The Meb Faber Show - Better Investing

Latest Episodes:

Marc Levine - A Lot Of Times, If You Could Just Make Fewer Bad Decisions…That’s How You Win | #257 Oct 21, 2020

Show notes

In episode 257 we welcome our guest, Marc Levine. In today’s episode, we’re approaching investing from the institutional, pension side of things.

We talk to Marc about his role at ISBI. When he was there, there were 80 or so hedge funds in the portfolio. He discusses the mood in the boardroom when he made the decision to fire the vast majority of them and index the portfolio instead.

We get into his interesting way of thinking of investors in the context of a ‘Tribal’ model, and why he feels investors should honor all 4 tribes. We even get his thoughts on 13F investing.

All this and more in episode 257 with Marc Levine.

The Best Investment Writing Volume 4: Rob Arnott, Research Affiliates – Bubble, Bubble, Toil and Trouble Oct 19, 2020

Show notes

Last year we brought listeners the entire volume of The Best Investment Writing Volume 3, 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 4.

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 Rob take over this special episode.

Best Idea Show - Jeremy Schwartz, Jesper Koll, WisdomTree - Japan Is Trading At The Lowest Valuation In 30 Years | #256 Oct 16, 2020

Show notes

In our inaugural ‘what’s your best idea’ episode, we welcome our guests, Jeremy Schwartz, WisdomTree’s Executive Vice President and Head of Global Research, and Jesper Koll, Senior Advisor to WisdomTree.

In today’s episode we’re covering their best idea: Japanese stocks. We get a bit of history on Japan’s past boom and bust cycle and the way it has shaped attitudes toward risk and investing in the country. We talk about Japan’s corporate culture, and how it has changed over the years.

We discuss the opportunity the Japanese stock market represents on the basis of fundamentals as the stock market now trades at the lowest valuation in 30 years, and what it’s going to take to get the market moving. We even get into the recent positions Warren Buffett has taken in a few Japanese firms.

All this and more in this special best ideas episode with WisdomTree’s Jeremy Schwartz and Jesper Koll.

Matt Peterson, Peterson Capital Management - We’re In A Global Pandemic; In A Recession…People Are Scared; That Creates Opportunity | #255 Oct 14, 2020

Show notes

In episode 255 we welcome our guest, Matt Peterson, Managing Partner of Peterson Capital Management. In today’s episode, we’re getting into concentrated, deep-value investing. We get into Matt’s long-term value based framework and a truly concentrated portfolio of about 12 names right now.

We cover his position entry strategy of writing cash-secured puts, which has helped the fund during periods of heightened volatility like we’ve experienced recently. We explore some interesting insights on Charlie Munger’s Daily Journal Corporation, and jumping on the opportunity to purchase Berkshire class B shares by writing puts as shares came down in price earlier in the year.

We get into some high level thoughts on the economy, the risk of holding cash and bonds, and the need to be prepared for some inflation down the road.

All this and more in episode 255 with Peterson Capital Management’s, Matt Peterson.

Ken Nguyen, Republic - In The Past Ten Years, The Private Market Has Become Larger Because Companies Are Taking Longer To Go Public | #254 Oct 12, 2020

Show notes

In episode 254 we welcome our guest, Ken Nguyen, co-founder and CEO of Republic. In today’s episode, we’re talking startups, and how to make private investing widespread and available to everyone.

Traditionally, investment minimums have been high, but in grappling with their mission to bring startup investing to the masses, Republic has brought investment minimums down to twenty and even ten dollars in some cases. We get into Republic’s investor friendly model, and some of the advantages companies may gain from fund-raising on the platform.

We cover some background on laws that shaped who can invest in private companies and discuss recent developments that have brought about some welcome change to accredited investor rules. As we wind down, you definitely don’t want to miss the innovative approach Republic has taken to offer yet another iteration on startup investing through the Republic Note.

All this and more in episode 254 with Republic’s Ken Nguyen.

Carl Chang, Kairos Investment Management - Once We Qualify We Can Mitigate Our Downside Scenario, Our Next Level Of Return Is Durable Cash Flow | #253 Oct 07, 2020

Show notes

In episode 253 we welcome our guest, Carl Chang, founder and CEO of Kairos Investment Management. In today’s episode, we’re talking real estate. It’s not every day I get a chance to talk with a pizza entrepreneur, successful real-estate investment management firm CEO, or Federal Reserve Bank of San Francisco Board Member. Carl is all three.

We get into Carl’s backstory and kicking off his career in the real estate business as a steward of family money. We discuss his firm’s investment criteria, looking at the fundamental core value of bricks and mortar, and evaluating opportunities by understanding whether or not they think they can make money in downside scenarios and earn durable cash flow. Carl reminds us that real estate is not all about yield, and walks us through what he was seeing in the early 2000s that made him a net seller during that period.

We talk about what the real estate landscape looks like going forward, from opportunities on the debt side of real estate to multifamily housing. As we wind down, we discuss Carl’s role as a board member of the Federal Reserve Bank of San Francisco and what it’s been like to launch an innovative spin on pizza with Pieology.

All this and more in episode 253 with Kairos’ Carl Chang.

The Best Investment Writing Volume 4: Vineer Bhansali, LongTail Alpha – Trading Sardines: The Case Of Currency Hedged Negative Yielding Bonds Oct 05, 2020

Show notes

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 Vineer take over this special episode.

Cem Karsan, Aegea Capital - 30 Day Vol Tends To Be Overbid And You Have Extended Supply In The Back Of The Curve Historically | #252 Sep 30, 2020

Show notes

In episode 252 we welcome our guest, Cem Karsan, Founder and Senior Managing Partner of Aegea Capital Management.

In today’s episode, we’re getting deep into the weeds of market volatility. We hear from Cem about cutting his teeth in market making and S&P 500 equity options and eventually launching a strategy focused on long-volatility.

We get into structural inefficiencies around market vol that tend to increase during times of market stress. We talk about what the year has looked like so far from his perspective, and the feedback loop and risks associated with liquidity, compressed risk premia, and a low-yield environment. We chat about what he sees markets pricing in and risk perceptions around the election, and some trade ideas to potentially take advantage of what he believes is mispriced volatility in the December to January period.

All this and more in episode 252 with Aegea’s Cem Karsan.

Robert Jacobson, Space Advisors - It’s Not Just One Vertical, It’s More Like An Ecosystem With Lots Of Different Dependencies…The High Ground of Space Being The Overarching Theme | #251 Sep 23, 2020

Show notes

In episode 251 we welcome our guest, Robert Jacobson, entrepreneur, advisor, and founder of Space Advisors, a strategic consulting firm for space startups. In today’s episode, we’re jumping into the space industry.

Robert has a new book out, Space Is Open For Business, The Industry That Can Transform Humanity. Through his career, investments, and his process of research and writing his book, he’s acquired a wealth of knowledge that we get into today.

We cover some of the historical groundwork on the space industry. We discuss ‘New Space,’ some interesting work that’s being developed, and what the funding scene looks like right now. We later get into global space, and some recent initiatives around the world to establish space industry presence.

All this and more in episode 251 with Space Advisors’ Robert Jacobson.

Kevin Gibbon, Airhouse - We’re The Operations And Logistics Platform For Direct-To-Consumer, Digital-First Brands | #250 Sep 21, 2020

Show notes

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.

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