Podcast appearances and mentions of Jeremy Grantham

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.” Charley also walks us through his new book, Great American Investments: A History of the Bold Initiatives that Shaped a Nation, covering 14 audacious public investments from the Louisiana Purchase to the Marshall Plan. He explains how each came down to one or two obsessed individuals, why Alaska turned out to be the bargain of the century, and how Frances Perkins muscled Social Security into law. As the episode winds down, he shares the lunch with Sandy Gottesman in the early 1970s that led him to buy Berkshire Hathaway at $700 a share — and hold it ever since. (0:00) Starts (1:54) Charley on stock buybacks (8:06) Current state of investing and behavioral economics (11:37) Advice for young investors and long-term strategies (16:41) Charley's new book: Great American Investments: A History of the Bold Initiatives that Shaped a Nation (25:42) The origins of social Security (32:46) American entrepreneurship (36:43) Will AI be the next great American investment? (42:34) Most memorable investment ----- Sponsor: ⁠Ivy Invest ⁠- To learn more about Ivy Invest's SEC-registered endowment-style fund, view the prospectus, and learn how to invest, visit ⁠ivyinvest.co/fund ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  -----Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 interest calculation, the world's oldest corporations and bonds, and historic bubbles from tulips to NFTs. To close, he explains why markets have repeatedly adapted through war, crisis, and uncertainty. (0:00) Starts (1:50) William Goetzmann on origins of money (7:06) The history of corporations (14:43) Yale's historical bond and early financial innovation (17:33) Parallels between historical and modern financial bubbles (25:52) SpaceX IPO and market valuations (27:26) Herd mentality and bubbles (32:47) Global investing, inflation, and currencies (41:13) Finance-related art (46:31) Most memorable investment ----- Sponsor: Ivy Invest - To learn more about Ivy Invest's SEC-registered endowment-style fund, view the prospectus, and learn how to invest, visit ivyinvest.co/fund ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 more ETFs than stocks, and why tax alpha matters more than chasing returns. To close, Meb reflects on multi-decade compounding — and the mistakes that quietly take investors out of the game. (0:00) Starts (2:06) Meb's thoughts on Warren Buffett (5:11) Global diversification and home country bias (14:29) Shareholder yield (27:45) Positive investment behaviors (30:19) The ETF industry and the current investment landscape (35:18) Rapid fire questions ----- Sponsor: Want to learn more about 351 Exchanges? Visit the Alpha Architect 351 Education Center for use cases, tools, FAQs, upcoming launches, and more. Investments in securities entail risks, including possible loss of principal and are not suitable for all investors. ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, the prospect of perhaps the most anticipated IPO ever is overwhelming the market's interest in processing Nvidia's latest earnings report, which checked all of the boxes, but no more. Elsewhere, the latest headline risks from the Iran war are pointing in the right direction, but pointing isn't enough - we need a deal to bring more profound relief to bond markets and perhaps as well to keep the USD bull at bay. Important trading day tomorrow ahead of the long Memorial Day weekend in the US. Today's podcast hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Saxo Head of Commodity Strategy Ole Hansen brings key perspective on the latest US oil and product inventories report. There is a risk that the age of agentic AI and Ad-supported LLM's could put the interests of the Ad-buyers way ahead of those of the end-users. Worth considering the potential conflicts of interest. Jeremy Grantham's GMO wrote back in January that if at least two of the "big three" potential IPOs happened this year, it could represent a risk to the broader market.   About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Jeremy Grantham is known as a permabear and an expert on bubbles so you should not be surprised that he sees an AI-induced bubble today and thinks the market will fall by 50%. He points out that at peaks you always have high multiples applied to abnormally high profit margins and today is no different. We discuss his experiences at GMO, where they didn't have a sales person for their first 22 years, how his refusal to participate in the dot.com bubble cost him half his clients and none of them came back when he was proved right, how he recruited some of the best minds in finance, and why timing the market can deliver outsize returns.Grantham is no longer managing portfolios, instead devoting his considerable energies to philanthropy. We discuss his foundation's efforts to combat climate change, to resource depletion, and to toxicity which is affecting fertility – he highlights how population will be in decline unless this is addressed. https://behindthebalancesheet.com/podcast Jeremy Grantham is known as a permabear and an expert on bubbles so you should not be surprised that he sees an AI-induced bubble today and thinks the market will fall by 50%. He points out that at peaks you always have high multiples applied to abnormally high profit margins and today is no different. We discuss his experiences at GMO, where they didn't have a sales person for their first 22 years, how his refusal to participate in the dot.com bubble cost him half his clients and none of them came back when he was proved right, how he recruited some of the best minds in finance, and why timing the market can deliver outsize returns.  Grantham is no longer managing portfolios, instead devoting his considerable energies to philanthropy. We discuss his foundation's efforts to combat climate change, to resource depletion, and to toxicity which is affecting fertility – he highlights how population will be in decline unless this is addressed.  https://behindthebalancesheet.com/podcast

This week's Excess Returns Weekly Wrap brings together highlights from our interviews with Jeremy Grantham, Andy Constan, Edward Chancellor and Marc Rubinstein to examine AI, bubbles, private credit, market structure and the lessons of past capital cycles.We look at whether AI is creating a new investment bubble, why technological revolutions often disappoint investors even when the technology succeeds, and how private credit, financials, monopolies and market leadership fit into today's confusing market environment.Main topics covered:• Jeremy Grantham on mean reversion, monopoly power and why the Mag 7 may have avoided normal competitive pressure• Andy Constan's framework for bubbles, including the “something new,” escalation event and peaking phase• Edward Chancellor on AI capex, overstated demand and why boom-time profits can reverse when investment is misallocated• Marc Rubinstein on private credit, redemption gates, retail investors and why the risks may be real without being systemic• Grantham's argument that AI may become a cost of doing business rather than a permanent boost to aggregate profits• Lessons from Long-Term Capital Management and how policy responses can add fuel to a bubble• What railway mania, canals and past technology booms can teach investors about winners, losers and overbuilding• Rubinstein's case for European financials and why growth can be dangerous in financial services• Grantham's bubble detector and the signal that has appeared near the tops of 1929, the Nifty Fifty, 2000 and 2021• Why investors need humility when navigating bubble regimes, AI enthusiasm, private credit and market concentrationTimestamps:00:00 Jeremy Grantham, Andy Constan and Edward Chancellor on AI, bubbles and capex01:14 Why this week's conversations connect across AI, bubbles and market structure04:31 Jeremy Grantham on monopoly power, mean reversion and the Mag 711:24 Andy Constan's three-stage framework for market bubbles20:12 Edward Chancellor on AI capex, overstated demand and reported profits30:28 Marc Rubinstein on private credit gates and the limits of systemic risk37:50 Jeremy Grantham on why AI may become a cost of doing business42:55 How Long-Term Capital Management helped fuel the late 1990s bubble50:02 What railways, canals and overbuilding teach us about technology booms55:58 Marc Rubinstein on European financials, innovation and US market confusion1:00:38 Jeremy Grantham's bubble detector and the warning from market leaders1:05:59 Closing thoughts on bubble signals, investor humility and Excess Returns resources

Jeremy Grantham joins Excess Returns to discuss The Making of a Permabear, mean reversion, market bubbles, AI, the Magnificent 7, and the long-term lessons investors can take from his career at GMO. We cover why he rejects the simple “permabear” label, how he thinks about valuation and bubbles, why AI may be both transformative and dangerous for investors, and why long-term thinking is so hard but so essential.The Making of a Permabear: The Perils of Long-term Investing in a Short-term Worldhttps://groveatlantic.com/book/the-making-of-a-permabear/GMOhttps://www.gmo.com/americas/Grantham Foundationhttps://granthamfoundation.org/Topics covered:Why Jeremy Grantham thinks the “permabear” label misses the pointThe difference between being generally bearish and making a true “abandon ship” callMean reversion, valuation cycles, and why history still matters for investorsWhy monopoly power helped reshape U.S. profit margins and market concentrationHow AI could turn today's monopoly winners into brutal competitorsWhy new technology often becomes a cost of doing business rather than a permanent profit boostHow Grantham defines bubbles using two-sigma market eventsLessons from Japan, the dot-com bubble, the housing bubble, and the 2021 speculative peakWhy institutional investors struggle to stick with value strategies during bubblesThe role of purpose, climate risk, toxicity, and long-term thinking in Grantham's later careerThe one lesson Grantham would teach ordinary investors about pessimism, realism, and time horizonsTimestamps:00:00 Jeremy Grantham on unpleasant news and long-term investing04:18 Reinvesting when terrified in 200908:43 Why Grantham told investors to abandon ship in 200810:28 Mean reversion and why history matters14:00 Monopoly power, the Mag 7, and rising market concentration17:14 Why AI is important but impossible to forecast20:21 AI as a cost of doing business21:24 From monopoly profits to brutal AI competition24:05 How investors should think about valuation mean reversion27:00 Why high returns on capital should eventually attract competition29:47 How Grantham defines a market bubble33:00 Japan's extreme bubble and GMO's zero weight decision34:19 The dot-com bubble and the pain of being early38:00 Grantham's bubble warning signal in 202141:35 Whether today's market is showing classic bubble behavior43:00 QuantumScape, meme stocks, and speculative excess46:35 How ChatGPT interrupted the 2022 bear market49:12 Investor behavior and the cost of underperforming in a bubble55:00 Purpose, philanthropy, climate risk, and useful work01:01:03 The one lesson Grantham would teach average investors

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 his outlook for the S&P 500 and discusses the coming wave of mega-IPOs. Finally, Tom covers his successful entrance into the ETF space with the Fundstrat Granny Shots ETFs. (0:00) Starts (1:35) Tom Lee on markets since the Iran war (10:02) Issues with the University of Michigan Consumer Sentiment Index (20:50) AI & upcoming IPOs (24:34) Granny Shots ETF (31:25) Tom on crypto (36:52) Tom's most memorable investment Visit ⁠www.fundstrat.com/tom⁠ for complimentary access to Tom's daily insights, market alerts, live webinars, and stock lists. ----- Sponsor: Want to learn more about 351 Exchanges? Visit the Alpha Architect 351 Education Center for use cases, tools, FAQs, upcoming launches, and more. Investments in securities entail risks, including possible loss of principal and are not suitable for all investors. ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

Kai Wu is the founder and chief investment officer of Sparkline Capital, a former GMO and Harvard-trained investor whose pioneering research on intangible assets — intellectual property, brand equity, human capital, and network effects — is redefining how value investors measure what companies are truly worth.Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off (25% off Thursday, May 7th to Thursday, May 14th): ⁠https://fiscal.ai/talkingbillions/⁠3:00 – Kai's upbringing: father a doctor, mother an artist; studied economics at Harvard with a liberal arts mindset across disciplines5:00 – Walking into GMO during the financial crisis; mentorship under Jeremy Grantham; traveling to Sydney, London, Berkeley to expand the firm's forecasting7:00 – Founding Sparkline Capital: "I'm a builder" — intellectual independence to pursue research others wouldn't, including early work on large language models in 201910:00 – The balance sheet as an incomplete map: why traditional metrics miss the majority of corporate value in today's economy11:00 – "Black sheep" identity: too growth-oriented for value circles, too value-sensitive for growth investors; bridging both camps14:00 – The four pillars of intangible value: intellectual property, brand equity, human capital, network effects — "the dark matter of finance"18:00 – Why capitalizing R&D spending doesn't solve the problem; moving from historical cost to measuring the actual asset created using alternative data and AI22:00 – Two economies: tangible ground-level operations vs. intangible businesses that scale globally with minimal physical footprint27:00 – Reframing Buffett: only 8% of Berkshire investments purchased below book value; three eras from industrial to consumer (Coca-Cola) to tech (Apple)34:00 – AI: bullish on the technology, cautious on the investment; capital cycle parallels to the dot-com boom and railroad era38:00 – Who wins tech revolutions: not the infrastructure builders but the users — Google, Amazon, Netflix won the internet, not the telecom companies42:00 – AI financial analysts: excels at rote tasks, lacks senior judgment; Claude Code now replacing junior analyst work47:00 – Jobs will transform, not disappear: 60% of today's jobs didn't exist in the 1940s; speed of change matters most54:00 – No single factor wins: "the more factors I can consider, the less blind spots I have"56:00 – Success defined as intellectual freedom, not money or famePodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm's employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

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, while private credit continues to show stress. He also touches on the K-shape economy and why real assets may help portfolios withstand a more uncertain world. (0:00) Starts (1:50) Global economic landscape (4:47) Golden age of fixed income (7:32) Equity vs. fixed income ownership (10:13) K-shaped recovery (15:06) Private credit concerns (17:49) Value over growth, global diversification, and real assets (24:50) International diversification & emerging market bonds (33:05) IPO landscape ----- Sponsor: To learn more about CAOS, read the Fund's prospectus and important information, visit: funds.alphaarchitect.com/caos ----- Follow Meb on⁠ X⁠,⁠ 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 ----- Follow The Idea Farm: ⁠X⁠ | ⁠LinkedIn⁠ | ⁠Instagram⁠ | ⁠TikTok⁠ ----- 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!  -----  Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 briefly touches on his research on prediction markets and ESG. (0:00) Starts (1:59) Sam Hartzmark on dividend misconceptions (15:24) Mutual funds juicing dividend yields (27:26) Buybacks, shareholder yield, and reinvesting dividends (39:57) Tax optimization (43:40) Importance of total return (52:26) Divestment, prediction markets, and memorable investments ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 turn routine service into memorable human connection. He explains why unreasonable hospitality is less about grand gestures and more about intentionality, creativity, and empowering teams to take ownership of memorable customer experiences. To close, Will shares how small acts of care can transform relationships, culture, and loyalty across financial services. (0:00) Starts (2:28) Will Guidara on Unreasonable Hospitality (8:18) Implementing this philosophy in your organization (17:11) The importance of admitting mistakes (26:15) Examples of unreasonable hospitality (37:37) Will's conferences ----- Sponsor: To learn more about CAOS, read the Fund's prospectus and important information, visit: ⁠funds.alphaarchitect.com/caos ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 than ever in early-stage investing.  To close, they explore startup pivots and the tax advantages of QSBS. (0:00) Starts (1:27) Introducing Alex and Paul (2:02) Public software companies & AI (5:13) Amplify LA background and partnership formation (7:34) AI use cases in portfolio companies (15:08) AI's impact on the job market (30:31) AI's impact on investment opportunities at the pre-seed stage (41:02) Aerospace sector opportunities (44:32) Successful startup pivots (50:18) Liquidity in VC (55:28) QSBS impact ----- Sponsor: Alpha Architect - To learn more about CAOS, read the Fund's prospectus and important information, visit funds.alphaarchitect.com/caos ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  -----Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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, and why investors are searching for liquid ways to access private-market-like returns. They challenge common views on concentration, market valuations, and explain how investors should think about bubbles and technological change. They also discuss whether the US stock market is Koreafying and the long-term forces that could shape the investing landscape. (0:00) Starts (0:34) Welcome Owen and Randy (5:14) Private equity overview (9:20) Liquid private equity (20:05) The US stock market is Koreafying (24:29) The IPO landscape (36:03) CAPE Ratio and AI (44:45) Best ideas investing (58:44) Deglobalization increases the benefits of diversification (1:00:36) Randy's five future fears (1:11:09) Book recommendations ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 explains why rare coins remain a compelling way to preserve wealth and build a lasting legacy. (0:00) Starts (2:25) Overview of current coin market and recent gold discoveries (16:43) Historical significance of coins and storing advice (25:34) COVID's impact on watches and sports memorabilia (31:41) Grading with AI (35:42) Identifying undervalued collectibles and selling lessons (45:15) Securitizing collectibles (49:52) Modern companies influencing the collectibles market (1:01:42) Highlights from coin shows and record-breaking sales ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

Jeremy Grantham is the Co-Founder of GMO, a $100 billion Boston-based asset management firm co-founded in 1977. Over six decades in markets, Jeremy has been one of the most respected and outspoken voices on value, market bubbles, and long-term investing. He recently published The Making of a Permabear with Edward Chancellor, an account of his career and investment lessons learned along the way. Our conversation begins with Jeremy's early lessons in frugality growing up in wartime Yorkshire and his interest in numbers and investing. We trace his career through the founding of Batterymarch and GMO, the golden period of value, painful lessons of the dot-com bubble, and the challenges since. We cover Jeremy's framework for identifying and navigating market bubbles, career risk, and the current AI investment boom, and close with his essential philanthropic work to change the trajectory of the environment alongside the investment strategy he deploys in his Foundation. Learn more about our Strategic Investments: OWL.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership     Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

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, private credit weakness, and the Iran conflict. To close, Mike discusses a shift beyond the traditional 60/40 portfolio toward a more flexible 60/20/20 approach that includes assets like gold. (0:00) Starts (1:31) Mike Wilson on rolling recessions and rolling recoveries (5:28) Market implications of Iran conflict (9:52) Market cap weight vs. equal weight indices (15:41) Is 60/20/20 the new 60/40? (23:23) Geopolitical shocks (35:48) AI's impact and bullish on healthcare (42:03) Outlook for global economic recovery ----- Follow Meb on X, 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: Register for Alpha Architect's LIVE HIDE webinar on March 26th ⁠here⁠. Want to Learn More about Alpha Architect? Visit ⁠www.funds.alphaarchitect.com⁠ Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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. To close, they examine the rise of tax-managed long-short strategies and how AI may transform tax planning and portfolio management. (0:00) Starts (1:18) Brent Sullivan's background (3:36) Handling concentrated stock positions (7:32) 351 to ETF conversions (14:49) Regulatory scrutiny & IRS enforcement (27:39) Rebalancing, tax implications and practical advisor advice (34:09) Future ETF seeding predictions (39:01) Comparing ETF seeding and portfolio consolidation strategies (45:48) Long short strategies (52:23) Brent Sullivan's book and conference ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 volatility within software and private credit BDCs. Finally, she shares her expectations for the 2026 IPO market, the potential for renewed interest in hedge funds, and how AI is set to reshape sourcing, underwriting, and portfolio construction. (0:00) Starts (1:31) Introduction of Kristin Olson (3:16) Evolution of alternative investments (10:19) Secondary strategies (13:05) Private equity alpha and liquidity concerns (19:13) Private credit market concerns (22:29) Manager selection and due diligence (24:17) Non-traditional investments and hedge fund interest (27:17) Millennial interest in alternatives (31:40) Infrastructure and global opportunities ----- Follow Meb on X, 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: Register for Alpha Architect's LIVE HIDE webinar on March 26th ⁠here⁠. Want to Learn More about Alpha Architect? Visit ⁠www.funds.alphaarchitect.com ⁠Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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! ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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-fueled capex that could ripple beyond tech.  He also weighs in on corporate Bitcoin balance sheets, sports franchises as “trophy assets” driven by billionaire demand rather than cash flows, and the rise of prediction markets. (0:00) Starts (0:34) Professor Damodaran on the Magnificent Seven (7:26) OpenAI's growth, AI's impact on valuations, and software industries (16:07) High capex investment risks (23:10) Market timing (33:43) Trust and the rise of gold and silver (45:12) Cryptocurrencies on company balance sheets (47:42) Sports franchises (52:27) Prediction markets ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  -----Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, continuing to note the wild swings in individual names even as the overall indices look relatively flat on the surface, while wondering whether some of the recent attempts to play the AI winners/losers game has gone too far and if we could see some mean reversion. We run through a number of individual stock stories as well. Over in macro and FX we note the market shifting into limbo mode, which is raising uncertainty levels uncomfortably. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Two links for today. The one to a great recent podcast on all things FX, speculative stocks and more with Brent Donnelly and another some comments from Jeremy Grantham on the risks to the main indices if two of the "big three" IPOs happen this year. Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

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 predictor of long-term returns. He also discusses how fiat money has reshaped bonds, gold, and equities since 1971.  To close, Jim reminds us that history consistently rewards investors who buy cheap, diversify globally, and respect long-term market cycles. (0:00) Starts (1:54) Importance of real vs nominal returns (5:36) Historical returns of gold (8:28) Global investment opportunities (18:06) Bond market performance and growth's impact on asset prices (23:11) Potential impact of AI (30:34) Valuation importance (37:03) Index weighting strategies (42:43) Predictors of bond performance and equity return distribution (47:01) Historical periods of high valuations (52:45) Global banking and stock market performance (55:12) Impact of AI on economics ----- Follow Meb on X, 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: Visit ⁠⁠⁠Alpha Architect's 351 Education Center⁠⁠⁠ for use cases, tools, FAQs, upcoming launches, and more. Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 regime. Finally, we also discuss technology's effect on productivity and corporate profits in the US, Japan's economic anomaly, home country bias, and more. (0:00) Starts (1:20) Dan's research on the biotech sector (19:10) D.A. on biotech in China (27:01) IPO landscape (31:01) Biotech VC update from D.A. (32:16) Are US stocks overvalued? (51:53) Dan's view of Japanese stocks (57:40) Global equity markets and home country bias (1:03:34) Book recommendations (1:11:55) Wrap-up and future plans ----- Follow Meb on X, 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: Visit ⁠⁠Alpha Architect's 351 Education Center⁠⁠ for use cases, tools, FAQs, upcoming launches, and more. Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 investors navigate regime shifts. Note: this was recorded on January 29, 2026. (0:00) Starts (3:03) US stock market update (11:24) Global stock performance (18:03) The role of gold in asset allocation (27:52) Demographics of gold investors (35:47) One-fund portfolios & 351 conversions (42:07) Meb's travel plans ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

In Episode 461 of Hidden Forces, Demetri Kofinas speaks with co-founder and chief investment strategist of GMO, Jeremy Grantham, and financial historian, journalist, and investment strategist Edward Chancellor. Together, they have collaborated on Jeremy's autobiography, titled "The Making of a Permabear," which chronicles Grantham's evolution as a value investor and the valuable lessons that can be learned from his six-decade career in investment management. They spend the first hour of their conversation discussing the collaboration behind the book, Grantham's formative experiences in finance, the principles that have guided his investment philosophy, the role of mean reversion in asset markets, and why they both believe that US equities are more overvalued today than at almost any point in history—with important implications for where returns will come from over the next decade. The second hour is devoted to a conversation about the mechanics of financial bubbles, the relationship between ultra-low interest rates and asset price inflation, Jeremy's framework for navigating overvalued markets by shifting capital to international and emerging market equities, the challenges of selecting investment managers, and Grantham's deep concerns about existential risks to human civilization—including climate change, resource scarcity, and the toxic assault on human fertility that he believes poses an underappreciated threat to our species' long-term survival. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you'd like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today's episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Join our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 01/28/2026

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 political priorities are reshaping capital markets. To close, he explains the dangers of yield chasing, why technology won't defeat inflation, and why gold may be signaling what comes next. (0:00) Starts (3:14) Regime change & parallels to post-World War II Europe (8:06) The search for yield is dangerous (17:38) The disconnect between GDP growth and equity returns (23:14) The impact of inflation & deflation on equity valuations (25:56) Technology doesn't defeat inflation (30:20) Monetary system changes, gold prices, and American exceptionalism (37:50) Extrapolation is the opiate of the people (48:26) Book recommendations ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

On episode 449 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss snow days, government debt vs. household debt, the wealth effect, diversification is working again in 2026, stocks vs. earnings, Jeremy Grantham, the dollar is falling, Silver is the new meme stock, gold is crushing bitcoin, housing market inflation, Dry January for spending and much more. This episode is sponsored by Invesco. Visit https://Invesco.com/fixedincome to learn more about their comprehensive fixed income solutions and how they can help strengthen your portfolio's foundation. Sign up for The Compound newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Find complete show notes on our blogs: Ben Carlson's ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Michael Batnick's ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Feel free to shoot us an email at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠animalspirits@thecompoundnews.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ with any feedback, questions, recommendations, or ideas for future topics of conversation.   Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On episode 226 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Jeremy Grantham to discuss: stock market bubbles, the ups and downs of managing money, how the wealth divide has grown so wide, the future of clean energy tech, and much more! This episode is sponsored by PIMCO. Learn more about PIMCO's Advisor Forum at https://www.pimco.com/  Sign up for The Compound Newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

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 first global investment bubble. To close, he warns that corporate credit is priced for perfection, inflation risks aren't gone, and diversification is the best defense in a bubble-prone market. (0:00) Starts (1:20) Richard on market narrowness & speculation (6:21) The Earnings Expectations Life Cycle (12:33) Non-US stocks are undervalued (18:38) Small cap trends and long-term investment themes (24:14) American Industrialization Renaissance (27:10) Corporate credit risk (33:42) Is the Fed independent? (36:38) Is crypto the first global investment bubble? (41:11) The importance of financial history (46:07) Richard's most memorable investment ----- Follow Meb on X, 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: Join Alpha Architect's LIVE webinar Feb 3rd to learn if a 351 Exchange may fit your clients' needs.  Before the webinar, visit Alpha Architect's 351 Education Center for use cases, tools, FAQs, upcoming launches, and more. ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok 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!  -----Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

For more than four decades, Jeremy Grantham has been one of the most contrarian voices in global investing. The co-founder of Boston-based asset manager GMO, he built his reputation warning about bubbles before they burst, from Japanese equities in the late 1980s to US tech stocks in 2000 and housing in the run-up to the global financial crisis. He joins this week’s Merryn Talks Money podcast with host Merryn Somerset Webb to discuss why he believes there's an artificial intelligence bubble and what happens if it bursts, his approach as a value investor and the lessons in his new book, The Making of a Permabear: The Perils of Long-Term Investing in a Short-Term World.See omnystudio.com/listener for privacy information.

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 consideration.  To close, Marc underscores the importance of diversification in an increasingly uncertain world. (0:00) Starts (2:25) The rise of precious metals (10:18) Impact of money printing on asset prices and social problems (23:14) Bond bull case (29:31) History of wealth redistribution (36:13) Global investment insights: Thailand & beyond (48:40) Importance of diversification ----- Follow Meb on X, 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: Want to learn more about 351 Exchanges? Visit Alpha Architect's 351 Education Center for use cases, tools, FAQs, upcoming launches, and more.  Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  Learn more about your ad choices. Visit megaphone.fm/adchoices

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 path to wealth. Cullen explores the significance of time horizons in investment decisions, why real returns are what matter, and the origins of the 60/40 portfolio. (0:00) Starts (1:38) Principles of portfolio construction (6:12) Real vs nominal returns (11:01) Asset allocation and time horizon considerations (26:59) Evaluating the role of government bonds in portfolios (30:21) Origins of the 60/40 portfolio (37:44) The forward cap portfolio (46:49) The concept of duration in investing (56:23) Disciplined Funds (1:02:39) Asset liability matching (1:03:15) Factors influencing investor behavior ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 structures portfolios based on time horizons rather than traditional asset classes. Finally, he offers an outlook for equities and fixed income next year, discusses private market opportunities, and looks at the future of Cresset Asset Management. (0:00) Starts (1:51) Overview of Cresset Asset Management (6:40) Founder-led companies: Advantages and portfolio impact (19:52) Fixed income and private market investment strategies (26:32) Future prospects in Opportunity Zones and equities (31:15) Currency considerations and foreign investment opportunities (37:01) Jack's most memorable investment ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 over the last 5,000 years. He explains why money is a foundational social technology that is central to every aspect of our civilization, from the political to the artistic. He delves into historical anecdotes—from clay tablets in Mesopotamia to Gutenberg's printing press to Martin Luther's disruptive influence on the church. Throughout the episode, he emphasizes that economists need to do a better job helping people understand money and its role in navigating modern economic principles. (0:00) Starts (1:26) David explains the Kilkenomics Festival (3:41) David McWilliams on "Money, The History of Money, A Story of Humanity" (9:55) Evolution and trust in money throughout history (26:28) Impact of the Gutenberg printing press and Martin Luther (36:42) Historical perspectives on speculation and losing money (43:18) Future of economics, storytelling, and equity culture differences (49:18) Educating youth on finance and investing ----- Follow Meb on X, 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: Learn more about Alpha Architect and important information about the fund: funds.alphaarchitect.com/aaua  Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). ----- Ad Disclaimer: This information does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. Certain information contained herein has been obtained from third party sources and such information has not been independently verified by The Idea Farm. No representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information by The Idea Farm or any other person. While such sources are believed to be reliable, The Idea Farm does not assume any responsibility for the accuracy or completeness of such information. The Idea Farm does not undertake any obligation to update the information contained herein as of any future date. Learn more about your ad choices. Visit megaphone.fm/adchoices

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 economic landscape since Liberation Day. He explains both what he expects the Fed to do and what he thinks they should do, and how that relates to portfolio construction. The discussion also explores the differences between gambling and investing, lessons from tennis that apply to investing, and much more. (0:00) Starts (1:31) Rick Rieder's market thoughts (4:23) Market sentiment and cash flow impacts (7:18) Small caps, M&A potential, and broad economic concerns (17:12) Interest rate forecasts (21:13) BINC ETF and fixed income outlook (24:28) Gambling vs. investing (31:36) Perspectives on precious metals and technological investment implications (35:27) Investing advice for young people and 2026 outlook ----- Follow Meb on X, 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: AcreTrader is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online. For more information, please visit acretrader.com/meb. Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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. He also explores wealth mobility, the role of luck in wealth accumulation, and the challenges of diversification versus concentration in investment strategies. (0:00) Starts (1:38) Nick explains the wealth ladder (6:48) Asset composition across wealth levels (13:48) Human capital and wealth data analysis (19:33) Diversification vs. concentration (22:44) Behavioral finance and investment strategies (25:56) Real estate ownership and investment timing strategies (36:26) Fun investing stats (44:51) Nick's most memorable investment ----- Sponsor: Alpha Architect - Learn more about Alpha Architect and important information about the fund: funds.alphaarchitect.com/caos   ----- Follow Meb on⁠ X⁠,⁠ 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 ----- Follow The Idea Farm: ⁠X⁠ | ⁠LinkedIn⁠ | ⁠Instagram⁠ | ⁠TikTok⁠ ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 diversifiers in portfolios, and the behavioral biases that affect investor decisions. Antti also contrasts the behaviors of bond investors, which tend to be more contrarian, and equity investors, which tend to extrapolate. (0:00) Starts (1:13) Humility in forecasting market expectations (8:26) Comparing institutional and retail investor behavior (24:33) Sentiment analysis in markets (36:18) Bond vs. equity investor mindsets (48:11) Liquid vs. illiquid alternative investments (56:26) The diversification benefits of trend following ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 explains the different perspectives of venture capitalists and public market investors, the current regulatory environment and how AI may reshape drug development. (0:00) Starts (1:20) Biotech industry overview (18:09) Can you be a quant in biotech? (25:09) Biotech market cap distribution and benchmark underweighting (34:47) Addressing biotech volatility, market outlook, and non-pro investing tips (47:02) Private vs. public biotech investments (1:01:32) Global biotech markets (China) (1:09:48) AI and regulatory impact on biotech (1:21:14) US healthcare spending (1:33:48) Chris' most memorable investment ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 deficits. While the most likely outcome is optimistic (the benefits of AI offset demographic pressures), the next most likely outcome is pessimistic (AI fails to meet our expectations and growth tumbles, putting pressure on the government's balance sheet). Joe emphasizes the need for investors to prepare for non-consensus outcomes and embrace diversification to navigate this uncertain future.  Listen to Joe's first appearance on the show in February 2020. (0:00) Starts (1:40) AI's impact on the economy (7:26) Megatrends and technological change (19:18) Financial market signals, narratives, and nonconsensus outcomes (25:23) Comparing hype in AI stocks, gold, and economic scenarios (32:44) Historical technology cycles (41:48) The role of international bonds in a diversified portfolio (47:47) AI's impact on financial advisors (55:10) The future of automation & AI ----- Sponsor: ⁠AcreTrader⁠ is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online. For more information, please visit ⁠acretrader.com/meb⁠. ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 experienced the 2nd largest drawdown in the last quarter century. Katy walks through the history of drawdowns and recoveries since 2000, explaining investors who have been patient in the past have been rewarded when the strategy recovers. She emphasizes managed futures' ability to serve as a diversifier to stocks, revisits her research on crisis alpha, and touches on the rise of managed futures ETFs as a way for investors to get exposure to this asset class. Listen to Katy's first appearance in May 2021. (0:00) Starts (1:05) Katy's thoughts on managed futures in 2025 (3:31) Lessons from past drawdowns (10:04) The patience premium (17:10) Follow the trends (22:12) Crisis Alpha revisited (26:01) Managed futures accessibility and ETFs (29:35) Replication methods (35:02) Implementing AI ----- Follow Meb on⁠ X⁠,⁠ 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 ----- Follow The Idea Farm: ⁠X⁠ | ⁠LinkedIn⁠ | ⁠Instagram⁠ | ⁠TikTok⁠ ----- 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.  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 today's episode, Peter discusses the evolution of the gaming industry, highlighting the dominance of gaming IP. He touches on the rise of indie games, the impact of AI on the space and why he avoids trends like esports, AR and VR. (0:00) Starts (1:47) Peter Levin's background in gaming (5:37) Gaming's transition to mobile gaming and post-2000s developments (13:49) Comparison of gaming industry to traditional media and the rise of indie gaming (20:45) Changes in gaming revenue models (27:30) VR and AR challenges (35:50) Using a Data-driven approach to invest in gaming startups (47:00) Impact of AI on game development (56:32) Peter's most memorable investment ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

In today's Mebisode, Meb reads his latest paper, “When to Sell?” ----- Follow Meb on⁠ ⁠⁠X⁠,⁠ ⁠⁠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 ----- Follow The Idea Farm: ⁠X⁠ | ⁠LinkedIn⁠ | ⁠Instagram⁠ | ⁠TikTok⁠ ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠). ----- The information set forth herein is for informational purposes only and does not constitute financial, investment, tax or legal advice. Please see the appropriate professional advisor for advice specific to your situation. There is no guarantee that a particular investment strategy will be successful. Opinions expressed herein are subject to change at any time. Past performance does not guarantee future results. All investments are subject to risks, including the risk of loss of principal.  Learn more about your ad choices. Visit megaphone.fm/adchoices

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 aspects of money and how our perceptions of wealth can be influenced by societal norms and personal experiences. He introduces concepts like the emotional balance sheet and the overnight test for investment decisions, emphasizing the need to align financial choices with personal goals rather than external pressures. The discussion also touches on the impact of news and social media on financial behavior. (0:00) Starts (1:15) Introduction of Carl Richards (5:32) Emotional aspects of money (12:19) The overnight test (20:26) Focusing on what you can control (24:36) Fundamental investing principles (28:11) Social comparisons and social media effects (32:28) The concept of perceived wealth (37:16) Lifestyle inflation and hedonic adaptation (44:39) Diversification and performance chasing performance (48:22) The impact of news on investments and when to sell (52:13) Scarcity vs abundance mindset (54:51) Celebrating milestones, Carl's future plans, and reader responses ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 importance of understanding market cycles. Eddie also provides advice for aspiring ETF managers and reflects on the unique stock picks that have defined his career. (0:00) Starts (3:22) Eddie's buy list concept and CWS ETF launch (9:55) Eddy's investment philosophy (19:36) Stock picking challenges and notable winners (22:45) Market misconceptions (28:38) Elfenbein's stock market theory (38:20) Eddy's most memorable investment (44:54) Market concerns and investment strategies ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 Warren Buffett's investment philosophy with Sun Tzu's teachings. He walks through notable investment case studies, including General Re, Burlington Northern and Japanese trading houses. The case studies all convey the significance of patience, strategic thinking, and the pursuit of asymmetric opportunities in investing, while also addressing the psychological aspects that influence investor behavior. (0:34) Introduction of Tobias Carlisle (1:32) Value investing in current market conditions (4:04) Market outlook and valuation differences across cap-sizes (10:03) Jay Powell's recent comments (13:57) Toby's new book (19:54) The Gen Re investment (26:33) Buffett's investment in Japan and Apple (32:57) Buffett's investment principles and managing FOMO (42:30) Comparing low volatility and high beta stocks ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 shares insights on the psychological implications of financial identity and the importance of independence and purpose in achieving true happiness. One theme throughout is that investing is more about human behavior than financial principles. (0:00) Starts (1:31) Introduction of guest Morgan Housel (2:01) Virality, luck and success (3:38) The psychological impact of wealth (7:15) The burden of material possessions and spending for happiness (11:17) Personal history's influence on spending and investment behavior (16:01) Cultural attitudes toward investing (22:07) The role of identity in financial behavior (27:45) Avoiding peer comparisons (37:30) Finding happiness and purpose after financial independence (50:13) Morgan's most memorable investment Sponsor: ⁠AcreTrader⁠ is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online. ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  -----Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 markets, the psychology behind investing decisions, and the necessity of position sizing. McCullough also shares insights into Hedgeye's new venture into asset management and the future of ETFs, highlighting the evolving landscape of investing. (0:00) Starts (1:28) Keith McCullough's investment philosophy (2:48) Explanation of Hedgeye's "signal" and "quad" strategy (14:19) Outlook for the US dollar (24:10) Understanding economic cycles (40:10) Launching Hedgeye Asset Management (47:51) Keith's most memorable investment experience ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 expiring stock options, in exchange for exposure to a portion of the now-owned shares. Dave also previews Vestimate, a tool to track the fair-market value of your equity over time that's already reducing abandonment, and shares practical takeaways for employees, advisors, and allocators seeking exposure to venture capital. (0:00) Starts (0:34) Dave Thornton explains Vested (9:35) Vested's selection model, data sources, and proprietary insights (17:22) Vested's investment strategy and funds (21:19) Trends in IPOs (23:13) Venture exposure (26:18) Introducing the Vestimate (31:12) Future goals for Vested (37:38) Final remarks ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  -----Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 exposures around dividend dates. Be sure to stick around for a bold prediction about dual share classes. (0:00) Starts (1:16) Alex's path to launching ETFs (4:27) TBIL ETF (7:50) Evolution in bond ETFs (17:22) Investor behavior in fixed income ETFs (24:49) Compoundr series and tax efficiency in bond ETFs (34:12) Securities lending (39:19) Long-term investing & tax decisions (46:54) Alex's thoughts on dual share class (51:15) Alex's most memorable investment ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

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 landscape — from the Federal Reserve to the impact of tariffs and the dollar's long-term overvaluation. He highlights the disconnect between weakening economic data and elevated stock valuations, noting that prices can't diverge from the real economy for long. He also emphasizes the role of asset allocation and diversification, with a focus on TIPS, bonds, and hedge fund replication strategies. (0:00) Starts (1:09) Introduction of Bob Elliott (4:13) Tariffs consequences (8:53) Dollar performance (13:09) Evaluation of asset dislocations and investment opportunities (18:55) Sentiment towards bonds (22:11) Global macro strategies (36:07) Portfolio diversification and addressing high fees (44:51) Role of illiquid assets and transparency in private investments (52:15) Bear market impacts and regulatory challenges (59:28) New product developments and liquid venture prospects ----- Follow Meb on X, 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 ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices