The Meb Faber Show - Better Investing

Latest Episodes:

Que Nguyen, Research Affiliates – Walking the Tightrope: High Valuations in an Inflationary Landscape | #505 Oct 25, 2023

Show notes

Today’s guest today is Que Nguyen, the CIO of Equity Strategies at Research Affiliates.

In today’s episode, she shares why stretched valuations along with a rise in interest rates and inflation may create a tinderbox for investors. But not everything is gloomy – she’s sure to share some areas she sees opportunity in the U.S. market today. We also discuss the ‘Magnificent Seven,’ fundamental indexing, and where she sees the dollar going from here.

-----

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: 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!

Mebisode – What If You Owned No US Stocks? | #504 Oct 18, 2023

Show notes

In this Mebisode, Meb reads his post titled, What If You Owned No US Stocks?

-----

Follow Meb on Twitter, LinkedInandYouTube

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

-----

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!

Jon Hirtle, Hirtle, Callaghan & Co. – OCIO Pioneer | #503 Oct 11, 2023

Show notes

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, 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!

Mikhail Samonov – Lessons from Two Centuries of Financial History | #502 Oct 04, 2023

Show notes

Today’s guest is Mikhail Samonov, CEO of Two Centuries Investments, which was established to create long term wealth for investors through its blend of innovative and behaviorally focused investment strategies.

In today’s episode, Mikhail walks through what led him to focus so much on ‘long history’ in his research. He shares lessons learned from studying two centuries of financial returns, including momentum and asset allocation. He also spends time explaining how he’s using AI to study intangible value and company cultures.

(1:29) - Welcome Mikhail to the show

(2:30) - Why such a focus on long-history?

(3:04) - Two Centuries of Price-Return Momentum; Two Centuries of Multi-Asset Momentum

(12:41) - Investors often underestimate risks, ignore history

(18:11) - Investment comfort zones vary by generation

(25:15) - Innovation and creativity are crucial for quantitative investors

(34:26) - Applying research on intangibles using NLP

(41:00) - CultureLine uses AI to analyze workplace culture, aiding investors and enhancing ESG models

(45:46) - Story about Steve Jobs adding "creative" to Apple's 10K

(49:46) - Deep dive into asset allocation strategies and their long-term resilience; A Century of Asset Allocation Crash Risk

(59:42) - Why investors underestimate drawdowns

(1:03:54) - What investment belief Mikhail holds that most of his professional peers do not

(1:07:09) - Mikhail’s most memorable investment

Learn more about Mikhail: Two Centuries; CultureLine; LinkedIn; Twitter

-----

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!

John Davi, Astoria Advisors - Macro+Quant, Inflation & Global Diversification | #501 Sep 27, 2023

Show notes

Today’s guest is John Davi, CEO and CIO of Astoria Portfolio Advisors, which provides ETF managed portfolios and sub-advisory services.

In today’s episode, John walks through his macro plus quant approach to the markets. We touch on his entrance into the ETF space with two tickers I love: PPI & ROE. We also talk about global diversification, opportunities in Europe and Japan, and why he focuses on after-tax after-inflation returns.

-----

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!

Soo Chuen Tan, Discerene - Contrarian, Long-Term Value Investing | #500 Sep 20, 2023

Show notes

Today’s guest isSoo Chuen Tan, Founder & President of Discerene Group, which has a fundamental, contrarian, long-term value investing philosophy.

Today’s episode starts off with lessons from working under the great Seth Klarman at Baupost. Then we spend a lot of time around what the ideal structure is for an investment firm and how to build a true partnership with LP’s - and that even includes giving money back when there aren’t opportunities in the market.

Then we get into his investing philosophy. He answers broad questions like: what businesses actually have network effects? Does it matter if a certain business goes away tomorrow?

-----

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). Mark your calendars for September 22nd because YCharts will be hosting a webinar to unveil Proposals and show off its full potential.

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!

Kevin Carter, EMQQ Global - India is Happening NOW | #499 Sep 13, 2023

Show notes

Today’s returning guest is Kevin Carter, Founder and CIO of EMQQ Global.

In today’s episode, Kevin pounds the table for India’s tech sector. He covers the demographic trends, The India Stack, the difference from China 15 years ago and the current valuations. He also explains why environmental risks are something to keep an eye on in India.

Listen to Kevin’s Kevin’s first appearance on the podcast.

-----

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!

Liz Ann Sonders on The State of the Markets | #498 Sep 06, 2023

Show notes

Today’s guest is Liz Ann Sonders, the Chief Investment Strategist of Charles Schwab.

In today’s episode, Liz Ann starts off by sharing some timeless lessons from her mentor, the great Marty Zweig! Then she shares her view of the economy and markets. She touches on earnings estimates, expectations for the Fed, market breadth, and where she sees opportunity going forward.

(1:08) - Welcome Liz Ann to the show

(1:28) - How Marty Zweig's sentiment indicators had a lasting impact on Liz Ann Sonders' approach

(5:26) - Marty Zweig’s Investing Rules

(5:42) - Reminiscences of a Stock Operator

(7:30) - Rukeyser's advice to Liz Ann: Explain finance so non-finance parents understand

(10:01) - Understanding rolling recessions: A pandemic-era phenomenon

(12:54) - Unprecedented weakness in leading indicators (LEI) hints at potential recession

(15:49) - Housing market varies between existing/new and single/multifamily homes

(19:27) - Fed's future path unclear

(24:39) - Market's unpredictability and rich multiples require earnings growth for justification

(39:30) - Emphasizing international diversification, especially in Japan

(42:30) - Investors are turning to treasuries for yield

(47:11) - Why this year feels like a "wall of worry" market

(48:11) - Why the "get in, get out" approach to investing is gambling, not disciplined strategy

(51:03) - What investment belief Liz Ann holds that most of her professional peers do not

Learn more about Liz Ann: Charles Schwab; Twitter;

-----

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: Future Proof, The World’s Largest Wealth Festival, is coming back to Huntington Beach on September 10-13th! Over 3,000 finance professionals and every relevant company in fintech, asset management and wealth management will be there. It’s the one event that every wealth management professional must attend!

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!

Ulrike Hoffmann-Burchardi, Tudor Investments - AI, Digital, Data & Disruptive Innovation | #497 Aug 30, 2023

Show notes

Today’s guest is Ulrike Hoffmann-Burchardi, a Portfolio Manager at Tudor Investment Corporation where she oversees a global equity portfolio inside Tudor’s flagship fund. Her area of focus is around digital, data & disruptive innovation. Barron’s named her as one of the 100 most influential women in finance this year.

In today’s episode, she starts by lessons learned over the past 25 years working at a famed shop like Tudor. Then we dive into topics everyone is talking about today: data, AI, large language models. She shares how she sees investment teams incorporating AI and LLMs into their investing process in the future, her view of the macro landscape, and finally what areas of the market she likes today.

With all the AI hype going on, there couldn’t have been a better time to have her on the show. And we even had an AI program record the intro with my voice!

-----

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!

Phil Bak, Armada ETFs - Masterclass in (Liquid) Real Estate Investing | #496 Aug 23, 2023

Show notes

Today’s guest is Phil Bak, CEO of Armada ETFs, which provides investors broad access to the real estate asset class.

In today’s episode, Phil gives a masterclass on real estate investing. He covers the residential real estate space, the problem investors have come across this year with private REIT strategies, and why he has a solution to their problem. Then he shares how he’s using AI and machine learning to the REIT space through his long-only hedge fund.

(0:39) - Sponsor: Future Proof

(1:14) - Intro

(2:00) - Welcome Phil to the show

(2:25) - Navigating the realms of entrepreneurship and investing

(5:39) - REIT overview

(13:30) - Narratives drive flows, flows drive performance

(15:47) - Challenges for Private REITs

(30:57) - Creating PRVT ETF to replicate private REIT strategies with lower fees and liquidity

(34:18) - Exploring the HAUS ETF

(36:12) - Applying AI & machine learning to REITs

(43:08) - Phil’s most memorable investment

(48:11) - Changing market dynamics due to shifting Fed actions and evolving REIT landscape

(51:37) - Lessons from investing in baseball cards

(54:37) - What investment belief Phil holds that most of his professional peers do not

-----

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: Future Proof, The World’s Largest Wealth Festival, is coming back to Huntington Beach on September 10-13th! Over 3,000 finance professionals and every relevant company in fintech, asset management and wealth management will be there. It’s the one event that every wealth management professional must attend!

Sponsor: 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.