The conversation shifts to the broad marketplace for investors. Todd describes the four primary arbitrage opportunities he sees that present opportunity: 1) Time Vs. Policy, 2) Price vs. Institutional Flow, 3) Perception, and 4) Liquidity. Meb follows by asking Todd about the firm’s investment approach. Todd talks about taking the long view. He mentions that the space has had two 50% drawdowns this year, and they count on disciplined position sizing and light use of puts to layer on with the long view but are using the current volatility to their advantage right now. Meb then asks Todd about the leading countries in the global landscape right now. Todd talks about Canada being the most mature, Australia looking compelling, and sees the U.S. as having the best opportunity set. Meb asks how Todd diversifies across industry groups and various verticals. Todd talks about there being about 500 listed stocks right now, and that there are probably 50 to 55 companies that his firm wants to invest in, and probably up to half of them at any given time. He thinks in 10 years’ time the survivors can offer a significant market cap. He and his team are focused on sticking with the companies they think are positioned to win.  Meb then asks what Todd’s favorite vertical is if he had to pick one to be invested in for 5 years. Todd mentions it would be biotech, even though it may take longer for those investments to pan out because they still have to go through the traditional biotech process. Todd then gets into his approach for analyzing stocks. Todd discusses the importance of understanding the management teams, and “betting on jockeys as much as the horse,” as well as taking the fundamental perspective by getting a read on the company through a DCF analysis.  All this and more, including a few names in Todd’s portfolio, and some suggestions for resources investors can tap for research on the industry in Episode 133.   Learn more about your ad choices. Visit megaphone.fm/adchoices

In Episode 74, we welcome Jeffrey Sherman from DoubleLine. We start with Jeff’s background – it’s a fun recap, including stories of running the scoreboard for The Stockton Ports… being a bank teller… earning graduate degrees… there’s a brief aside into catastrophe bonds which is a good primer if you’re less familiar with them… then back into Jeff’s background with DoubleLine. This dovetails into Meb asking about the type of shop DoubleLine is, as well as its overall investing framework. We learn that DoubleLine will go into whatever market it finds interesting. They’re also a macro shop, which led them to fixed income. After all, Jeff tells us “If you want to know what’s going on in the world macroeconomically, the bond market tells you.” Next, Meb asks how the world looks to Jeff today. Everything is growing, but it’s not the same old growth. The difference is debt. Overall, it has been a positive environment for investing; inflation is low, but the price of assets now reflects this good environment and people are projecting that forward – but it’s not realistic. Many assets are expensive now. Jeff puts a point on the situation by saying “There’s this ‘buy-the-dip’ mentality… Do you play in it or just shake your head?” The guys cover lots of ground here: Prices in the bond market have gotten ridiculous… Policy mistakes from the Fed… How this is “The Jay Cutler bull market” meaning it’s very “ho-hum”... how Europe is growing at the same rate as the U.S., yet they are continuing to do QE, while we’ve hiked rates four times… we’re talking about unwinding bonds while they’re buying – there’s a disconnect. And we don’t truly know what unwinding is going to look like. This leads into a great discussion of bonds and how they respond to a rising rate environment. As Meb notes, most people hear “interest rates are going up” and they think “bond prices must be going down.” But that doesn’t have to be the case. Jeff dives into some great detail here on the math behind bond returns and rising rates. If you’re a bond guy, make sure to catch this part of the episode. A few twists and turns later, Meb brings up a DoubleLine fund that combines U.S. equities in various sectors, paired with a fixed income component. He asks how is it designed, the benefit, and so on. Amongst other details Jeff tells us, we learn that the fund applies a sector rotation strategy based on Professor Shiller’s CAPE ratio. Historically, people have used CAPE to evaluate markets. Jeff wondered why one couldn’t apply it to smaller subsets of the markets – sectors. For instance, utilities and tech have different profiles re: beta and whatnot. So why not take each sector’s CAPE and compare it to its own CAPE history? You then look for the cheapest sectors of the market. And you can avoid buying a value trap by apply momentum (in Jeff’s strategy, they throw away the worst one-year momentum sector). Meb asks which sectors look good from a CAPE perspective now. Jeff tells us he’s looking at technology, consumer discretionary, consumer staples, and health care. He was looking at energy, but he booted it due to its bad momentum. He tells us another high flier is the financial sector. Up 35% or so since the election. Meb asks a Twitter question next – how much does DoubleLine incorporate technicals into their process? Jeff tells us that he uses technical more on trade implementation and things that are hard to value like FX. There’s so much more in this episode: sentiment… Trump, and the D.C. status quo… commodities… the “Four Asset” portfolio… More write-in questions from Twitter… a quick descent into a crypto-rant… the biggest mistakes Jeff is seeing investors make… and of course, his most memorable trade. What were the details? Find out in Episode 74. Learn more about your ad choices. Visit megaphone.fm/adchoices

For this special Friday episode, we welcome NYU professor and valuation expert, Aswath Damodaran. As it is Uber IPO day, Meb and Professor Damodaran start with a discussion about Uber and ride sharing valuations. Next, the two get into Professor Damodaran’s work and his framework for thinking about valuation. He covers the craft of valuation, and how his framework evolves over time. Professor Damodaran then shares details on what he thinks about Amazon and Apple, how he thinks about valuation in the context of each company, what he’s learned, and how his process has changed over time. Meb then asks Professor Damodaran about his thoughts on dividends and buybacks. Professor Damodaran starts with the corporate finance side of the discussion by describing buybacks and their role in the cash return to shareholders, the impacts buybacks have on corporations and investors, and the psychology behind the thinking about buybacks. The conversation then shifts to a chat about Professor Damodaran’s work on valuations, and his current take on global valuations and equity risk premiums. He gets into the equity risk premium in the U.S. during 2008 and 2009 and the information that can be gleaned from studying the history of equity risk premiums. As the conversation winds down, Meb asks professor Damodaran to talk about industries he feels are ripe for disruption. Professor Damodaran responds with some interesting insights into education, publishing, and banking. All this and more in episode 155. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 241 we welcome our guest, Doug Ramsey, Chief Investment Officer of The Leuthold Group. In today’s episode, we’re talking markets. We jump right in with a walk through of Leuthold’s sober 10-year market forecast. We talk about valuation spreads between growth and value, and Leuthold’s thinking about how to be positioned based on takeaways from their research. We get into thoughts on the US dollar, commodities, the opportunity in foreign markets, and the fallout in earnings power from the recent downturn. All this and more in episode 241 with Doug Ramsey. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 213 we welcome our guest, David Sanderson, founder and CEO of Reelgood. We get into David’s frustrating experience of juggling multiple streaming services and how that ultimately led him to launch Reelgood. We talk about the buildout of the product and how important data management and processing is to product implementation. Later on, we chat about the bet he and his company made on fragmentation in the streaming market, and one of the greatest challenges he has faced with his company. Don’t miss this great episode with Reelgood founder and CEO, David Sanderson. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 352, we welcome our guest, James Rasteh, founder of Coast Capital, a fund that takes a private equity approach to investing in public markets.   In today’s episode, we talk about gold miners, European activism, and ESG. James starts by explaining why he’s so bullish on gold miners from both a macro and micro perspective that he created a fund dedicated to activist investing in that space. Then we talk about the opportunity set in Europe and why James believes the valuation difference between the U.S. and Europe isn’t justified. We even talk about the difference between being an activist investor in the U.S. and Europe.   As we wind down, James shares his frustration with the finance industry’s use of ESG as mainly a marketing exercise.   Please enjoy this episode with Coast Capital’s James Rasteh.   -----   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 Hone Health. Did you know men's testosterone levels can decrease by 1% - 2% per year after the age of 30? Addressing low testosterone and optimizing your hormones can improve your energy, increase your libido and muscle mass. Hone offers a safe and convenient solution to get hormone testing and meds from the comfort of home. Complete your at home biomarker testing, video chat with a doctor and get FDA approved medications that are delivered directly to your door. For a limited time only, listeners can get their at home assessment test and doctor consultation for only $45. Head over to honehealth.com/Meb to take advantage now.   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. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library. 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 385, we welcome our guest, Jeff Shaw, founder of Underground Cellar, a new way to discover, buy, and store limited edition wines. In today’s episode, we’re talking to one of the most passionate, gritty, and determined entrepreneurs around. Jeff begins by explaining where he got the idea to gamify the wine buying process. He shares how the company works – the process of buying the wine, the upgrade algorithm, and the logistics of storing the wine. Then we hear how Mark Cuban turned him down multiple times, and leveraged that to get an investment from Shark Tank’s Barbara Corcoran. We talk about the experience of going through Y Combinator, raising money from Jason Calacanis, and what lies ahead for this fast growing startup.   As a special offer for listeners of the show, visit Undergroundcellar.com and use the code MEB to get $100 off your first order of $150 or 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 ----- 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. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Dr. Sarah Stanley Fallaw, the author of The Next Millionaire Next Door and the founder of DataPoints, which provides technology-enabled financial psychology tools to enhance wealth-building.  In today’s episode, we look back at some of the key takeaways from her Dad’s book, The Millionaire Next Door, one of the most important personal finance books ever written. Sarah shares what’s changed and what’s stayed the same since the book was published in 1996, and how you can try to instill these traits in your kids.  Then we talk about her company, DataPoints. Sarah explains how she’s able to help advisors learn their clients’ individual personality towards financial decisions and coach them to make better financial decisions. She shares some best practices from working with advisors, how much of this is nature versus nurture, and some of the main differences between genders. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by Farmland LP. Farmland LP is one of the largest investment funds in the US focused on converting chemical-based conventional farmland to organic, sustainably-managed farmland using a value-add commercial real estate strategy in the agriculture sector. Since 2009, they have built a 15,000-acre portfolio representing over $200M in AUM. To learn more about their latest offering, visit farmlandlp.com or email them at ir@farmlandlp.com.  Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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 Marc Chaikin, a 50-year Wall Street veteran and the founder of Chaikin Analytics.  In today’s episode, we start by discussing Marc’s early career and what led him to have an approach today that combines both fundamentals and technicals. We hear about some of the 20 factors that make up his model and how it urged him to buy Overstock and Wayfair early in the pandemic. Then, Marc walks us through what industries he’s bullish on today, including energy, financials, and aerospace and defense. ----- 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 Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Visit masterworks.io/meb to skip their wait list. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 207, we welcome our guest, Jeremy Yamaguchi, founder of Lawn Love. We kick off the episode by getting into Jeremy’s background as a son of missionaries, starting his first company at the age of 16, and the curious mind and discerning eye for opportunity that has taken him down the path of entrepreneurship. We touch on the void he saw in lawn care and the technology that underpins the Lawn Love platform, driving value for customers and lawn care professionals. In his pursuit of building Lawn Love he started 3 companies only to kill 2 and run with the one that gained the most traction! We also get into a massive personal stride he made in the realization that his startup competitors that seemed to have easy access to networks, capital, and press, didn’t actually have a silver bullet. His takeaway? There isn’t a substitute for the hard work that it takes to build a company. Don’t miss episode 207 and the details on how Jeremy built this company. Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode #20 is another “Listener Q&A” episode. Meb starts by telling us about his frustration after doing a guest panel on CNBC earlier in the morning. (Hint: questions about The Fed tend to annoy Meb…also, if you ever chat with him in person, do not refer to a 1% market move as a “major” move.) But soon we change gears, and Meb answers questions including: -         When following a trend strategy based on a 100 or 200-day moving average, is the idea to buy/sell on Day 1 of the broken trend? Or is it more nuanced? -         Is there some magic number of days (when following a trend strategy) that is the right length? -         (The above questions dovetail into a conversation about the #1 mistake the majority of investors make when using a trend following approach – expecting it to be a return-enhancing strategy.) -         What are good trend strategies for sideways/chainsaw markets? -         How about combining a momentum strategy with a simple 10-month trend strategy? -         When looking at managed future funds, aside from cost, any thoughts on what might warrant choosing one fund over another? -         (This dovetails into an interesting admonition from Meb in which he suggests listeners should do their own homework on issues like this—after all, if you don’t fully understand a fund’s strategy and have your own reasons for buying it, how will you know whether a 20% drawdown reflects a bad strategy, bad execution, or just bad luck?) -         Can you earn a 10% CAGR with Dalio’s All Weather portfolio without fear of a major drawdown? -         (This dovetails into a question about asset allocation – does it really dominate long-term returns? A listener thought he heard a difference of opinion between Meb and a guest on a past episode.) There are more questions, including one hand-written and mailed to Meb by a college student. He wants to know what qualities, skills, and abilities Meb looks for in new hires at Cambria, as well as what unique skills a college grad should bring to his/her employer. What’s Meb’s answer? Find out in Episode 20. Learn more about your ad choices. Visit megaphone.fm/adchoices

In Episode 77, we welcome author and asset manager, Tobias “Toby” Carlisle. After discussing Toby’s background, including his time as an M&A lawyer and what drew him to investing, we jump into his latest book, The Acquirer’s Multiple. Toby tells us that the book describes a simple way to find undervalued companies. In essence, you’re trying to find a company trading below its intrinsic value. This is how to get a great price as a value investor. Of course, you get these prices because things don’t look too rosy with the stock – there’s usually a crisis or some hair on it, so to speak. Toby tells us “In order to find something that is genuinely undervalued…there’s always something that you don’t like.” This leads into a great conversation about what Warren Buffett seeks in a company, versus what Toby, through the Acquirer’s Multiple, seeks. While Buffett looks for wonderful companies trading at fair prices, Toby seeks fair companies trading at wonderful prices. Toby goes on to tell us that for a company, there are two sources of value – the assets it owns, and the business/operations itself. You have to look at both together. Buffett looks at wonderful companies at fair prices, and is willing to pay a premium to book value, but that’s generally because Buffett is able to ascertain that the stock is worth even more. Joel Greenblatt took this idea and ran with it in his book, The Little Book That Beats the Market. The idea relies on buying companies with high returns on investing capital (ROIC). But Toby thought “what if you can buy at the bottom of a business cycle?” You could likely get better returns by buying very, very cheap, hence his focus on fair companies at wonderful prices.  The guys then discuss the merits of a high ROIC. Toby tells us that a high ROIC is meaningless absent a moat or competitive advantage. Don’t misunderstand – a high ROIC is incredibly valuable, but it has to be protected.  Finally, we get to The Acquirer’s Multiple. Toby tell us you’re trying to find the real earnings of the business. The guys touch on lots of things here – why Buffett & Munger actually don’t prefer this multiple… a comparison between The Acquirer’s Multiple (AM) and Greenblatt’s Magic Formula… and an example from Toby about the power of the AM using the stock, Gilead. The guys eventually switch gears, and turn toward Toby’s private “special situations” fund. In essence, Toby looks for situations when there’s a corporate act, say, a board-level decision to buy or sell a company, or pay a special dividend, or buy back a material amount of stock. He then tries to arb it. He gives us any example of how he made money using the strategy back when Obama was attempted to stop corporate reverse-mergers. But in all cases, Toby is still looking for undervalued, cheap investments. There’s tons more in this episode: the “broken leg” behavioral problem… how investors trying to improve upon the Magic Formula tend to vastly underperform the Magic Formula left alone… how professional investors tend to behave just as poorly as non-professionals… what Toby is working on/excited about right now… and of course, Toby’s most memorable trade. It involves a basket of net-cash biotechs. While he made over 200%, if he hadn’t tinkered, he could have made 750%. What are the details? Find out in Episode 77. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 271, we welcome our guest, Gary Zimmerman, Managing Partner of Six Trees Capital LLC and Founder of MaxMyInterest, a software platform that allocates individuals’ cash among their own bank accounts so that they earn the most interest possible while staying within the limits for FDIC government-deposit insurance. In today’s episode, we’re talking about how to actually earn some interest on your cash. Most banks today provide little to no interest and our guest has created a company that gives you a way to maximize your interest on deposits. Gary explains how trying to solve this problem for himself actually led our guest to start the company in 2013. We talk about how it works and why banks offer the Max platform a preferential rate, with the top rate on the platform right now at 85 basis-points, while most online banks are offering 25-60 basis-points. As we start to wind down, we hear Gary’s thoughts on the potential for negative interest rates, how banks are positioned, and why the product has been picked up by lots of RIA’s and financial advisors. Please enjoy this episode with Max My Interest’s, Gary Zimmerman. 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 Feedback@TheMebFaberShow.com ----- 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 episode 345, we welcome our guest, Dr. Abasi Ene-Obong guest is the founder of 54gene, a company pioneering the inclusion of the African genome in research.     In today’s episode, we’re talking about genetics. Less than 3% of genomic data represented in research is from African populations and Abasi is changing that. He walks us through the origin story of the company and the ins and outs of what it’s like to both gather and analyze genetic data. Then Abasi shares the process of partnering with pharmaceutical companies and what the long-term prospects of the company are.     Please enjoy this episode with 54gene’s Abasi Ene-Obong.     -----     Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com     -----     Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library. Learn more about your ad choices. Visit megaphone.fm/adchoices

Last year when we published The Best Investment Writing Volume 2, we offered authors the opportunity to record an audio version of their chapter to be released as a segment of the podcast, and listeners loved it. This year, we’re bringing you the entire volume of The Best Investment Writing Volume 3 in podcast format. You’ll hear from some of the most respected money managers and investment researchers all over the world. Enough from me, let’s let Todd take over this special episode. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s episode features Tim Alcorn reading his piece, Lessons from Bessembinder. Tim is the Head of Investment Risk for Baillie Gifford. The Best Investment Writing series features top research pieces that we’ve shared via The Idea Farm in the past year. Subscribe here so you get these sent to you each week. Check out the past series of The Best Investment Writing below: Volume 5 Volume 4 Volume 3 Volume 2 Volume 1 ----- 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 Stream by AlphaSense. Stream is an expert transcript library used by people just like you to quickly perform preliminary diligence on new ideas related to their target companies in the tech, media, telecom, healthcare, consumer and industrial sectors; avoiding the time, hassle, and cost of traditional expert network calls. With over 15,000 on-demand expert call interviews, 100+ new transcripts added each day, AI smart search technology, and 70% of our experts unique to our network, it's no wonder the world's leading financial firms choose Stream. Sponsor dollars for the entire Best Investment Writing series are being donated to the charity of the guest’s choice. Today’s sponsor dollars are being donated to VOCAL on behalf of Tim. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Dan Cooper, founder and CEO of ROC Investments, which allocates capital on the basis of the behaviors of the CEOs and their senior executive teams. Dan shares how he ran a strategy focused on investing in companies with CEO’s that display high character earlier in his career. When he later looked back at the returns and found traditional factors only explained 30% of the strategy’s outperformance, he decided to launch an ETF based on that strategy, ticker ROCI. He shares how he defines character, how he quantifies it, and then how he implements it into a portfolio. Finally he shares what CEO’s exemplify this strategy with stories of executives of Costco, Southwest & Microsoft. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Join today and get access to quarterly CAPE ratios, top podcasts and the entire research library. Subscribe for free here. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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 episode 199 we welcome our guest, Peter Livingston. Peter and Meb spend some time on Peter’s background and his experience as an engineer and a founder. They then dive into venture capital investing and Peter’s thoughts on the corporate VC model. That leads right into Peter’s early investment experience in private companies and trying to raise a fund of his own. Peter explains that trying to raise a fund led him to a unique place and a perspective on the traditional VC model that ultimately was the origin behind his firm, Unpopular Ventures. He spends time explaining why he feels the syndicate model is superior to the VC model, and the rapid pace of growth he’s experienced since launch. Meb then asks Peter to get into some of the investments he’s made. As the conversation winds down, Peter touches on his thoughts for the future. All this and more in episode 199. Learn more about your ad choices. Visit megaphone.fm/adchoices

Last year we brought listeners the entire volume of The Best Investment Writing Volume 4, in audio format, right here on the podcast. Listeners loved it, so we’re running it back again this year with The Best Investment Writing Volume 5.  You’ll hear from some of the most respected money managers and investment researchers from all over the planet.   Enough from me, let’s let Professor Harvey and Michele take over this special episode.  To read the original piece, click here.   -----   Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, visit mebfaber.com/podcast To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com   -----   Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 164, we welcome our guest, Jake Shapiro. Jake begins by talking about his background, as well as his early days in public radio with NPR. Meb asks Jake to expand on major moments for podcasts. Jake discusses the three waves of podcast growth from the 2003-2005 era where podcasts were first introduced, to when Apple incorporated podcasts on its platform and the introduction of the iPhone, to 2014 when both a confluence of trends and Apple breaking out podcasts from iTunes as a standalone app created an important inflection point for growth. Meb asks Jake to get into the point when he started branching out into some new ideas. Jake explains the spinout of Matter Ventures which launched as an accelerator for early stage mission driven media companies. Next, Jake walks through the frustration with monetization and the solution that ultimately spurred RadioPublic. As it was spun out to run as a startup, Jake left with it. He discusses the backing it had, and RadioPublic’s current focus. As the conversation winds down, Jake talks about podcasts being under monetized. This was the inspiration for Podfund, a fund that set out to help podcasters with tools, expertise, as well as startup and growth capital. Hear all this and more in episode 164. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 383, we welcome our guest, Mike Dudas, founder and General Partner of 6th Man Ventures, which focuses on investing in Web3 infrastructure and the metaverse. His previous experience at Disney, Google and Venmo gives him a unique perspective on these areas. In today’s episode, we have a primer on Web3 from someone who’s deploying over $100 million into the space over the next few years. We start with an overview of stablecoins and their role in Web3. Then we get into NFTs and how they relate to DAO’s – decentralized autonomous organizations. We even hear how Mike helped launch LinksDAO, which raised over $10 million in 48 hours with the goal of creating one of the world’s greatest golf clubs. As we wind down, we hear about some existing portfolio names and why Mike is bullish on the metaverse. (0:39) – Intro (1:24) - Welcome to our guest, Mike Dudas (2:29) - Early career at Disney, Google and Venmo (9:14) - Working for Paxos (12:30) - Overview of Web3 (15:49) - Overview of stablecoins & their importance (25:45) - Overview of NFTs (29:36) - Mike’s involvement with LinksDAO (40:20) - The possibility of a DAO buying a professional sports team (45:45) - The focus of his firm, 6th Man Ventures (49:25) - Some cool companies he’s invested in (55:23) - The biggest thing he wants to see come to fruition in 2022 (57:59) - Learn more about Mike; Twitter @mdudas; 6thman.ventures ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library. Learn more about your ad choices. Visit megaphone.fm/adchoices

 Today’s guest is Jim O’Shaughnessy, founder and CEO of O’Shaughnessy Ventures. You may know Jim from his prior time at O’Shaughnessy Asset Management or from hosting the Infinite Loops podcast.  In today’s episode, Jim talks with us about the third stage of his career with the launch of OSV. Jim walks us through the different verticals, from making documentaries, hosting podcasts, making venture investments, and funding a fellowship program. He walks us through why each vertical is important to him, what he expects in the next year, and why he’s doing this both for profit and for fun.   ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- 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

Last year when we published The Best Investment Writing Volume 2, we offered authors the opportunity to record an audio version of their chapter to be released as a segment of the podcast, and listeners loved it. This year, we’re bringing you the entire volume of The Best Investment Writing Volume 3 in podcast format. You’ll hear from some of the most respected money managers and investment researchers all over the world. Enough from me, let’s let Scott take over this special episode. 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

Episode 95 is a radio show format. We start with a recap of Meb’s recent travels to Nicaragua and San Francisco, but then dive into a discussion about volatility. With the VIX spiking at the beginning of the month, some short-vol funds suffered massive losses. We discuss the short-vol trade, then the long-vol trade. Next up, Meb gives us a quick (overdue) update on his trip to see Van Simmons, including which coins he purchased. But we quickly dive into a different topic – a recent offering from Wealthfront that’s raising some questions for Meb. The conversation touches upon a risk parity market approach, robo fees, and general transparency. We then jump into listener Q&A. Some of the questions you’ll hear answered include: I've heard Meb say it may be appropriate to allocate up to 20% of your portfolio in a hedging strategy. I've also heard him say you need an exit plan. What is his exit strategy regarding this play? How/when should an investor use leverage? What’s Meb’s take on a vanilla Vanguard Target Date fund vs Trinity over 15-20 years? With fee compression and product commoditization, how do you see large, active-focused publicly traded asset managers faring in the next 5-10 years? How would you think about asset allocation for a millennial (sub-30) with retirement accounts? The typical 60/40 doesn’t seem great. With rising rates, I am in short-term notes to limit duration; with hints of higher inflation do TIPS make sense? All this and more in Episode 95. 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

We recently published The Best Investment Writing, Volume 2. The first book was a hit, with MoneyWeek concluding that it “should be on every investor’s bookshelf.” But we made the second volume even better – we expanded it to include 41 hand-selected investment articles, written by some of the most respected money managers and investment researchers in the world. We thought it would be fun to bring on some of the authors so that they could read their specific chapter from the book. That’s what you’re getting in today’s special bonus episode. If you’re interested in picking up a copy of The Best Investment Writing, Volume 2, head on over to Amazon or our publisher’s website, which is Harriman House. Also, know that your purchase would benefit charity, as all writer-proceeds go to the charity of the specific author’s choosing. So, enough from me, let’s let Mike take over with this special bonus episode. 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 Feedback@TheMebFaberShow.com ----- 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 Episode 144 we welcome Marty Bergin. Marty begins by going through his background, the history of Dunn Capital and the relationship he had with Bill Dunn, the founder of Dunn Capital. That relationship opened the door for Marty to ultimately work or Bill, and to later become the owner of the firm as part of a transition plan. Next, Meb asks Marty to describe trend following as it relates to Dunn. Marty describes that trend following is pretty basic, but there’s magic in how you develop a portfolio with the strategy. At Dunn, Marty and his team rely on an adaptive trend-following system. From a portfolio management perspective, they look for markets with enough volume to trade in 55 markets across commodities, currencies, interest rates, bonds, equities, and volatility with an equal allocation of risk buckets for each market they trade. Meb follows that with a question about how it all fits together on a high level. Marty explains the program is not restricted in any way, and multiple methods are used for determining noise. He adds that when looking at possibilities, they are looking at a few days all the way out to a couple of years, and update weekly, yet he doesn’t believe there would be a major drift in performance if it were updated on a 12 or 18 month basis. The program gets into positions slowly, and is designed to get out quickly to protect downside. The conversation then transitions into how the system has evolved over time. Marty walks through the core tweaks Dunn has undergone to adapt and improve the trading system, from looking at trading from a market-by-market basis, to applying the same techniques to every market, to taking a fresh approach to risk.  Meb then asks about what Dunn’s strategy looks like during various environments. Marty goes on to talk about how a trend follower is looking for directional volatility that is consistently applied, and the difficulty of environments like 2018 when trend followers can become overweight and get caught in corrections that can lead to aggressive reversals. He follows that with some insight into thinking about the current environment through the lens of Dunn Capital, and talks about risk metrics setting up to look conducive for trend following. Meb and Marty wind down with a chat about how Dunn is very focused on education. They also touch on Dunn’s unique fee structure, and the place for a strategy like Dunn’s in investment portfolios. All this and more in episode 144. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 191, we welcome our guest, Simon Hallett. Simon and Meb start off the conversation with a run-down of Simon’s firm, Harding Loevner, cover its quality growth investment approach as well as its long-term focus. Simon gives some insights into “short-termism” and what it takes and the incentives in place to keep everyone at Harding Loevner focused on long-term investing. Simon walks through the investment framework at Harding Loevner in detail. From a high level, they care about growth, quality, and price and beyond that, Simon walks through the details and what it looks like as ideas work their way through the process. Next, Simon and Meb get into skill vs. luck. Simon emphasizes the role process plays in skill vs. luck, and the post-investment review he and his team go through to analyze the role skill vs. luck played in the outcome of a position. As the conversation winds down, Simon and Meb touch on behavioral finance, and Simon discusses introducing behavioral aspects to the investment process wherever they can. He mentions he think there is a behavioral edge in any market. All this and more in episode 191, including a discussion about Simon’s football club and his most memorable investment. Learn more about your ad choices. Visit megaphone.fm/adchoices

We recently published The Best Investment Writing, Volume 2. The first book was a hit, with MoneyWeek concluding that it “should be on every investor’s bookshelf.” But we made the second volume even better – we expanded it to include 41 hand-selected investment articles, written by some of the most respected money managers and investment researchers in the world. We thought it would be fun to bring on some of the authors so that they could read their specific chapter from the book. That’s what you’re getting in today’s special bonus episode. If you’re interested in picking up a copy of The Best Investment Writing, Volume 2, head on over to Amazon or our publisher’s website, which is Harriman House. Also, know that your purchase would benefit charity, as all writer-proceeds go to the charity of the specific author’s choosing. So, enough from me, let’s let Russel take over with this special bonus episode. 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 149 we welcome back our guest from Episode 122, Phil Haslett. Meb and Phil begin the episode with a chat of the IPO environment so far in 2019, and the recent Lyft IPO. Phil then gets into the cyclicality of IPOs in general, and that IPOs tend to be most successful when the market is not so volatile. Meb asks Phil about the IPO process. Phil starts with banking and how the banking relationship works, and what some companies have done to avoid the high costs of going through the IPO process. Google was the first to give an alternative approach to the IPO process a shot, and Spotify found huge success through a direct listing. Next, Phil gets into the changing characteristics of what firms look like in today’s IPO cycle, vs. the past. He discusses that the value of which companies go public is far higher than it used to be, and they are going public much later. This stems from companies raising large amounts of capital as private companies. Eventually, though, they’ll need to go public for a couple of reasons. 1) venture capital investors that invested early, may run out of patience waiting for an exit, 2) the need to address liquidity for other shareholders 3) recognition, and 4) be able to issue stock and raise capital for potential future M&A. The conversation then shifts back to Lyft, and their S-1 filing. Phil mentions some interesting points he and his team found in the S-1. He discusses Lyft’s $300 million R&D spend, signaling the likelihood it is making major investments, possibly in autonomous driving. They also found that the company has presented itself as a transportation as a service (TaaS) company. Meb brings up the topic of dilution, and why it is so important in understanding venture capital investing, and Phil walks through the fundamentals of capital raising, and shareholder dilution, and what it really means to early investors. Next, employee wealth, and how to think about managing it is addressed. Phil shares some advice of being diversified to offset the concentration that comes with both owning shares and earning a paycheck from the same company. As the conversation begins to wind down, Phil covers his take on the future of the private investment space. Hear all this and more in episode 149, including the future of EquityZen, and Phil’s predictions for the 2019 IPO market. Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode 70 is a radio show format. We start with a quick catch-up, discussing the recent eclipse and Meb’s upcoming travel, including Iceland, Reno, Orlando, Amsterdam, among others. Before jumping into listener questions, we get Meb’s thoughts on Episode 69, which featured Jason Calacanis (Meb dabbles with some angel investments himself). Meb tells us a bit more about his own angel experiences and his reflections on interviewing Jason. This dovetails into a question about how Meb allocates his own money between private investments, public investments, debt, and so on (with a “capital allocation” comparison to Thorndike’s book, The Outsiders). You’ll hear Meb’s thoughts on his personal asset allocation. This segues into our first set of questions from listeners, focusing on where to put “safe” money right now. Meb gives us his thoughts, leading into a discussion of which asset could be right for listeners wanting to keep some money on the sidelines, yet without inflation taking too big a chunk of it. What follows is an assortment of questions and rabbit holes: If Meb had to short just one market right now what would it be and why… How an individual investor should look at leverage in a portfolio (includes a recap of risk parity)… Who is Meb’s favorite 13F guru… What hedge fund replication strategies Meb finds most interesting… And even a cryptocurrency challenge to listeners from Meb. What is it? Find out in Episode 70. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 333, we welcome our guest, Rob Forster, co-founder of Wonderbird Spirits, Mississippi's first grain-to-glass gin distillery.      In today’s episode, we hear how Rob stopped practicing law and decided to open up a distillery to create two gold-medal winning gins. Rob shares what it was like to get the company off the ground and then dives into the process of distilling the alcohol from start to finish. We talk about the regulatory differences to sell directly to restaurants and sell DTC in 37 states, and why the little things like choosing what bottle to use makes a huge difference.     As we wind down, we hear about Wonderbird Spirits’ current fundraising experience and what the future holds for the company.      Please enjoy this episode with Wonderbird Spirits’ Robert Forster.       -----      Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our products and follow us, subscribe to our mailing list or visit us at cambriainvestments.com.     -----      Today's sponsor rides on two wheels: Riders Share is the Airbnb of motorcycles. On Riders Share, people and businesses list motorcycles for rent. Since launching in 2018, over 15,000 people have shared their motorcycles on Riders Share, creating the largest variety of motorcycles available for rent in the world. People who list their motorcycles for rent have a great return on investment, while people who rent on Riders Share save up to 70% compared to traditional motorcycle rentals. Riders Share finds vetted licensed customers, supplies insurance, roadside assistance and handles payments on behalf of its motorcyclists. To learn more, please visit www.riders-share.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode 206 is a Mebisode. Meb reads a few of his recently penned pieces. He covers the importance of being prepared for market turbulence with an investment plan. He then walks through some core ideas for building and maintaining wealth. He ties these ideas together with a chat on how he invests his own money. He concludes with some thoughts on investing in the time of the Coronavirus. If the markets have you concerned, make sure you don’t miss what Meb has to share to help you stay on track in episode 206. Learn more about your ad choices. Visit megaphone.fm/adchoices