The Meb Faber Show - Better Investing

Latest Episodes:

Dr. Bryan Taylor - Surprising Lessons from 100 Years of Financial History | #553 Oct 23, 2024

Show notes

My guest today is Dr. Bryan Taylor, President and Chief Economist for Global Financial Data, which provides the most comprehensive, historical economic and financial information.

In today's episode, Bryan walks through what he's learned from studying 200+ years of market concentration in the US. Then we dive into his analysis of financial history over the past eight centuries by breaking the past up into five historical eras. He shares how this can improve our understanding of the returns to stocks, bonds and bills and the equity risk premium in the future.

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

Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here.

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

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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!

Owen Lamont on Bubble Fever, Index Gripers & Inefficient Markets | #552 Oct 11, 2024

Show notes

Today's guest is Owen Lamont, a Portfolio Manager at Acadian Asset Management. He’s been on the faculty at Harvard, Princeton, Yale and the University of Chicago. He also writes the blog, Owenomics.

In today's episode, Owen walks through how he analyzes market bubbles and if the U.S. is in a bubble today. He touches on the rise of passive investing, the gamification of trading and why the U.S. stock market is Koreafying. Owen also shares his view on closed-end funds, short-selling, AI and what Seinfeld can teach us about investing.

(2:33) The four horsemen of bubbles

(9:57) Gamification of investing

(18:51) The U.S. Stock Market is Koreafying

(26:43) Gangnam Style

(30:46) Excitement about AI

(33:56) Why 2021 was a bubble

(38:08) Closed-end fund premiums

(42:12) Investing Mount Rushmore

(47:11) China's recent stock performance

(50:15) Impact of cultural investment preferences

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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

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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

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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!

Brad Gerstner on The AI Supercycle, Invest America & Stock Compensation | #551 Oct 04, 2024

Show notes

Today's is Brad Gerstner, founder and CIO of Altimeter Capital, a multi-billion dollar technology-focused investment firm that invests in both public and private markets.

In today's episode, Brad discusses his journey in investing, how to invest in the AI supercycle, and how he incorporates the impact of stock compensation when analyzing companies. Brad also covers his initiative, Invest America, aimed at promoting financial literacy and inclusion for children in the U.S. He highlights the need for a collective effort to empower the next generation and ensure they have a stake in the economy.

(2:10) Intro of Brad Gerstner

(7:47) Current market thoughts

(10:58) The state of AI

(16:16) Brad's investment philosophy

(22:32) Impact of AI on both enterprise and consumer technology

(25:46) Global advancements in AI

(27:27) Autonomous vehicles

(30:39) Stock-based compensation

(36:31) Invest America

(53:06) Importance of financial literacy for kids

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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

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Follow The Idea Farm: Twitter | 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!

Tiger Cub Rob Citrone on Milei's Argentina: A Bullish Outlook for Investors | #550 Sep 20, 2024

Show notes

Today’s guest is Rob Citrone, founder of Discovery Capital Management, a hedge fund that invests opportunistically across asset classes in emerging and developed markets. Rob worked for Julian Robertson at Tiger Management in the mid 1990’s and managed money for the Soros family. He’s also a minority owner of the Pittsburgh Steelers.

In today’s episode, Rob explains why he expects the investment regime to shift, with higher volatility and lower returns in the next decade. He highlights the potential for Latin America to outperform Asia in the coming years and why he sees a huge opportunity in Argentina. He also discusses his investments in cryptocurrencies, why he’s bearish on China and Europe, and the skill and discipline needed to be a short seller.

(2:09) Rob's 25th anniversary at Discovery Capital Management

(4:01) Lessons from Julian Robertson and George Soros

(7:42) The opportunity in Argentina

(18:07) Geopolitics

(25:38) Outlooks for China, India, US and Europe

(29:12) The art of short selling

(36:54) Fiscal policy concerns

(39:18) Bitcoin

(42:08) Contrarian investment beliefs

(43:30) Rob's most memorable investment

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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

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Today's episode is sponsored by YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Download YCharts' latest white paper, which dives into how different asset classes have historically performed when inflation settles into the Fed’s target range. Get 20% off your initial YCharts Professional subscription when you start your free trial.

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

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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!

Rob Arnott on The Upside of Getting Dumped: Investing in Index Deletions | #549 Sep 13, 2024

Show notes

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

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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!

Michael Mauboussin on Market Concentration, Capital Allocation & Attributes of Great Investors | #545 Sep 10, 2024

Show notes

Today’s guest is Michael Mauboussin, Head of Consilient Research at Counterpoint Global, a $70 billion equity manager.

In today’s episode, Michael covers some of his latest research on market concentration, equity issuance and stock buybacks, and how the boom and bust cycle relates to AI today. He also shares some common attributes among great investors, lessons from Elon Musk & Tesla, and more.

(1:31) Guest Introduction: Michael Mauboussin

(2:41) Capital allocation and stock-based compensation

(9:58) Trivia question on the top performing stock

(15:56) Market concentration

(23:13) Modern value investing & the rise of intangibles

(28:45) Attributes of great investors

(33:09) Factors influencing total shareholder returns

(42:22) Technology, capitalism, and market predictability

(48:15) Indexing, market efficiency & book recommendations

(54:10) The Santa Fe Institute's interdisciplinary approach

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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

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

Inside the Mind Of A Successful Trend Follower: Doug Greenig | #548 Sep 06, 2024

Show notes

Today’s guest is Doug Greenig, CEO & CIO of Florin Court Capital, which uses systematic trend-following in over 500 markets. Doug’s been involved in markets for over 30 years and was most recently at Man AHL as the Chief Risk Officer and Head of the Portfolio Management Group.

In today’s episode, Doug explains why we’re living in a world made for trend following. He explains his unique approach to trend following and the benefits of expanding the number of markets traded, including esoteric ones like California carbon emissions and Turkish interest rate swaps. Doug also touches on the macro backdrop - characterized by deep structural hange and tail risks, including intensifying geopolitical conflict and US fiscal instability.

(3:00) Doug Greenig intro

(7:56) Trend following

(10:22) Trading in unique and esoteric markets

(22:38) Why trend following works

(27:00) Leverage cycles and reflexivity

(29:08) Integrating trend following with traditional portfolios

(34:52) The macro environment

(37:26) Market volatility & narrative shifts

(40:21) Gray rhinos

(43:29) Bullish on China

(48:55) Most memorable investment

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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

-----

Sponsor: YCharts - YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and get 20% off your subscription (new clients only).

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

-----

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

-----

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

Introducing The Best Investment Writing Aug 30, 2024

Show notes

We launched a new podcast called The Best Investment Writing. It began as a book, then as individual episodes on this feed, but listeners enjoyed it so much that we decided it needs to be its own show!

Where else can you hear hand-selected investment research voiced by some of the most respected money managers and investment researchers in the world.

Listen to a recent episode we published featuring prior podcast guest, Jason Buck, reading a piece titled Herschel Walker Syndrome.

Subscribe on Apple, Spotify or YouTube.

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Follow Meb on Twitterand LinkedIn.

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 | Tik Tok

-----

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!

Catastrophe Bond Crash Course: Man AHL's Tarek Abou Zeid & Andre Rzym | #547 Aug 23, 2024

Show notes

Today’s guests are Andre Rzym and Tarek Abou Zeid, two Portfolio Managers from Man AHL, one of the longest running systematic asset managers in the world.

In today’s episode, Andre & Tarek delve into the world of catastrophe bonds. They provide an overview of what catastrophe bonds are, recent performance metrics, how they relate to ESG and sustainable investing. They share some predictions for the 2024 hurricane season and wind down with some thoughts on the crypto markets.

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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. Subscribe to the YCharts blog and visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only).

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

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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!

Roger Mitchell on Investing in Sports Amid the Fourth Turning | #546 Aug 16, 2024

Show notes

Today’s guest is Roger Mitchell, founder of Albachiara, which offers consultancy services and does early stage venture investing, mostly around sports and entertainment. Roger began his career in finance and later became the inaugural Chief Executive of the Scottish Premier League in 1998.

In today’s episode, Roger walks through topics from his new book, Sport’s Perfect Storm: An Industry Now Totally Adrift. Roger explains how the rise of new media platforms, changing demographics, and the increasing importance of gambling and fantasy sports are reshaping the sports industry landscape. He discusses the different origins and business models of American and European sports, and why sport franchises and businesses are such unique assets.

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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

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