The Meb Faber Show - Better Investing
The Meb Faber Show is a podcast hosted by Meb Faber, a bestselling author and investment fund manager. Each week, Meb interviews top investment professionals to discuss global equity, bond, and commodity markets. Topics include smart beta, trend following, value investing, and other timely market strategies. The show aims to help listeners make smarter investing decisions and grow their wealth.
Episodes
Andrew Ang: Should AI Agents Run Your Asset Allocation? | #653
My guest today is Andrew Ang, Founder of Tau Balance and professor at Columbia University. He previously ran factor investing at BlackRock.
In today's episode, Andrew explains how a swarm of AI agents can reinvent the investment workflow rather than automating pieces of it. He shows how specialized agents, each running its own asset class or portfolio method, vote on one another's allocation call
Cambria Fund Profile: Shareholder Yield Suite
In the latest podcast episode, I discuss five Cambria funds that each apply the same shareholder yield discipline, emphasizing companies that return cash to shareholders through dividends and buybacks.
I share my perspective on why focusing on dividends alone misses most of the story, how buybacks grew to rival and then surpass dividends in some parts of the world, and why valuation matte
Dave Iben: The World Is on Sale While America Trades at a Premium | #652
In today's episode, Dave draws on 45 years and over 100 countries to argue why scarcity still matters in a world obsessed with infinite money and AI. He makes the case that the world trades at a discount while America sits at record valuations.
To close, Dave explains why undervalued commodities eventually catch up with inflation.
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(5:13) Dave Iben on investing in scarce asse
Roger Ibbotson - Why Isn’t Everyone Rich? | #651
Today’s guest is Roger Ibbotson, a finance professor at Yale for four decades and founder of Ibbotson Associates.
In today’s episode, Roger shares a century of stock and bond data and how one dollar became fifteen thousand in large caps over a hundred years. He explains why most people never capture those returns, and why total returns went unmeasured for decades. To close, Roger makes the case f
FT’s Robin Wigglesworth: Why Bonds, Not Stocks, Rule Everything Around Us | #650
Today’s guest is Robin Wigglesworth, editor of FT Alphaville at the Financial Times and the author of A Fabulous Debt: The Epic Story of How Bonds Built the Modern World.
In today’s episode, Robin makes the case that bonds, not stocks, are the bedrock of finance and quietly built the modern world. He explores the hidden plumbing beneath it, from the $12 trillion repo market to the leverage lurkin
Why Gold Stopped Being a Commodity (AllianceBernstein’s Inigo Fraser Jenkins) | #649
Today’s guest is Inigo Fraser Jenkins, Chief Investment Strategist at AllianceBernstein.
In today’s episode, Inigo argues that the golden era of easy diversification and high real returns is ending. He defends US equity exceptionalism while declining to defend the dollar.
To close, he makes the case for gold and explains why bonds may no longer diversify equities.
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Paul Kedrosky: AI is the First Bubble With Every Ingredient at Once | #648
Today’s guest is Paul Kedrosky, a fellow at the MIT Institute for the Digital Economy, partner at SK Ventures and former sell-side analyst.
In today’s episode, Paul Kedrosky explains why AI sits at the intersection of every force behind the biggest bubbles. He walks through why tokens are the fastest-deflating commodity ever, why more than half the data center buildout runs on debt instead of cas
Jerry Parker on Big Game Hunting in the Market | #647
Today’s guest is Jerry Parker, founder and CEO of Chesapeake Capital and one of the original Turtles trained by Richard Dennis. Together we run the Cambria Chesapeake Pure Trend ETF (MFUT).
In today's episode, Jerry explains why managed futures isn't the same as trend following. He breaks down the math and psychology of hunting outliers, letting a few winners pay for many small losses, and why he
David Booth: 45 Years to $1 Trillion at Dimensional | #646
Today’s guest is David Booth, founder of Dimensional Fund Advisors, which now manages over $1 trillion. He studied under Eugene Fama at Chicago and helped build one of the first index funds at Wells Fargo.
In today’s episode, David traces Dimensional’s arc from indexing’s earliest days at Wells Fargo to crossing $1 trillion in AUM this year. He shares what Gene Fama said when he got the call, the
Luke Gromen: The Bull Market That Loses You Money | #645
Today’s guest is Luke Gromen, founder of the macro research firm Forest for the Trees, or FFTT.
In today's episode, Luke argues that free trade is dead, and the US is pivoting to Hamiltonian economics: tariffs, reshoring, and a neutral reserve asset. He explains why the US Treasury can no longer be the world's reserve asset, why long bonds have become certificates of confiscation, and why gold b
Teaser: Investing in America: The Rise Of A 250-Year Bull Market
In today's episode, I read the opening of my new book, Investing in America: The Rise of a 250-Year Bull Market, plus a couple of sidebars. The book is available now. Grab a copy on Amazon or learn more at www.investinginamericabook.com.
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Liaquat Ahamed on the Railroad Bubble That Crashed the World | #642
Today’s guest is Liaquat Ahamed, the Pulitzer Prize–winning author of Lords of Finance: The Bankers Who Broke the World, one of the greatest financial history books ever written. His new book is called 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World.
In today’s episode, Liaquat shares the story of the world’s first truly global financial crisis. He walks thro
Zombie Stocks and Hidden Value With Bob Robotti | #641
Today’s guest is Bob Robotti, founder and CIO of Robotti and Company Advisors, which he’s been running the firm since 1983.
In today’s episode, Bob explains why volatile markets driven by passive flows keep handing opportunities to stock pickers. He makes the case for offshore oil services and homebuilders, shows why zombie companies can be dollars trading for 20 cents, and argues 2% inflation is
Muddy Waters’ Carson Block on How AI Could Unwind the S&P 500 | #640
My guest today is Carson Block, founder of Muddy Waters Research & Muddy Waters Capital and one of the last short sellers still standing.
In today’s episode, Carson Block explains why he thinks AI could displace 15% of knowledge workers and unwind the market’s biggest stocks. He breaks down his short of SoFi’s aggressive loan accounting, why record-tight credit spreads worry him, and how he trade
Joseph Moore: How to Get Rich in American History: 300 Years of Financial Advice That Worked (& Didn’t) | #639
My guest today is Joseph Moore, a historian and former professor who spent over a decade in the archives studying 300 years of American financial advice, which he explains in his new book, How to Get Rich in American History: 300 Years of Financial Advice That Worked (& Didn’t).
In today’s episode, Joseph explains what 300 years of American financial advice reveals about getting rich. He shares w
The Secret Sauce Behind 250 Years of American Success (McKinsey’s Rebecca Anderson) | #638
Today’s guest is Rebecca Anderson, a Senior Fellow at the McKinsey Global Institute, McKinsey’s business and economics research arm. She leads research on economic growth and the financial system, in the United States and globally.
In today’s episode, Rebecca shares her McKinsey report on what has powered America’s economy for 250 years: natural endowments, a culture of entrepreneurship, and the
Ben Carlson: The Numbers That Break Your Brain About Long Term Investing | #637
Today’s guest is Ben Carlson of Ritholtz Wealth Management, author of A Wealth of Common Sense and host of the Animal Spirits podcast.
In today’s episode, Ben unpacks the counterintuitive math behind long term investing. He reveals that picking the wrong asset every year still makes money, that the average up year tops 20%, and that stocks grow less volatile than bonds the longer you hold. To clo
Meb Faber's Investing in America, Out July 4th (Investing in America Series) | #636
In today's episode, Meb celebrates the release of his new book, Investing in America, a coffee table history of the 250 year bull market. He explains the magic of compounding, why every decade feels like chaos, and the surprising fact that stocks become less volatile than bonds over long horizons. To close, Meb weighs today's valuations against the long view.
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Bryan Taylor: The Four Forces That Drive Every Market (Investing in America Series) #635
Today’s guest is Bryan Taylor, founder and chief economist of Finaeon, which has the most comprehensive database of historical financial market data in the world. He's just published Five Financial Eras: How Financial Markets Transformed the World.
In today’s episode, Bryan explains his TWIG framework of trade, war, inflation, and government, and how their combination drives returns across centur
Jim Grant: AI Is “One of the Greatest Bubbles of All Time” (Investing in America Series) #634
Today’s guest is Jim Grant, founder and editor of Grant’s Interest Rate Observer, which he’s been publishing since 1983. He’s a financial historian and one of the most well-respected Observers on Wall Street.
In today’s episode, Jim Grant explains why AI may be one of the greatest bubbles of all time, alongside the railroads and the dot-com era. He reframes deflation as progress, questions how mu
Charley Ellis on How America Actually Got Built (Investing in America Series) | #633
My guest today is Charles Ellis, founder of Greenwich Associates, longtime member of Yale’s investment committee, and author of more than 20 books, including the classic Winning the Loser’s Game.
In today’s episode, Charley reflects on writing the first major book on share repurchases 50 years ago, when the idea was so foreign that Goldman mailed it to 1,000 corporations as a “legitimizer.” Charl
William Goetzmann: From Babylon to Bubbles — A 5,000-Year History of Finance (Investing in America Series) #632
Today’s guest is Will Goetzmann, Professor of Finance at the Yale School of Management. He is an expert on financial markets and securities, investment strategies, investor behavior and financial history.
In today’s episode, Professor Goetzmann walks through 5,000 years of financial history, showing how finance shaped trade, cities, corporations, and investing. He covers the first compound intere
Meb Faber: Warren Buffett Didn't Follow His Own Advice | #631
While in Omaha for Berkshire week, Meb hopped on another podcast as a guest. It was a fun one, so we're releasing it here as well.
In today's episode, Meb Faber makes the case against home country bias, pointing to Korea's near-triple and Japan's decades-long round trip as reminders that cycles always turn. He explains why shareholder yield tells a truer story than dividends, why there are now mo
Tom Lee: The Market Can Climb Higher—But Expect Turbulence | #630
Today’s guest is Tom Lee, CIO of Fundstrat Capital, PM for the Granny Shots U.S. Large Cap ETF, and the Head of Research at Fundstrat Global Advisors. Prior to co-founding Fundstrat, he served as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014.
In today’s episode, Tom explains why stocks have remained resilient despite war, higher oil prices, and widespread investor skepticism. He shares
Why Bonds Are Back: PIMCO’s Marc Seidner on the Best Fixed Income Setup in Years | #629
Today’s guest is Marc Seidner, PIMCO’s CIO of Non-traditional Strategies. He is also a generalist portfolio manager and a member of the Investment Committee.
In today’s episode, Marc explores why the investing landscape has changed from one led by economics to one increasingly shaped by politics and geopolitics. He explains why bonds may offer one of the most compelling opportunities in years, wh
Dividend Myths That Distort Markets (w/ Sam Hartzmark) | #628
Today’s guest is Samuel Hartzmark, a finance professor at Boston College.
In today’s episode, Sam explores why dividends are so often misunderstood by investors. He explains the “free dividends fallacy” and how it can lead to inflated valuations and price dislocations. He also examines the tradeoffs between dividends and buybacks and how payout policies influence investor behavior.
To close, Sam
Will Guidara on The ROI of Unreasonable Hospitality | #627
Today’s guest is Will Guidara, author of the New York Times Bestseller Unreasonable Hospitality and former co-owner of Eleven Madison Park, which was named the Best Restaurant in the World. He is a Co-Producer on the Emmy Award-winning series The Bear. His new book, Unreasonable Hospitality: The Field Guide comes out this month.
In today’s episode, Will discusses how unreasonable hospitality can
Software Winners & Losers in the Age of AI (w/Alex Rubalcava & Paul Bricault) | #626
Today’s guests are Alex Rubalcava and Paul Bricault of Amplify.LA, a pre-seed venture capital firm.
In today’s episode, Alex and Paul break down the opportunities and challenges AI is creating for both startups and investors. They discuss the changing economics of software, what makes an AI company defensible, where investors are finding opportunity in frontier sectors, and why speed matters more
Liquid Private Equity & Volatility Laundering (Owen Lamont & Randy Cohen) | #625
Today’s guests are Owen Lamont, a Portfolio Manager at Acadian Asset Management, and Randy Cohen, a finance and entrepreneurship professor at Harvard Business School and co-founder of PEO Partners, which is a leader in the emerging liquid Private Equity alternatives space.
In today’s episode, Owen Lamont and Randy Cohen begin with a deep dive into private equity, how to model it in public markets
The King of Coins & Collectibles - Van Simmons | #624
In today’s episode, Van explores the evolution of the rare coin and collectables market, how grading transformed collectibles into an institutional-quality asset class, and why high-grade coins may be undervalued today. He discusses supply dynamics, the historical link between currency, gold, and collectibles, and how technology and AI are reshaping authentication and valuation.
To close, Van exp
The Geopolitical Shock Playbook (Mike Wilson, Morgan Stanley) | #623
Watch on YouTube. My guest today is Mike Wilson, Morgan Stanley’s Chief U.S. Equity Strategist and Chief Investment Officer.
In today’s episode, Mike Wilson explains how a rolling recession has given way to a staggered recovery, and why he expects leadership to broaden beyond mega-cap stocks into small caps, cyclicals, and international markets. He highlights growing risks from AI disruption, pri
The Tax Alpha Arms Race (w/ Wes Gray & Brent Sullivan) | #622
Today’s guests are Wes Gray, Co-CIO of Alpha Architect, and Brent Sullivan, Editor of Tax Alpha Insider, which is the only publication focused on taxable portfolio strategy.
In today’s episode, Brent Sullivan and Wes Gray discuss how to handle concentrated stock positions. They explore the complexities around 351 ETF exchanges, what investors need to know when participating to adhere to tax laws.
Inside Goldman Sachs’ Alternatives Playbook (w/ Kristin Olson) | #621
My guest today is Kristin Olson, Global Head of Alternatives for Wealth at Goldman Sachs. Last year she was named one of the 100 Most Influential Women in US Finance by Barron’s.
In today’s episode, Kristin discusses the explosive growth of the alternatives market over the past decade. She explains what has driven interest from individual investors, particularly millennials, and touches on recent
MEBISODE: Even Berkshire Underperformed
In today’s episode, Meb reads a recent email sent to Cambria subscribers examining how to evaluate a strategy hitting a rough patch, using the
Cambria Shareholder Yield ETF (SYLD) as a case study.
Learn more:
Cambria Shareholder Yield ETF (SYLD) https://cambriafunds.com/syld
SYLD Fact Sheet https://cambriafunds.com/assets/docs/SYLD-FactSheet.pdf
SYLD Investment Case https://cambriafunds.co
Aswath Damodaran on the AI Spending Spree: Bubble, Boom, or Both? | #619
My guest today is Aswath Damodaran, a professor at NYU, where he teaches corporate finance and equity valuation.
In today’s episode, Professor Damodaran explains why he trimmed two Magnificent Seven stocks. He digs into AI’s real impact on valuations and moats, why big software incumbents face an Innovator’s Dilemma, and why the biggest risk isn’t tech spending itself, but overconfidence and debt
200 Years of Markets in 60 Minutes (Deutsche Bank’s Jim Reid) | #618
Today’s guest is Jim Reid, Global Head of Macro Research at Deutsche Bank.
In today’s episode, Jim walks through lessons from his annual report, The Ultimate Guide to Long-Term Investing, which covers over 200 years of market data from 56 countries. He explains why cash is one of the riskiest long-term assets, how inflation quietly destroys wealth, and why valuation is the single most reliable pr
Dan Rasmussen & D.A. Wallach on Biotech’s Surge, China, IPOs, US Valuations & Japan | #617
Watch on YouTube. Today’s returning guests are Dan Rasmussen, founder of Verdad Advisers, and D.A. Wallach, a venture capital investor for Time BioVentures.
In today’s episode, we unpack the recent biotech surge through the lens of Dan’s recently published biotech report. We also explore China’s growing biotech market, shifting IPO and VC trends, and how valuation tools like CAPE fit into today’s
Radio Show: Meb on Markets at Extremes, Anything BUT Market Cap, and Embracing Volatility | #616
In today’s radio show, Meb breaks down why market-cap–weighted investing may be nearing its limits after an extraordinary run in U.S. stocks. He explores CAPE ratios near historic extremes, the quiet resurgence of gold and commodities, and why equal weight, value, and global markets are suddenly back in the conversation.
To close, Meb explains how trend following and real assets can help investo
Russell Napier: Financial Repression Is Back — And Investors Aren’t Ready | #615
My guest today is Russell Napier, an independent financial market strategist, financial historian, author of The Solid Ground investment report, and founder of the charitable venture The Library of Mistakes.
In today’s episode, Russell explains why investors are asking the wrong questions at a critical turning point in financial history. He how financial repression, shifting monetary regimes, and
Richard Bernstein - The Case for Dividends in a Bubble Era | #614
Today’s guest is Richard Bernstein, Chief Investment Officer of Richard Bernstein Advisors, which he founded in 2009. He was previously the Chief Investment Strategist at Merrill Lynch.
In today’s episode, Richard argues that the market is defined by rampant speculation and extreme narrowness. He explains why he’s bullish on both dividend-paying and international stocks and believes crypto is the
Marc Faber on Democracy, Debt, and Surviving the Next Market Regime | #613
My guest today is Marc Faber, editor of the “Gloom Boom & Doom Report.”
In today’s episode, Marc explores the unpredictable nature of financial markets, the resurgence of precious metals and how money printing has fueled economic inequality. He argues that bonds are currently under-owned and may offer opportunity, and explains why emerging markets such as Thailand and Vietnam deserve considerati
Build YOUR Perfect Portfolio (w/ Cullen Roche) | #612
My guest today is Cullen Roche, Chief Investment Officer at Orcam Financial Group and Discipline Funds. His latest book is Your Perfect Portfolio: The ultimate guide to using the world’s most powerful investing strategies.
In today’s episode, Cullen walks through the principles of portfolio construction. He emphasizes the importance of viewing investments as a means of savings rather than a quick
What the Data Says About Founder-Led Outperformance (w/ Jack Ablin of Cresset Asset Management) | #611
Today’s guest is Jack Ablin, CIO at Cresset Asset Management, which manages over $70 billion AUM. Jack was RIA Intel’s “CIO of the Year” for 2022 and was previously the CIO at BMO for 17 years.
In today’s episode, Jack walks through the ins and outs of investing in founder-led companies and what has led them to historically outperform. He also explains his approach to asset allocation, which stru
David McWilliams on The Story of Money—and Why It Matters for Markets | #610
Today’s guest is David McWilliams, an economist, podcast host and author. David worked at the Central Bank of Ireland, UBS and BNP Paribas and is the founder of the Kilkenomics Festival, a unique blend of economics and stand-up comedy. His book is called The History of Money: A Story of Humanity, which is my favorite book from 2025.
In today’s episode, David walks through the evolution of money o
BlackRock’s Rick Rieder - Rethinking Risk Into 2026 | #609
Today’s guest is Rick Rieder. Rick oversees more than $2 trillion in assets as the Chief Investment Officer of Global Fixed Income at BlackRock. He also heads the Fundamental Fixed Income business and the Global Allocation Investment Team.
In today’s episode, Rick discusses the current state of the markets, focusing on year-end dynamics, free cash flow at big-tech companies, and the evolving e
What the Wealthiest Do Differently—And What They Get Wrong (w/ Nick Maggiulli) | 608
Today’s guest is Nick Maggiulli. Nick is the COO for Ritholtz Wealth Management. He writes over at Of Dollars at Data and is the author of two books: Just Keep Buying and The Wealth Ladder.
In today’s episode, Nick discusses the parallels between financial
and medical advice, the differences in asset ownership across wealth levels,
and the importance of adapting financial strategies over time. H
AQR’s Antti Ilmanen – US Exceptionalism: Growth Story or Valuation Trap? | #607
Today’s guest is Antti Ilmanen, Global Co-head of the Portfolio Solutions Group at AQR Capital Management.
In today’s episode, Antti discusses the complexities of investment returns, the importance of understanding both objective and subjective expectations, and the dangers of relying on past performance as a guide for future investments. We explore the current state of the US market, the role of
The Biotech Rebuild: Finding Alpha After the Drawdown with Chris Clark | #606
Today’s guest is Chris Clark. Chris was a biotech PM for 10 years at RS Investments, managing $4.5 billion.
In today’s episode, Chris discusses the complexities of the biotech sector, which has suffered a dramatic drawdown the past few years. He begins by explaining how biotech works, why it’s such a unique sector, and what has kept investors and companies frozen the past few years. He also expla
Vanguard’s Joe Davis on AI vs. The National Debt: The Tug-of-War To Decide America’s Future | #605
Today’s guest is Joe Davis, Vanguard’s Global Chief Economist and Global Head of Vanguard’s Investment Strategy Group. His latest research on megatrends is covered in his book, Coming Into View: How AI and Other Megatrends Will Shape Your Investments.
In today’s episode, Joe explains why the coming decade for the U.S. economy will be shaped by a tug-of-war between AI and demographics-driven defic
Kathryn Kaminski - Don’t Fire Your Diversifier | #604
Today’s guest is Kathryn Kaminski, Chief Research Strategist at AlphaSimplex, where she’s also the co-portfolio manager for the firm’s Managed Futures Strategy and Global Alternatives Strategy. She also co-authored the book Trend Following with Managed Futures: The Search for Crisis Alpha.
In today’s episode, Meb and Katy discuss the tough year for managed futures strategies, which have experienc
Inside The $200 Billion World of Gaming with Peter Levin (Griffin Gaming Partners) | #603
Today’s guest is Peter Levin, co-founder of Griffin Gaming Partners, the largest singularly focused gaming investment vehicle in the world. Peter was previously the CEO and co-founder of Nerdist Industries, which was acquired by Legendary Entertainment. He began his career at CAA, had a stint at Disney, sold a company to UFC, and was also an early advisor and investor to Rovio aka Angry Birds.
In
Mebisode: When to Sell
In today’s Mebisode, Meb reads his latest paper, “When to Sell?”
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For detailed show notes, click here
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Carl Richards – Rewiring Your Financial Mindset in the Age of Comparison | #602
Today’s guest is Carl Richards. Carl is a Certified Financial Planner, built and sold an investment firm, and hosts the podcast 50 Fires, which is backed by Chip and Joanna Gaines. He’s also the author of The Behavior Gap and The One-Page Financial Plan and his newest book is called Your Money: Reimaging Your Wealth with 101 Simple Sketches.
In today’s episode, Carl discusses the emotional aspect
Eddy Elfenbein – OG Financial Blogger Turned ETF Manager | #601
Today’s guest is Eddy Elfenbein, one of the OG financial bloggers at Crossing Wall Street. Eddy also runs the CWS ETF, which is from his annual buy list of 25 stocks.
In today’s episode, Eddy shares his insights on investing, stock selection, and the challenges of managing an ETF. He discusses the origins of his buy list, his investment philosophy focused on high-quality stocks, and the importanc
Tobias Carlisle - Warren Buffett, Sun Tzu and The Ancient Art of Risk-Taking | #600
Today’s guest is Tobias Carlisle, founder of Acquirers Funds and serves as portfolio manager of the firm’s deep value strategy. He’s just released a book called Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking.
In today’s episode, Toby starts by discussing the current valuation landscape and the challenge for small cap investors. Then he explores the intersection of
Morgan Housel on The Illusion of Wealth and Happiness | #599
Today’s guest is Morgan Housel, the bestselling author of The Psychology of Money and Same As Ever. His books have sold over nine million copies. His new book releasing in October is The Art of Spending Money. Morgan is a partner at The Collaborative Fund and serves on the board of directors at Markel.
In today’s episode, Morgan discusses the complexities of wealth, spending, and happiness. He sh
Hedgeye’s Keith McCullough on Market Opportunities and Risks | #598
Today’s guest is Keith McCullough, Founder and CEO of Hedgeye, a financial media company that provides real-time investment research.
In today’s episode, Keith discusses his journey in the financial world, the importance of market signals, and the innovative quad framework he uses to navigate economic scenarios. He emphasizes the significance of understanding the U.S. dollar’s impact on global ma
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Turning Expiring Options Into Venture Exposure [Vested’s Dave Thornton] | #597
Today’s guest is Dave Thornton, co-founder & Chief Customer Officer of Vested, which helps startup employees unlock the value in their equity.
In today’s episode, Dave walks through the messy reality of startup stock options, noting $600 billion of startup equity is abandoned over a market cycle. He explains how Vested helps solve this problem by providing funding to help employees exercise their
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Innovative Tax Strategies in Bond Investing [Alex Morris] | #596
Today’s guest is Alex Morris, the CEO & CIO of F/m Investments, a $19 billion investment firm.
In today’s episode, Alex & Meb walk through the evolution of investment strategies and what led Alex to launch a series of bond-centric ETFs, with TBIL emerging as the breakout success. He also highlights his new “Compoundr” series, seeks to convert bond ETF income into price appreciation by rotating ex
Bob Elliott on The Biggest Macro Experiment of Our Lifetime | #595
Subscribe to YouTube
Today’s guest is Bob Elliott, CEO and CIO of Unlimited, which uses machine learning to create low-cost index replications of 2&20 style alternative investments. Prior to founding Unlimited, Bob served on the Investment Committee at Bridgewater Associates and led Ray Dalio’s investment research team for nearly a decade.
In today’s episode, Bob discusses the macroeconomic land
The Parallels of Past and Present in Finance - Mark Higgins | #594
Today’s guest is Mark J. Higgins, a Senior VP for IFA Institutional, where he focuses on providing advisory services to institutions. He’s also the author of Investing in U.S. Financial History: Understanding the Past to Forecast the Future, which is one of my favorite books on financial history.
In today’s episode, Mark explores the parallels between historical financial crises and today’s econo
A Golden Moment for Asset Allocation? | Mike Philbrick | #593
Today’s returning guest is Mike Philbrick, CEO of ReSolve Asset Management and Founding Member of the Return Stacked Team.
In today’s episode, Mike discusses the evolving role of gold and Bitcoin in investment portfolios given the current economic landscape. He explores the historical performance of gold, its risk premium, and how it can help negate home country bias. Then he explains how investo
KKR's Henry McVey - Regime Change is Here: Think Differently About Asset Allocation | #592
Today’s guest is Henry McVey, Head of Global Macro & Asset Allocation and Firmwide Market Risk and CIO of the KKR Balance Sheet.
In today’s episode, Henry discusses the current macroeconomic landscape, emphasizing the regime change underway. He touches on the implications of a decline in the US dollar, where he sees opportunities in global markets, particularly in Europe and Japan, and asset all
Tax Strategies, Exchange Funds, and Portfolio Optimization with Wes Gray & Srikanth Narayan | #591
Today’s guests are Wes Gray, founder, CEO and Co-CIO of Alpha Architect, and Srikanth Narayan, founder and CEO of Cache, which he started in 2022 after experiencing concentrated stock positions in his own portfolio. Previously, he served in engineering and product leadership positions at Uber and Alphabet.
In today’s episode, Meb, Wes & Srikanth share some big news about a new idea involving both
Goldman Sachs’ Sara Naison-Tarajano - Family Office Whisperer | #590
Today’s guest is Sara Naison-Tarajano, Global Head of Private Wealth Management Capital Markets and Goldman Sachs Apex. Sara has been at Goldman Sachs for over 25 years, and currently leads a worldwide platform that delivers multi-asset trading, financing, and direct-investment opportunities to some of the firm’s largest family offices.
In today’s episode, Sara runs through her career at Goldman
Dan Rasmussen & D.A. Wallach on The Future of Biotech and Healthcare | #589
Today’s guests are Dan Rasmussen, founder of Verdad Advisers, and D.A. Wallach, a venture capital investor for Time BioVentures and an acclaimed recording artist. Pharrell Williams discovered D.A.’s band Chester French and signed the group to Interscope Records.
In today’s episode, Dan & D.A. discuss the current state of biotech, the impact of AI on healthcare, and the role of innovative treatmen
Victor Haghani on Predicting the Market and Disciplined Asset Allocation | #588
Today’s guest is Victor Haghani, founder and CIO of Elm Wealth, which focuses on managing wealth with an emphasis on diversification, low fees, and tax efficiency. He’s also the author of The Missing Billionaires: A Guide to Better Financial Decisions.
In today’s episode, Victor explores the Crystal Ball challenge, and how position sizing can be even more important than knowing tomorrow’s news he
Rob Arnott & Cam Harvey on Passive Investing Risks, The AI Boom & Stimulus That Doesn’t Stimulate | #587
Today’s guests are Rob Arnott, founder and Chairman of the board of Research Affiliates, and Campbell Harvey, Head of Research at Research Affiliates and Professor of Finance at the Fuqua School of Business at Duke University.
In today’s episode, Rob and Cam touch on the state of value investing in a megacap dominated market, emphasizing the potential consequences of large scale passive investing
Whitney Baker on the End of ‘Buy the Dip’ & the American Bubble | #586
Today we’re joined by Whitney Baker, founder of Totem Macro and one of the sharpest minds in macro investing. Whitney was previously the head of Emerging Markets at Bridgewater Associates and worked at Soros Fund Management under current Treasury Secretary Scott Bessent.
In today’s episode, Whitney discusses the current macroeconomic landscape, emphasizing the end of the ‘buy the dip’ mentality
Kim Flynn - Unlocking Alternative Investments | #585
Today’s guest is Kim Flynn, President of XA Investments, which helps provide access to alternative investments. She was previously the Head of Product Development for Nuveen Investments Global Structured Products Group.
In today’s episode, Meb and Kim discuss the democratization of alternative investments in relation to the recent explosion of interval funds. Then, Kim covers the challenges and o
Cole Wilcox on The Power Law of Investing | #584
Today’s guest is Cole Wilcox, CIO of Longboard Asset Management, a boutique asset manager specializing in alternative investment strategies.
In today’s episode, Cole walks through one of my favorite papers of all time, Does Trend-Following Still Work On Stocks? Hint: it does. Cole explains why you have to be a good loser to be a good investor, how power laws dominate the stock market, and the se
Apollo's Alex Wright on The Role of Private Markets in Modern Portfolios | #583
Today’s guest is Alex Wright, Global Wealth Strategist at Apollo.
In today’s episode, Alex discusses the fragility of public markets, citing high valuations, rising correlations, and limited diversification opportunities, which prompt a need to reassess traditional 60/40 portfolios. Then he walks through the opportunity in private markets, including private equity, private credit and infrastruct
BCG’s Philipp Carlsson-Szlezak on Global Macro: Recession Risk, Tariffs, Debt Dynamics | #582
Today’s guest is Philipp Carlsson-Szlezak, Global Chief Economist at BCG and author Shocks, Crises, and False Alarms: How to Assess True Macroeconomic Risk.
In today’s episode, Philipp starts by sharing his framework to assess macroeconomic risk, emphasizing the importance of adapting to changing global conditions. Then he applies that framework to the world today and shares his view on tariffs a
Jeremy Grantham, John Arnold & Sam Zell Share Their Most Memorable Investments | #581
Today’s episode features the most memorable investments from Jeremy Grantham, John Arnold and Sam Zell.
(0:00) Starts
(0:53) Jeremy Grantham
(5:25) John Arnold
(8:24) Sam Zell
To listen to the full episodes, click the links below:
Jeremy Grantham I: Apple, Spotify, YouTube
Jeremy Grantham II: Apple, Spotify, YouTube
John Arnold: Apple, Spotify, YouTube
Sam Zell: Apple, Spotify, YouTube
-
Carl Kawaja – Navigating the Investment Landscape: AI, Tariffs, Sports Gambling & More| #580
Today’s guest is Carl Kawaja, a Portfolio Manager with Capital Group for over three decades.
In today’s episode, Carl shares insights into his investment philosophy, early experiences, and the current market landscape. He discusses the transformative impact of AI on semiconductor demand, the challenges posed by tariffs and supply chain dynamics, and the evolving landscape of sports gambling. Carl
UBS’ Paul Donovan on Tariff Trouble, Swiftonomics & Republican Swings | #579
Today’s guest is Paul Donovan, Chief Economist of UBS Global Wealth Management.
In today’s episode, Paul discusses the impact of structural changes in the economy, particularly in relation to flexible working and demographic shifts. The discussion also touches on the disparities in innovation between the US and Europe, the ongoing trend of spending on experiences rather than goods, and the role o
Francois Rochon - Outperforming the Market for 30+ Years Through Patience, Humility & Rationality | #578
Today’s guest is Francois Rochon, the President of Giverny Capital, which has returned over 15% per year for over 30 years.
In today’s episode, Francois walks through the influence of Peter Lynch and Warren Buffett on his investment philosophy. He highlights three principles that have helped him navigate market cycles in his career: patience, humility and rationality. We also walk through some of
UBS’ Mark Haefele – The New Rules of Investing From A $4 Trillion Investment Advisor | #577
Today’s guest is Mark Haefele, Chief Investment Officer of UBS Global Wealth Management, where he advises on over $4 trillion. He’s also the author of ‘The New Rules of Investing.’
In today’s episode, Mark emphasizes the significant role of government spending in shaping investment decisions. He touches on the importance of asset allocation and discusses the challenges of generational wealth trans
Christopher Zook - Accessing Private Markets (Pro Sports Teams, Private Equity & GP Stakes)
Today’s guest is Christopher Zook, founder and Chief Investment Officer of CAZ Investments, which has invested $8 billion and is one of the top 180 allocators to private equity in the world.
In today’s episode, Christopher explains what led him to build his firm with a focus on private markets. He walks through some of the investment themes he’s focused on: GP stakes, professional sports franchise
Barry Ritholtz - Debunking Investment BULLSH$T! | #575
Today’s guest is Barry Ritholtz, CIO of Ritholtz Wealth Management, which manages over $5.7 billion for 3,900 families. His latest book, ‘How Not to Invest,’ offers a blueprint to help you make better decisions and achieve financial success.
In today’s episode, Barry & I discuss the pitfalls of relying on experts for investment advice, the dangers of panic selling, the allure of following investme
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