The Meb Faber Show - Better Investing

Latest Episodes:

Grant Williams & Peter Atwater: The Market is 'Long Abstraction, Short Reality' | #525 Mar 15, 2024

Show notes

Today’s guests are Peter Atwater and Grant Williams, two guys that have known each other for a decade. Peter is a professor and author of The Confidence Map: Charting a Path from Chaos to Clarity. Grant is the author of the newsletter Things That Make you Go Hmmm… and host of The Grant Williams Podcast. He was also a co-founder of Real Vision.

Today’s episode is a masterclass in how to analyze market sentiment, which seems particularly timely given how the market has been lately. Peter shares his framework for looking at the world through the lens of certainty and control and how that drives consumer confidence. Then he and Grant kick around a bunch of topics, including the relationship between natural gas and Nvidia, Elon Musk and the velvet rope economy, gold and Bitcoin, the opportunity in Japan, and much, much more.

(1:40) - Welcome to our guests, Peter Atwater and Grant Williams
(2:28) - Confidence and vulnerability’s role in financial market
(6:18) - Elon Musk 0 - 60mph Tweet
(10:21) - Peter’s take on natural gas and Nvidia
(13:17) - Class versus wealth
(17:30) - Thoughts on gold and Bitcoin
(22:38) - The world of luxury
(28:43) - The UK stock market
(33:10) - Why Grant is excited about the Japanese stock market
(37:14) - Who would Grant want to interview today?
(38:23) - Modern-Day Asset Management Business w/ Anthony Deden
(44:29) - Peter and Grant’s most controversial opinions
(48:59) - Peter and Grant’s most memorable investments

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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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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!

Tim Ranzetta, NGPF - Teaching America Personal Finance | #524 Mar 08, 2024

Show notes

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

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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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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.

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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!

Whitney Baker on The Death of (Upside) American Exceptionalism | #523 Mar 01, 2024

Show notes

Today’s guest is Whitney Baker, founder of Totem Macro. She previously worked at shops like Bridgewater and Soros.

In today’s episode, Whitney explains what led to $500 billion in money expansion last year and why that’s driven recent performance in asset prices. She discusses the challenge the Federal Reserve faces as they try to balance inflation concerns with the need to support asset prices.

Finally, Whitney talks about the huge opportunity she sees in emerging markets today and which countries have attractive valuations and troughing conditions.

Listen to Whitney’s appearances in episodes 387 and 453.

(1:37) - Welcome to our guest, Whitney Baker

(1:55) - Whitney’s view of the macro landscape

(4:48) - What led to the money expansion the past few months

(14:57) - The challenge the Fed faces

(30:58) - Opportunity in emerging markets

(40:46) - Interesting markets to keep an eye on

(48:03) - What leads to Whitney seeing an investment opportunity

(58:57) - Update from Whitney on launching a new fund

(1:04:11) - Whitney’s view on gold

(1:07:17) - Larry Summers Tweet

(1:10:53) - Whitney’s most controversial viewpoint

(1:14:44) - Using useful resources from history

Learn more about Whitney: Twitter; LinkedIn

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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 | Tik Tok

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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!

How to Convert an SMA to an ETF with Wes Gray & Robert Elwood | #522 Feb 23, 2024

Show notes

Today’s returning guest is Alpha Architect’s Wes Gray, and he’s joined by Bob Elwood, a business lawyer with a focus on investment funds.

Wes and Bob just helped complete a separately managed account to ETF conversion of $770 million, so we had to get them on the show to walk through the process! They walk through the process of doing an SMA to ETF conversion via Section 351 from start to finish. They share some of the more nuances involved in the process and answer some common questions they hear over time.

While the most popular ETF story so far this year is the Bitcoin ETF, this is arguably a bigger long-term story and a trend to watch in the next few years.

(1:39) - Welcome to our guests, Wes Gray and Robert Elwood; Wes’ prior appearances on the show: how to launch an ETF, 2023 Radio Show, 2021 Radio Show

(2:11) - Update on Alpha Architect

(2:59) - Overview of converting SMAs to ETFs via Section 351

(13:58) - Mutual fund to ETF conversions versus separate account to ETF conversions

(19:34) - Weighing the advantages and disadvantages of SMA to ETF conversions

(26:01) - Is Your Alpha Big Enough to Cover Its Taxes? A 25 Year Retrospective

(26:35) - The case for the tax-free conversion of SMAs into an ETF via Section 351

(34:35) - Alpha Architect’s connection to former Presidential candidate Vivek Ramaswamy

(36:37) - Esoteric examples of SMA to ETF conversions

(38:06) - When does it not make sense to do a conversion?

(43:23) - The future of Alpha Architect

Learn more about Bob and Wes: ETF Architect; Alpha Architect

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Follow Meb on Twitter, LinkedInandYouTube

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 | 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!

MEBISODE: A Better Approach to Dividend Investing Feb 21, 2024

Show notes

In today’s episode, Meb reads a paper titled, “A Better Approach to Dividend Investing.”

Learn more about the Cambria Shareholder Yield ETF, SYLD.

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To learn more about our funds and follow us, subscribe to our mailing list.

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

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

Drew Dickson on Navigating Behavioral Biases, U.S. vs. European Stocks, & Tesla | #520 Feb 09, 2024

Show notes

Today’s guest is Drew Dickson, founder of Albert Bridge Capital and CIO of Alpha Europe funds.

We talk a lot about global investing on this show and wanted to talk about that with Drew given his focus on European markets. Between the end of 1979 and the end of 2009, both the U.S. and Europe were 26 baggers and roughly had the same returns. Since then? The U.S. has returned 15% per year while Europe has returned just 8% per year. We spend a lot of time on whether this will continue.

We also talk about the impact former guest and Nobel Laureate Richard Thaler had on his investment philosophy, the importance of shedding our biases to generate alpha, his valuation of Tesla, and much more.

(1:32) - Welcome Drew the show

(2:17) - Drew’s time learning from Richard Thaler

(8:50) - Handling behavioral biases

(11:39) - Experiencing the tech bubble in Europe

(15:46) - Drew’s focus on investing in European firms

(28:43) - Where Drew sees opportunity today

(40:28) - Tesla

(54:22) - Drew’s most memorable investment

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Follow Meb on Twitter, LinkedInandYouTube

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

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

Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

-----

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

-----

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

Ben Mackovak on The Secret Sauce of Investing in Banks | #519 Feb 02, 2024

Show notes

Today’s guest is Ben Mackovak, Co-Founder of Strategic Value Bank Partners, an investment partnership specializing in community banks. Ben also sits on the board for several banks, giving him unique insight into what’s going on in this area.

It's been a wild ride lately for the banks. 2023 was the biggest year ever for bank failures. There are concerns about commercial real estate risk in the banking system, the Federal Reserve has raised interest rates at an incredible pace, and valuations for the entire sector are at a steep discount to the market. So, we had Ben join us to talk about all of this and share if these concerns are justified or if there is still opportunity in the space.

(1:22) - Welcome Ben to the show

(2:08) - Overview of Strategic Value Bank Partners back in 2015

(5:40) - Distinguishing between community and regional banks

(7:42) - Discussing bank failures and reforms

(28:49) - The state of banks today

(33:13) - Banks exposure to commercial real estate risk

(35:58) - Engaging with banks

(40:13) - The impact of fintech

(49:35) - Revealing Ben’s most controversial viewpoint

(54:02) - Ben’s most memorable investment

Learn more about Ben: Strategic Value Bank Partners

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Follow Meb on Twitter, LinkedInandYouTube

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 | 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!

Jared Dillian on the Keys to Live a Stress-Free Financial Life | #518 Jan 24, 2024

Show notes

Today’s guest is Jared Dillian, the editor of The Daily Dirtnap, a daily market newsletter for investment professionals.

Jared’s back on the podcast to talk about his book, No Worries: How to live a stress-free financial life, which just released yesterday. Jared talks about the 80/20 rule applied to personal finance, his “no worries” approach to investing, which he calls the awesome portfolio, and I bet you’ll be surprised by which asset has performed best since 2000.

We also get Jared’s take on the market today. He touches on inflation, private equity, the bond market and more.

(1:20) - Welcome Jared back to the show; Episode #344: Jared Dillian

(5:02) - Unpacking the concept “we get to choose how much money we have”

(6:56) - Applying the 80/20 rule to personal finance

(10:14) - Clarifying acronyms from 'No Worries: How To Live A Stress Free Financial Life'

(14:57) - Considering the implications of young people accruing debt

(18:11) - Different investment strategies & the Awesome Portfolio

(34:41) - Jared’s take on inflation and higher interest rates

(36:58) - Assessing the current state of the market

(43:26) - Concerns about Tony Robbins book

(45:53) - Integrating AI into the process of writing

Learn more about Jared: The Daily Dirtnap, Jared Dillian Money

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Follow Meb on Twitter, LinkedInandYouTube

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 | 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!

Bruno Caratori - The Bitcoin ETF is FINALLY Approved. Now What? | #517 Jan 13, 2024

Show notes

Today’s guest is Bruno Caratori, co-founder & COO of Hashdex, a global crypto asset manager that launched the first crypto index ETF in the world.

In today’s episode, we’re talking all about the SEC’s recent spot Bitcoin ETF approval with someone from one of the 11 companies in the Bitcoin ETF race. And in crypto fashion, the approval actually happened halfway through our episode! Bruno talks about what a wild week it was with the fake announcement by someone who hacked the SEC’s Twitter account. Then he shares the unique structure he created for their ETF (ticker DEFI) and what his prediction is for total assets in Bitcoin ETFs by the end of the year.

(1:32) - Welcome Bruno to the show

(3:06) – The Bitcoin ETF approval

(7:22) - The enthusiasm surrounding a Bitcoin ETF

(9:02) - Introducing Hashdex & DEFI

(19:22) - The significance of crypto-native companies running the Bitcoin ETF

(30:26) - Forecasting the crypto market in 2024

(37:19) - Delving into Bruno's most controversial viewpoint

(39:57) - Reflecting on Bruno’s most notable investment

Learn more about Bruno: Hashdex; Twitter; LinkedIn; Instagram

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Follow Meb on Twitter, LinkedInandYouTube

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 | 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!

BlackRock's Rick Rieder on The State of Markets & The US Debt Problem | #516 Jan 10, 2024

Show notes

Today’s returning guest is Rick Rieder, BlackRock’s CIO of Global Fixed Income and the Head of the BlackRock’s Global Allocation team. Rick recently won the Morningstar 2023 Outstanding Portfolio Manager award.

In today’s episode, Rick shares his take on the macroeconomic landscape as we kick off a new year. He touches on the set up for both stocks and bonds and why he’s focused on finding companies that have “rivers of fast cash flow.” We talk about several other topics including crypto, AI, Japan, the recent shift by the Fed, US debt levels, and much more.

As we wind down, Rick touches on his entrance into the ETF space this year with two fund launches.

Listen to Rick’s first appearance on the podcast.

• 1:30 - Welcome Rick back to the show

• 2:36 - Reflecting on current market dynamics

• 5:14 - The state of the bond market

• 9:00 - Rick’s take on inflation dynamics

• 10:55 - Areas of the market that Rick likes today

• 15:58 - Opportunities in fixed-income

• 22:01 - Rick touches on several asset classes, including crypto, Japan & India

• 32:38 - Rick’s new ETFs

• 36:01 - Reviewing unexpected outcomes from the last year

• 42:06 - Rick's most controversial viewpoints

• 46:33 - Thoughts on AI

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Follow Meb on Twitter, LinkedInandYouTube

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: 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)

Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

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

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