The Meb Faber Show - Better Investing

Latest Episodes:

Felix Zulauf - The Next Market Reversal Could Be Ugly! | #563 Dec 23, 2024

Show notes

Today’s returning guest is macro-expert Felix Zulauf, founder of Zulauf Consulting. He was previously the global strategist for UBS and later ran his own asset management firm.

In today’s episode, Felix explains why he’s concerned about the concentration of global equity markets and why he believes the US stock market is in a bubble. Then he shares his outlook for commodities, Bitcoin, and currencies. As we wind down, he advises investors to shift their focus from managing opportunities to managing risks.

(1:30) Market concentration & risks

(3:43) Late stage bull market indicators and valuation metrics

(7:07) Market fundamentals and market catalysts

(16:23) Fixed income and currency outlook

(33:02) Gold, Bitcoin and commodities

(45:59) Absolute vs. relative performance and investor resolutions

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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.

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Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!

Fran Kinniry on The Past, Present & Future of Vanguard | #562 Dec 20, 2024

Show notes

My guest today is Fran Kinniry, Principal and Head of Vanguard Investment Advisory Research Center. Fran has been at Vanguard since 1997 and served as the Global Head of Private Investments and Global Head of Portfolio Construction.

In today’s episode, Fran highlights the role of advisors to help investors stay disciplined and avoid creating their own bear markets. He discusses his role leading Vanguard’s entrance into private equity in 2020, covering the initial launch and what’s next. He also touches on the market today, making the case for fixed-income, international diversification and rebalancing as 2024 comes to a close.

(2:24) Market conditions & investor behavior

(6:44) The role of advisors

(11:12) Advisors alpha

(14:07) The significance of fees and taxes

(18:01) Vanguard's expansion into private equity

(25:03) Evolution of market efficiency

(29:43) The undervaluation of high-quality bonds

(33:16) Perspectives on international investments

(40:27) Evolving views on value vs. growth investing

(42:16) Fran's most memorable investment

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Follow Meb on X, LinkedInand YouTube

For detailed show notes, click here

To learn more about our funds and follow us, subscribe to our mailing listor visit us at cambriainvestments.com

-----

Follow The Idea Farm: X | LinkedIn | Instagram | TikTok

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Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com

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Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!

Robeco’s Matthias Hanauer - Think Value Investing Is Outdated? Think Again | #561 Dec 13, 2024

Show notes

Today’s guest is Matthias Hanauer, a researcher on Robeco’s Quant Equity Research team.

In today’s episode, we discuss the intricacies of value investing, the impact of various factors such as interest rates and market conditions, and the potential for emerging markets and small cap stocks going forward. Matthias highlights his research on the

‘Factor Zoo,’ the integration of machine learning in investment strategies, the evolution of quantitative investing, and more.

(1:32) Introduction of Matthias Hanauer

(2:01) The state of value investing

(7:26) Value investing's relationship with interest rate

(14:10) Growth stocks vs. value stocks

(16:38) Comparing emerging and developed markets

(18:55) Market influences

(23:20) Factor Zoo pape

(28:57) Machine learning

(38:15) Momentum

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For detailed show notes, click here

To learn more about our funds and follow us, subscribe to our mailing listor visit us at cambriainvestments.com

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Today's episode is sponsored by 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: X | LinkedIn | Instagram | TikTok

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Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com

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Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!

Michael Venuto on ETFs in 2024: FIRE, Crypto, Nancy Pelosi & More | #560 Dec 06, 2024

Show notes

My guest today is Michael Venuto, CIO & co-founder of Tidal Financial Group, an ETF platform with over 175 ETFs and $25 billion in assets.

In today’s episode, Mike & I discuss the banner year for the ETF industry and some of the trends contributing to the record inflows and fund launches. Then Mike talks about some different strategies, including ETFs that support people in the FIRE movement, blockchain and crypto, and yes, even how you can invest alongside Nancy Pelosi.

(1:37) The state of the ETF industry

(3:33) Crypto ETFs

(8:04) Launching an ETF with Tidal

(17:19) FIRE movement ETFs

(24:09) Expansion of YieldMax platform

(27:41) Active management in ETFs

(31:07) Different ETF strategies

(42:01) Congressional trading insights

(45:47) Mutual fund to ETF conversions

(52:04) ETF predictions

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Follow Meb on X, LinkedInand YouTube

For detailed show notes, click here

To learn more about our funds and follow us, subscribe to our mailing listor visit us at cambriainvestments.com

-----

Today's episode is sponsored by YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Access their latest Fund Flows report & get 20% off your initial YCharts Professional subscription when you start your free trial

Follow The Idea Farm: X | LinkedIn | Instagram | TikTok

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Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com

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Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!

Joel Nagel on Global Asset Protection: Defense for a Dangerous World | #559 Nov 22, 2024

Show notes

My guest today is Joel Nagel, founder of the international law firm Nagel & Associates, which has a major focus on asset protection. Joel is also the Chairman of Caye International Bank, and has served as ambassador to Austria, the United Nations in Vienna and to Croatia and Slovenia on behalf of the Belizean government.

In today’s episode, Joel starts by covering the four key risks in asset protection. He walks through different use cases for trusts, second passports and dual citizenship to help negate these risks. Joel also shares his perspective on both gold and cryptocurrencies and explains why using debt can be a helpful tool to protect your assets.

(2:00) Introduction of Joel Nagel

(3:00) Asset protection strategies

(6:02) Utilizing trusts

(13:06) Offshore structures

(16:32) Advantages of offshore trusts

(20:57) Risks in asset protection and second passport interest

(27:31) Motivations for second citizenship

(40:06) Strategic use of debt

(47:46) Investing in Bitcoin & gold

(52:26) Inflation and fiat currencies

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Follow Meb on X, LinkedInand YouTube

For detailed show notes, click here

To learn more about our funds and follow us, subscribe to our mailing listor visit us at cambriainvestments.com

-----

Follow The Idea Farm: X | LinkedIn | Instagram | TikTok

-----

Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com

-----

Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!

Aswath Damodaran on Sugar Daddies, The Magnificent Seven & The Art of Selling Stocks | #558 Nov 15, 2024

Show notes

Today’s returning guest is Aswath Damodaran, a professor at NYU, where he teaches corporate finance and equity valuation.

In today’s episode, Professor Damodaran delves into the intricacies of investing and the lifecycle of companies. He also covers the challenges of valuation in a changing economy, the trend of buybacks versus dividends, and the evolving role of AI in finance.

Be sure to stick around to hear him critique ESG investing and share insights on the broken media landscape.

(1:55) Mag7 stocks

(7:28) Corporate life cycle

(9:47) Factors influencing startup success & characteristics of mature companies

(24:41) Capital allocation

(26:52) The IPO landscape

(34:05) AI in the investment process

(39:12) OpenAI's corporate structure

(45:48) ESG & the media landscape

(50:24) Sports economics

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Follow Meb on X, LinkedInand YouTube

For detailed show notes, click here

To learn more about our funds and follow us, subscribe to our mailing listor 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: X | LinkedIn | Instagram | TikTok

-----

Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com

-----

Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!

JP Morgan's David Kelly - Spread Out or Miss Out: The Urgent Case for Diversification | #557 Nov 08, 2024

Show notes

My guest today is Dr. David Kelly, Chief Global Strategist and Head of the Global Market Insights Strategy Team for J.P. Morgan Asset Management.

In today’s episode, Dr. David Kelly discusses various economic themes, including inflation, consumer sentiment, the value of the dollar, and the government deficit. He also covers the current state of global markets and urges listeners to reassess their risk exposure in light of recent wealth gains.

(1:13) Economic outlook

(4:12) Consumer behavior

(8:24) Stocks and gold 2024 performance

(13:27) US dollar and deficit concerns

(20:44) Long-term capital market assumptions

(26:52) Regional opportunities

(33:09) David's favorite charts

(36:56) Thoughts on immigration

(39:37) Nonconsensus views on the federal deficit

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Follow Meb on Twitter, LinkedInand YouTube

For detailed show notes, click here

To learn more about our funds and follow us, subscribe to our mailing listor visit us at cambriainvestments.com

-----

Follow The Idea Farm: Twitter | LinkedIn | Instagram | TikTok

-----

Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com

-----

Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!

📚 NOW AVAILABLE: Shareholder Yield: A Better Approach to Dividend Investing - 2nd Edition | #556 Nov 02, 2024

Show notes

BIG NEWS! I just published the 2nd edition of Shareholder Yield: A Better Approach to Dividend Investing. For a limited time, the eBook is available for free!

About The Book

For decades, both professional money managers and retail investors have revered dividend stocks. However, an objective examination of historical data reveals a surprising truth: these investors may have been shortchanging themselves.

In this eye-opening exploration, Meb Faber unveils a more holistic market strategy beyond dividend investing - shareholder yield. Utilizing market studies, historical data, and insights from some of the world’s most successful investors, Faber guides readers through the numerous benefits of this broader approach.

Discover why focusing on total shareholder value - encompassing dividends, buybacks, and debt management - offers a superior method. Join Faber as he presents compelling data, debunks misconceptions, and demonstrates how to implement these concepts in your portfolio.

Marty Bergin, DUNN Capital - 50 Years in the Markets: How Trend Following Can Survive and Thrive | #555 Nov 01, 2024

Show notes

My guest today is Marty Bergin, President of DUNN Capital Management, which manages over $1.5 billion and is one of the longest continually running trend following firms in the world.

In today’s episode, Marty reflects on the firm's 50-year journey in the trend following space and shares how a firm can not only survive but thrive over five decades. He touches on the resilience required to weather market fluctuations, how an allocation to trend following may enhance portfolio performance, and the need for adaptability in strategies while staying true to your core principles.

(1:20) Marty Bergen intro

(2:34) Trend following & fee structures

(5:01) Lessons from 50 Years in investing

(13:05) Benefits of non-correlated asset classes

(20:52) Institutional interest in trend following

(24:31) Handling volatility

(27:16) Views on cryptocurrencies

(30:03) Considerations for allocator

(32:05) Marty's most memorable investment

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Follow Meb on Twitter, LinkedInand YouTube

For detailed show notes, click here

To learn more about our funds and follow us, subscribe to our mailing listor visit us at cambriainvestments.com

-----

Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to download their 2024 Election Guide & start your free trial - be sure to mention "Meb" for 20% off your subscription (new clients only).

Follow The Idea Farm: Twitter | LinkedIn | Instagram | TikTok

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Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com

-----

Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!

Meb Faber & Wes Gray - Unlocking Tax Efficiency: Inside the Launch of Cambria's Groundbreaking ETF Oct 25, 2024

Show notes

Today's guest is Wes Gray, CEO & Co-CIO of Alpha Architect and a strategic advisor to ETF Architect.

Wes & I discuss the Cambria Tax Aware ETF (TAX), which aims to achieve a tax-efficient investment return consisting of capital appreciation while emphasizing low dividend distributions. We also break down the 351 to ETF contribution process and how investors can transition their low-basis investments into the ETF structure tax-efficiently.

(0:40) Welcome to Wes Gray

(6:20) Section 351

(20:15) Tax aware investing

(27:49) The impact of dividends on tax efficiency

Resources:

Show Notes: https://www.themebfabershow.com/episodes/X7iN68AkO9u

The Cambria Tax Aware ETF (TAX) https://cambriafunds.com/tax

Introduction to the 351 ETF Exchange https://www.cambriainvestments.com/wp-content/uploads/2024/10/2024-Introduction-to-the-351-ETF-Exchange-Cambria.pdf

Are you interested in learning more? https://www.cambriainvestments.com/tax/

Wes Gray and Bob Elwood’s episode in February 2024 https://www.themebfabershow.com/episodes/p3V43ySa2El

To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expense before investing. This and other information can be found in the Fund's full or summary prospectus which may be obtained by calling 855-383-4636 (ETF INFO) or visiting our website at www.cambriafunds.com. Read the prospectus carefully before investing or sending money.

The Cambria ETFs are distributed by ALPS Distributors Inc., 1290 Broadway, Suite 1000, Denver, CO 80203, which is not affiliated with Cambria Investment Management, LP, the Investment Adviser for the Fund.

Investing involves risk, including potential loss of capital.

Cambria does not provide tax advice, please consult your tax professional for tax advice.

TAX: There is no guarantee that a Fund will achieve its investment goal. Investing involves risk, including the possible loss of principal. The Fund will invest in stocks that have lower dividend distributions, which are generally taxed as ordinary income. The Fund’s tax aware strategy may reduce an investor’s taxable income from the Fund but will not eliminate it. Even though a tax aware strategy is being used, it may not reduce the amount of taxable income and capital gains distributed by the Fund to shareholders, or the amount of Fund distributions that are taxable at ordinary income rates. Narrowly focused funds typically exhibit higher volatility. Diversification may not protect against market losses.

TAX is actively managed.

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