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Rank #92 in Investing category

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The Meb Faber Show

Updated about 1 month ago

Rank #92 in Investing category

Business
Investing
Management
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Ready to grow your wealth through smarter investing decisions? With The Meb Faber Show, bestselling author, entrepreneur, and investment fund manager, Meb Faber, brings you insights on today’s markets and the art of investing.Featuring some of the top investment professionals in the world as his guests, Meb will help you interpret global equity, bond, and commodity markets just like the pros. Whether it’s smart beta, trend following, value investing, or any other timely market topic, each week you’ll hear real market wisdom from the smartest minds in investing today. Better investing starts here.For more information on Meb, please visit MebFaber.com. For more on Cambria Investment Management, visit CambriaInvestments.com. And to learn about Cambria’s suite of ETFs and other investment offerings, please visit CambriaFunds.com.

Read more

Ready to grow your wealth through smarter investing decisions? With The Meb Faber Show, bestselling author, entrepreneur, and investment fund manager, Meb Faber, brings you insights on today’s markets and the art of investing.Featuring some of the top investment professionals in the world as his guests, Meb will help you interpret global equity, bond, and commodity markets just like the pros. Whether it’s smart beta, trend following, value investing, or any other timely market topic, each week you’ll hear real market wisdom from the smartest minds in investing today. Better investing starts here.For more information on Meb, please visit MebFaber.com. For more on Cambria Investment Management, visit CambriaInvestments.com. And to learn about Cambria’s suite of ETFs and other investment offerings, please visit CambriaFunds.com.

iTunes Ratings

650 Ratings
Average Ratings
589
27
12
10
12

Great interviewer!

By Minnie_Ing - Jan 15 2020
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He's casual good fun and gets his guests chatting.

PodCast Addict

By BlitzTrop - Dec 25 2019
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Men is one of the smoothest podcast hosts! Definitely worth your time!!!

iTunes Ratings

650 Ratings
Average Ratings
589
27
12
10
12

Great interviewer!

By Minnie_Ing - Jan 15 2020
Read more
He's casual good fun and gets his guests chatting.

PodCast Addict

By BlitzTrop - Dec 25 2019
Read more
Men is one of the smoothest podcast hosts! Definitely worth your time!!!
Cover image of The Meb Faber Show

The Meb Faber Show

Latest release on Jul 08, 2020

Read more

Ready to grow your wealth through smarter investing decisions? With The Meb Faber Show, bestselling author, entrepreneur, and investment fund manager, Meb Faber, brings you insights on today’s markets and the art of investing.Featuring some of the top investment professionals in the world as his guests, Meb will help you interpret global equity, bond, and commodity markets just like the pros. Whether it’s smart beta, trend following, value investing, or any other timely market topic, each week you’ll hear real market wisdom from the smartest minds in investing today. Better investing starts here.For more information on Meb, please visit MebFaber.com. For more on Cambria Investment Management, visit CambriaInvestments.com. And to learn about Cambria’s suite of ETFs and other investment offerings, please visit CambriaFunds.com.

Rank #1: #104 - Ken Fisher - “If You’re Worried About What Things Are Going to Be Worth Next Week…You’re Going to Make Yourself Way Poorer 20 Years from Now"

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In Episode 104, we welcome the legendary, Ken Fisher.

Meb starts with a quick word of congratulations to Ken, as his firm just passed $100B in assets under management. The guys then discuss Ken’s interest in fishing with a bow and arrow, which eventually morphs into a conversation about a millionaire who allegedly hid a million dollars somewhere in the Rockies, leaving clues to treasure-hunters searching for it.

The guys then jump into investing, discussing Ken’s early days in launching Fisher Investments. They touch upon one of Ken’s early claims to fame, championing the price-to-sales ratio. This leads to a conversation about being factor agnostic, which includes some interesting takeaways from Ken on capital pricing.

Soon, Meb brings up Ken’s book, Debunkery, and asks about one of its points: namely, the misbelief by so many investors that bonds are safer than stocks. What follows is a great commentary by Ken about short-term volatility risk versus opportunity cost risk. When you look at longer, rolling time periods, it becomes clear that stocks are far less risky than bonds. And in the long term, stocks are less risky than cash. Ken tells us that in his business, it’s his job to focus his clients on the longer-term.

Next, the conversation takes an interesting turn, touching upon the explosion of tech science, and how it’s affecting our lives, as well as the capital markets. It bleeds into Meb suggesting that older investors tend to become more conservative or pessimistic, and so they tilt away from equities, and whether that’s a behavioral challenge Ken has to address with his clients. Ken gives us his thoughts, concluding with that idea that people need to be relatively comfortable in capital markets with things that are generally uncomfortable.

The conversation then veers into politics and the effects on the market. Ken tell us that when you look at presidents and market history, our system gives presidents much less power to affect markets than most people believe.

Meb jumps to Twitter questions, bringing up one that wonders how to position yourself in the end of a bull market. Ken gives us a fascinating answer which I’m going to make you listen to in order to hear, but it tends to focus on large cap and quality.

There’s way more in this great episode: capital preservation and growth… volatility (a great quote from Ken “volatility is your friend, it’s not your enemy, if you use it correctly”)… the media’s impact on investor perception… the Fed and sovereign balance sheets… the senate bill trying to eliminate the ability of public companies buying back their own stock in the marketplace… housing (and the need to account for the full housing costs when calculating returns)… and of course, Ken’s most memorable trade.

What are the details? Find out in Episode 104.

May 02 2018

1hr 6mins

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Rank #2: #220 - Andrew Beer, Dynamic Beta Investments - Can You Match Or Outperform Leading Hedge Funds, But With Low Fees, Daily Liquidity, And Less Downside Risk?

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In episode 220 we welcome our guest, Andrew Beer of Dynamic Beta Investments. In today’s episode, we’re talking hedge funds and replication.

We kick things off with some background that includes Andrew’s start in the industry with Seth Klarman’s Baupost Group in 1994. We discuss replication strategies, what Dynamic Beta is doing to try to outperform hedge fund portfolios, and most importantly, how they are doing it.

We talk about the firm’s equity long/short and managed futures strategies, understanding key hedge fund allocations, and what the funds look like right now. As the conversation winds, down we chat COVID and what the future might look like for liquid alts.

All this and more in episode 220 with Andrew Beer.

May 13 2020

1hr 4mins

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Rank #3: #206 - Meb’s take on Investment Plans, Building and Maintaining Wealth, How Meb Invests, and Investing in the time of Corona

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Episode 206 is a Mebisode. Meb reads a few of his recently penned pieces. He covers the importance of being prepared for market turbulence with an investment plan. He then walks through some core ideas for building and maintaining wealth. He ties these ideas together with a chat on how he invests his own money. He concludes with some thoughts on investing in the time of the Coronavirus.

If the markets have you concerned, make sure you don’t miss what Meb has to share to help you stay on track in episode 206.

Mar 18 2020

1hr 27mins

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Rank #4: #218 - Adam Karr - One Of The Most Important Decisions You Make Is The Price That You Pay

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In episode 218 we welcome our guest, Adam Karr. In today’s episode, we’re talking stocks and investment process.

We cover Orbis’ investment philosophy, and the relentless focus on companies trading at a discount to intrinsic value through a bottom-up analysis process. Adam offers thoughts on the current environment and why he thinks this looks more like the .com bubble, rather than the aftermath of the global financial crisis.

We get into some of the opportunities in the market today and discuss emphasizing companies with balance sheet strength and thinking in terms of long-term, normalized earnings power.

All this and more in episode 218 with Orbis Investments’ Adam Karr.

May 06 2020

56mins

Play

Rank #5: #115 - Steve Glickman - Opportunity Zones: Ultimately, If You Hold for…10 Years or More…You Don’t Pay Any New Capital Gains – Ever

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In Episode 115, we welcome entrepreneur and opportunity zone expert, Steve Glickman.

Meb jumps right in, asking “what is an opportunity zone?”

Steve tells us about this brand-new program that was created this past December. Most people don’t know about it yet. It was the only bipartisan piece of the Investing in Opportunity Act, which was legislation packed into the tax reform bill.

Opportunity zones were designed to combine scaled investment capital with lower-income communities that haven’t seen investment in decades. You can essentially roll-over capital gains into opportunity funds – special investment vehicles that have to deploy their capital in these pre-determined opportunity zones. It could be a real estate play, a business venture play, virtually anything as long as the investment is in the opportunity zone and meets the appointed criteria. And the benefit of doing this? Steve tells us “ultimately, if you hold for…10 years or more in these opportunity zones…you don’t pay any new capital gains – ever.”

Meb hones in on the benefits, clarifying they are: a tax deferral, a step-up in basis, and any gains on the investment are free of capital gains taxes. He then asks where these zones exist now, how one finds them, and how they were created.

Steve tell us the zones exist in every US state and territory, including Puerto Rico – in fact, the entire island of Puerto Rico is now an opportunity zone. Steve goes on to give us more details.

Soon, the conversation turns toward the problem these opportunity zones are trying to solve – the growing inequality in America. As part of this discussion, Steve tells us about his group, EIG. He created it to work on bipartisan problems that had private sector-oriented solutions. He wanted to address the unevenness of economic growth in the US – why are some areas getting all the capital, while others are getting left behind?

Meb points the guys back to opportunity zones and how an investor can take part. He asks what’s the next step after selling all my investments for capital gains. What then?

Steve tells us all the capital has to flow through an opportunity fund. It can be a corporation or partnership, include just one investor or many, can be focused on multiple investments or just one…. Most people have identified a project in which they want to invest, but some groups are now creating funds to raise capital, then will find a deal. Steve provides more details on all this. 

There’s way more in this special episode: the two industries that the government won’t allow to be included in opportunity zone investments… The three different tests for how a business qualifies as an opportunity zone investment… What regulatory clarity is currently missing from the IRS… The most common naysayer pushback they’re hearing… The slippery issue of gentrification… And far more.

Opportunity zones have the potential to be a game-changer for many investors. Get all the details in Episode 115.

Aug 01 2018

51mins

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Rank #6: #183 - Ben Inker - The Problem With Good Returns In The Near Term Is They Have To Be Paid Back Sometime

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In episode 183 we welcome our guest, Ben Inker. Ben and Meb start the conversation with a chat about Ben’s thoughts on markets which include the overriding theme that non-us markets are currently presenting opportunity for investors.

Next, Meb asks Ben to get into his thoughts on current valuations and Ben walks through some ideas on high valuations for US stocks and reduced forward looking returns. On the subject of valuations, the pair then discusses interest rates and monetary policy. Ben follows that with an interesting paper he wrote that explored how high profitability has skewed toward large capitalization companies.

Ben expands on his thinking about valuations and markets outside the US, the past decade being the worst for value stocks, and being excited about opportunities like emerging market value stocks. He goes further in his discussion by getting into a concept he credits Robert Shiller with, clairvoyant fair value of a stock market, and shares that two pieces of information are critical, the starting valuation of the markets, and the return on capital.

As the conversation winds down, Ben and Meb discuss GMO’s benchmark free allocation strategy, and investing with the goal of making absolute money and worrying about absolute risk.

All this and more in episode 183, including Ben’s thoughts on hedging currency risk and his most memorable investment.

Oct 23 2019

1hr 9mins

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Rank #7: #150 - Bill Smead - The United States Economy is Highly Likely To Be The Strongest The Next 10 Years It's Been Since The Baby Boomers Went Through The 30-45 Year-Old Age Range

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In episode 150 we welcome Bill Smead. Bill begins with how he came to be a value investor, describing himself as someone who came from a family of educated gamblers, and as a boy, going to greyhound races, learning to put probabilities in his favor, and even developing a criteria system for selecting greyhounds.

Next, Bill talks about his beginnings in the investment business, starting out in an era of high interest rates, and reading about Buffett, Lynch, and some of investing’s great minds. He describes his 8 criteria for selecting investments: 1) Does it meet an economic need 2) Does it have a long history of profitability 3) Does it have a wide moat 4) Does it generate high and consistent cash flow 5) Can the company be purchased at a discount 6) Business must be shareholder friendly 7) The company must have a strong balance sheet 8) The company must have strong insider ownership.

Meb then asks Bill to elaborate on the investment landscape, and what he’s seeing in a specific pocket of the market. Bill discusses the parabolic move in e-commerce companies, and issues he sees in the strategies and valuations of companies like Amazon.

As the conversation winds down, Bill lays out the thesis that the Millennials are in position to drive the economy in the future.

All this and more in episode 150, including Bill’s most memorable investment.

Apr 10 2019

1hr 2mins

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Rank #8: #49 - Steve Sjuggerud - “This is Not What the Peak of a Bull Market Looks Like"

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In Episode 49, we welcome Dr. Steve Sjuggerud. The conversation begins with Meb and Steve reminiscing about the origin of their friendship, which dates back some 10 years. This leads the guys into Steve’s background, and how he transitioned from being a broker into being the highly-popular investment newsletter writer he is today.

Meb asks Steve to describe his investing framework. Similar to Meb, Steve likes both value and trend. Specifically, he looks for 3 things: assets that are “cheap,” “hated,” and “in an uptrend.” This methodology applies to all sorts of asset classes. The guys dig deeper into value and trend, leading to Steve ultimately to say, “If I had to choose between one or the other, I would actually choose momentum over value.” Meb agrees.

Next, Meb asks how the world looks to Steve today. Is he buying? Defensive? Where’s he looking? And so on…

Steve tells there are always reasons to sell or stay out of the market. Despite this, Steve’s thesis is that interest rates will stay lower than you can imagine, longer than you can imagine. And this will drive asset classes higher than we can imagine. We’re still not at absurd equity levels yet here in the U.S. – Steve says we’re maybe around the 7th or 8th inning of this bull market. But the biggest gains can often come at the end of a bull market, so there’s potentially more significant room to run.

As the guys discuss this, the conversation tilts toward investor sentiment. They agree that irrational exuberance for this bull market simply doesn’t exist right now. There’s no euphoria. Steve sums it up simply: “This is not what the peak of a bull market looks like.”

Yeah, valuations are high, but interest rates are near historic lows. Relative to bond yields, the equity values are far more reasonable. Investors need to compare returns to what you can get through other asset classes.

The guys jump around a bit, touching upon the warning signs Steve will look for to tip him off as to when to bail on U.S. stocks, a discussion of the Commitment of Traders report and how to use it, and then a discussion of U.S. housing and how it’s a solid investment right now because housing starts are nowhere near what they need to be to equalize supply and demand.  

The guys then turn toward foreign equities, where it appears that value and trend are lining up. Foreign has been cheap for a while, but it’s been underperforming. And now that appears to be changing. Meb asks Steve to tell us what he’s seeing – it generally boils down to one big thing: China.

You’ll definitely want to listen to this part of the discussion, as Steve tells us about a revolution in mobile payments that’s already happened in China (and will likely happen here in the U.S.). But beyond that, Chinese stocks as a whole are now incredibly cheap. Even better, there are going to be tailwinds of adding Chinese stocks to a major index. I won’t get into the details here, but the analogy the guys use is having the teacher’s manual of a high school textbook with all the answers ahead of time. Best of all, Steve gives us the names of some actual ETFs that may benefit from this trend.

There’s much more in this value-packed episode: gold and gold mining stocks… Steve’s investment in St. Gaudens coins… Steve’s surfboard and vintage guitar collections (including the story of a $30K guitar he bought and later sold for $72K)… And of course, Steve’s most memorable trade – which involved a painful 50% loss for Steve and his subscribers, all stemming from the lie of a certain global politician.

Which politician and which lie? Find out in Episode 49.

Apr 26 2017

1hr 17mins

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Rank #9: #124 - Howard Marks - It's Not What You Buy, It's What You Pay for It That Determines Whether Something is a Good Investment

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In Episode 124, we welcome legendary investor, Howard Marks. Meb begins with a quote from Howard’s new book, Mastering the Market Cycle, and asks him to expound. Howard gives us his top-line take on market cycles, ending with the idea that if you understand them, you can profit from them.

Meb follows up by asking about Howard’s framework for evaluating where we are in the cycle. Rather than look at every input as individual, Howard looks at overall patterns. What is the collective mood? Or is it depressed, sad, and people don’t want to buy? Or is it buoyant? Second, are investors optimistic and thrilled with their portfolios and eager to add more, therein increasing risk? Or are investors regretful and hesitant, burned by recent experience? Then there are quantitative aspects – valuations, yield spreads, cap rates, multiples, and so on. All of these variables help give Howard a feel for whether assets are high- or low-priced.

Next, Meb asks Howard to use Oaktree’s actions during the Financial Crisis as a real-world example of how an investor could act upon cycles. Howard tells us there are two parts to what happened during the Crisis – what Oaktree did during the run-up to the meltdown, and then what it did during the event itself. In short, Oaktree was cautious during the lead-up. They raised their standards for investments. Why? Howard notes that they didn’t know ahead of time how bad things would be. Rather, they were hesitant because they looked at the securities being issued, and it seemed that every day, something was coming out that didn’t deserve to be issued. This was a tip-off.

Then the event happened, culminating in Lehman bankruptcy, and that’s when Oaktree became very aggressive, buying half a billion dollars each week for 15 weeks. Howard tells us that, yes, our job as investors is to be skeptical, but sometimes that skepticism needs to be applied to our own fears. In other words, skepticism also might appear like “no, that scenario is too bad to actually be true.”

Meb notes that the challenge is investors want precision, picking the exact top and bottom. But this isn’t really how it works. Meb asks if there a time when Howard felt he misinterpreted a point in the market cycle.

Before answering Meb’s questions, Howard agrees that trying to find the bottom or top is a huge mistake. He notes that trying to find the perfect day upon which to buy or sell is impossible. In terms of potentially misreading the cycle, Howard tells us that Oaktree has been perhaps too conservative over the last few years, so they haven’t realized all the gains of the market. That said, he stands by his decision telling us, “anybody who buys or holds because of the belief that something that’s fully valued will become overvalued…is embarking on a dangerous course.”

Meb asks how Howard sees the world today.

Howard tells us we’re in the 8th inning of this bull market. Assets are highly priced relative to history. People are bullish. Risk aversion is low. He notes it’s a time for caution – but – we have no idea how many innings there will be in this game.

What follows is a great conversation about bull markets, what ends bull markets, and how to implement market cycles into an investment approach. The guys touch on investor exuberance… whether markets need to be exuberant for a bull market to end… bullish action despite bullish temperament… the need to “calibrate” your portfolio… and the average investor’s ability to live with pain.

There’s so much more in this episode: How Howard’s market approach has evolved over the years… how “it’s not what you buy, it’s what you pay for it that determines whether something is a good investment or bad investment”… Howard’s thoughts on contrarian investing… and, of course, his most memorable trade. This one yielded him 23x.

What are the details? Find out in Episode 124.

Oct 03 2018

42mins

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Rank #10: #143 - David Eifrig - Most People Run Losses Into The Ground

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In episode 143 we welcome Dr. David Eifrig. David begins by going through his background and pathway to finance. He first discovered his interest in investing through the occasional Barron’s issue, and understood he didn’t want to follow in his father’s footsteps in medicine, moving on to Kellogg for business school before moving on to Wall Street. He describes that while working in finance, he decided to pursue science and medical school and ultimately helped build a business that was sold to Roche. While in residency, he began writing and that launched him into newsletter writing.

Meb then asks David to describe his publications, Retirement Millionaire, Retirement Trader, Income Intelligence, and the newly launched Advanced Options.

Meb asks David about how he thinks about value and price declines. David responds with some background on how he prefers to teach investing, and provides a simple framework for thinking about price and value.

After a quick discussion of the closed-end fund space, the conversation shifts to what looks interesting right now. David discusses Altria, and their exposure to the vaping market and the marijuana industry as well as preferred shares. The pair then expands with a discussion about the current interest rate and inflationary environment after an interesting example from David. David also gets into the use of stop losses, having a plan, and the mindset of having an idea of when to sell. He mentions that he thinks about structuring portfolio positions such that losses on one single position won’t significantly impact the overall portfolio.

The conversation then shifts gears into some lifestyle suggestions, David’s experience as a winemaker, and David’s best and worst trades.

All this and more in episode 143.

Feb 20 2019

1hr 8mins

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Rank #11: #171 - Raoul Pal - Buy Bonds. Buy Dollars. Wear Diamonds.

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In episode 171, we welcome back our guest from episode 46, Raoul Pal. Raoul and Meb start with a chat about one of Raoul’s tweets, “Buy Bonds. Buy Dollars. Wear Diamonds.” Raoul explains that he sees global growth slowing after the longest recovery in history, as well as a number of countries in or nearing recession. That presents an opportunity in US Treasuries and Eurodollars.

The pair continue the conversation and get into how Raoul looks at the world. Raoul walks through his current view including his take on business cycle and yield curve indicators.

Meb then asks Raoul to explain “The Doom Loop.” Raoul lays out the idea that corporate debt has increased at an alarming rate since 2009 relative to household and government debt. He discusses what he’s seeing now, and the risk this poses to the global economy and asset prices.

As the conversation winds down, Raoul gets into some thoughts on gold and crypto.

All this and more in episode 171, including the greatest macro trade Raoul has ever seen.

Aug 21 2019

1hr 8mins

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Rank #12: #193 - Chris Brightman - Here We Are With Emerging Markets Again Trading At A Shiller PE Multiple Less Than Half Of The US Stock Market

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In episode 193 we welcome our guest, Chris Brightman. Meb and Chris start the conversation with an evolution of economic and monetary theory over the past decades, and some detail behind Modern Monetary Theory. Chris then expands on inflation, the idea that high inflation is associated with volatile inflation, as well as some ways to protect from high inflation.

The pair then get into Research Affiliates’ forward looking asset class return expectations, including, the expectation of a 3.5% real return for the US stock market before any adjustments to valuations and the reality of low and even negative return prospects from fixed income. Chris talks about emerging markets as a potential bright spot.

As the conversation winds down, Chris reveals some ways investors can think about implementing the ideas he discusses in the episode, including the literature that shows investors engage in performance chasing, and they’d be far better off taking a buy-and-hold approach to a diversified set of passive instruments.

All this and more in episode 193, including a couple of Chris’s  most memorable investments.

Dec 18 2019

1hr 4mins

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Rank #13: #90 - Dan Rasmussen - “The Crown Jewel of the Alternative Universe is Private Equity"

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In Episode 90, we welcome Founder and Portfolio Manager of Verdad, Dan Rasmussen.

We start with a brief walk-through of Dan’s background. It involves a Harvard education, a New York Times best-selling book, a stint at Bridgewater, consulting work with Bain, then his own foray into private equity.

Turning to investments, Meb lays the groundwork by saying how many people misunderstand the private equity market in general (often confusing it for venture capital). He asks Dan for an overview, then some specifics on the state of the industry today.

Dan clarifies that when he references “private equity” (PE), he’s talking about the leveraged buyout industry – think “Barbarians at the Gate.” He tells us that PE has been considered the crown jewel of the alternative world, then provides a wonderful recap of its evolution – how this market outperformed for many years (think Mitt Romney in the 80s, when he was buying businesses for 4-6 times EBIT), yet its outsized returns led to endowments flooding the market with capital ($200 - $300 billion per year, which was close to triple the pre-Global Financial Crisis average), driving up valuations. Today, deals are getting done at valuations that are nowhere near as low as in the early days. And so, the outsized returns simply haven’t existed. Yet that hasn’t stopped institutional investors from believing they will. Dan tells us about a study highlighting by just how much institutional managers believe PE will outperform in coming years…yet according to Dan’s research, their number is way off.

Dan then delves into leverage and the value premium, telling us how important this interaction is. He gives us great details on the subject based on a study he was a part of while at Bain Consulting. The takeaway was that roughly 50% of deals done at multiples greater than 10x EBITDA posted 0% returns to investors, net of fees.

Meb asks about the response to this from the private equity powers that be… What is their perspective on adding value improvements, enabling a higher price? Dan gives us his thoughts, but the general take is that doing deals at 10x EBITDA is nuts.

Next, the guys delve into Dan’s strategy at Verdad. In essence, he’s taking the strategy that made PE so successful in the 80s and applying it to public markets. Specifically, he’s looking for microcap stocks, trading at sub-7 EBITDAs, that are 50%-60% levered. With this composition, this mirrors PE deals.

The guys then get neck-deep in all things private equity… control premiums, fees, and illiquidity… the real engine behind PE alpha… sector bets… portfolio weights…

Meb and Dan land on “debt” for a while. Dan tell us how value investors tend to have an aversion to debt. But if you’re buying cheap companies that are cash-flow generating, then having debt and paying it off is a good thing. Debt paydown is a better form of capital allocation than dividends or buybacks because it improves the health of the biz, leading to multiple expansion.

The guys cover so much ground in this episode, it’s hard to capture it all here: They discuss how to balance quantitative rules with a human element… The Japanese market today, and why it’s a great set-up for Dan’s PE strategy… Rules that should work across geography, asset classes, markets, and time… Currency hedging… And far more.

For the moment, we’re still ending shows with “your most memorable trade.” Dan’s involves a Japanese company that had been blemished by a corporate scandal.  Did it turn out for or against him? Find out in Episode 90.

Jan 17 2018

1hr 1min

Play

Rank #14: #146 - Neil Littman - The More Risk You Kill, Inherently, The More Value You Create

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In episode 146 we welcome Neil Littman. Neil starts with his background and how he came up with the idea of Bioverge, a platform that offers an opportunity to invest in healthcare startups, with the mission of democratizing access to early stage healthcare companies. Neil follows that with a discussion of his time at CIRM, and some of the incredible stories and the science he experienced firsthand during his involvement. It was his time at CIRM where he learned that the institutional model of financing and investing could be applied to the retail sector as well. That paired with his desire to provide exposure to the alternative asset class created the perfect storm and the result was Bioverge.

Meb then asks Neil to get into the structure of the Bioverge platform. Neil explains that the decentralized network they built provides warm referrals to Bioverge and ultimately links capital to potential investment opportunities. In addition to that, Bioverge provides value added service beyond capital that is important for founders and portfolio companies that may seek support and expertise along the way. Beyond sourcing deal flow, another critical component for Bioverge is diligence on the investment opportunities by leveraging its network of subject matter experts with deep domain expertise. In evaluating opportunities, Neil explains the “nuts and bolts” of the model they use, looking at the risk and reward side of the equation.

The conversation then turns to some examples of companies and deals Neil has been involved with since starting Bioverge. Neil provides a walk-through of Notable Labs, which provides personalized drug combination testing for cancer patients, Crowd Med, a service that relies on crowd sourcing to help solve difficult medical cases, Ligandal, a company delivering a gene therapy platform, Occam’s Razor, a company that is attempting to understand and cure neurodegenerative diseases, Blue Mesa health, developing a new breed of digital therapeutics to nudge patients to change behavior, and Echo laboratories, developers of a hybrid microscope with a new twist on the traditional eye piece.

The conversation winds down with Neil providing some insight into what he sees in the future for the industry, and the long-term vision for Bioverge.

All this and more in episode 146.

Mar 13 2019

59mins

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Rank #15: #195 - Top Podcasts 2019 - Replay: Bill Smead, Cam Harvey, Raoul Pal

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Episode 195 is a replay of The Meb Faber Show’s top podcasts of 2019. Guests include Bill Smead, Cam Harvey, and Raoul Pal

Hear Bill Smead discuss his firm’s value investing process, his view of the investing landscape, and his thoughts about millennials being in position to drive the economy in the future.

Next, dig into Cam Harvey’s 1986 dissertation, his research on inverted yield curves and what that means for economic growth and various asset classes, and some thoughts on cryptocurrency and blockchain technology.

Finally, listen to Raoul Pal and his take on global growth, where he thinks investment opportunity lies, his discussion of “The Doom Loop,” and risks to the global economy.

All this and more in our replay of the top podcasts of 2019.

Jan 01 2020

3hr 55mins

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Rank #16: #46 - Raoul Pal - “We've Got to Expect a Recession This Year or Next Year, or if We're at the Wild Extremes, the Year After That"

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In Episode 46, we welcome Real Vision TV co-founder, Raoul Pal. The guys start by going over a bit of Raoul’s background.

Raoul started his career by running equity and equity derivatives at Goldman Sachs. Through this, he learned the macro investing world. He then joined a hedge fund, managing its global macro fund before retiring at 36 on the coast of Spain. But it was then that Raoul decided to start a research service, the Global Macro Investor, aimed at large, institutional players.

However, in 2008, Raoul realized the ordinary investor had been let down by the system and financial media. So, in an effort to help, Raoul founded Real Vision TV with Grant Williams. Real Vision features the smartest guys in the world teaching you how to invest, what their best ideas are, and so on…

After this background, the guys jump in, with Meb asking Raoul about his overall investing framework. Raoul tells us this whole game is about probabilities. To invest successfully, we look for times when the odds are in our favor. So, to look for these times, Raoul developed a system based on the business cycle – with a focus on GDP, as asset prices are moved by economic growth. The model relies heavily on findings from ISM reports (Institute for Supply Management). Raoul tells us that when looking at ISM numbers, it’s not just the level that counts, but also the rate of change of those levels. Overall, this model helps forecast S&P levels, bond yields, inflation, world trade… basically everything!

So, what is it saying now?

“We’ve got to expect a recession this year or next year, or if we’re at the wild extremes, the year after that.”

Meb brings up stats from Ned Davis, tying ISM levels to market returns. He says how last year, it appeared that ISM levels were rolling over, but then they steadied and now are a bit high. He asks Raoul what it means for us now.

You’ll want to hear Raoul’s response, which includes the possibility that asset prices may weaken soon – while bond yields may suffer significantly.

Meb then points to Raoul’s call of a potential short trade in oil. Raoul tell us that this is the largest speculation in oil – ever. Way too many people went long, and this speculative positioning is too far ahead of the actual business cycle. He says oil is maybe $10-$15 too high right now. It’s coming close to being a perfect trade setup. Oil could hit as low as $30.

Next, the guys discuss great opportunities around the globe. Raoul points to Cypress. Greek stocks are still hammered too. He says the upside could be huge – potentially 10x your money. Meb agrees, mentioning his own study about markets that have gone down big, or stayed down for many years. The upside is often spectacular.

The conversation then steers toward one the biggest emerging macro story in the world – India. You’re going to want to hear this one. It’s a fascinating story, and Raoul gives us actionable investment ideas.

Next up – Bitcoin. Raoul gives us a quick primer on Bitcoin and blockchain technology. He tells us that many people are confused as to what, exactly, it is – currency? Investment? Raoul gives us his thoughts.

There’s way more, as this episode is packed with great content. The guys talk about Google’s and IBM’s prospects as investments… artificial intelligence… making money entrepreneurially rather than through investing… and Raoul’s most memorable trade – it’s fascinating story involving the South African Rand that you don’t want to miss.

What are the details? Find out in Episode 46.

Apr 05 2017

59mins

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Rank #17: #134 - Chris Cole - Volatility Is The Instrument That Makes Us Face Truth

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In Episode 134, we welcome Chris Cole. Meb kicks off the show by asking Chris to describe his nontraditional background. Chris studied cinematography in film school at USC, while trading options in his spare time. He eventually made a career switch and began in Merrill Lynch’s analyst program in New York, while trading in his spare time. With his trading, he eventually created $1 Million to start his firm.

Next, the conversation transitions to Chris’s work, including his take that “Volatility is the only asset class.” Chris follows by discussing how returns can be deconstructed to represent either “short-vol” or “long-vol” strategies. He mentions that the average institutional portfolio is a 98% short-volatility portfolio that will not perform all that well during a period of regime change.

Meb then brings up some recent events that have transpired to lead into a chat about short vs. long volatility, and some dangers when thinking about the strategies. Chris discusses how volatility can be expressed in both tails, for example, the right tail being high volatility and high asset returns, and provides an example that volatility was averaging around 25 in the late 90s when the market was going up 30% per year. He follows with a stat that at-the-money vol moved more in January of this year than it did in the February move most might be familiar with.

Chris then provides his thoughts about regime changes, what is possible, and what he sees in the market. He starts with his recent paper, Volatility and the Alchemy of Risk. In that paper, he uses the example of the Ouroboros, or “Tail devourer” as a metaphor for the current short-volatility trade. What he sees as a worry are the explicit short-vol traders, $1.4 Trillion of implicit short-vol strategies that are re-creating a portfolio of short options by financial engineering, and corporations using leverage to buy back shares, suppressing volatility. All together these scenarios represent a snake eating its tail.

Meb then asks Chris to talk about market pressures that have resulted in liquidity changes. Chris explains that this is the only bull market in history with less and less volume, and less and less volatility. He mentions that what was scary about February’s volatility was that liquidity vanished. He follows with a discussion of passive vs. active investing, and the role active investors play in the market.

Meb then asks about catalysts for stress in the market. He talks about the passive strategy not being understood by investors as something that could lead to de-stabilizing conditions, and that over 50% of the investment grade debt is in the lowest rated tranches, and over $2 Trillion of debt that needs to be rolled in 2019 and 2020. He mentions that what could potentially cause an issue is inflation leading to higher rates, a minor turn of the business cycle given the amount of leverage and gearing on corporate balance sheets, as well as the reliance of stocks and bonds being un-correlated if the markets enter a period where stock and bond correlations are in fact positively correlated.  

Next, through an example of rental car insurance, Chris gives some background on implementing long-vol strategies by using quantitative analytics to help identify points in time where you are paid to own “insurance” against market declines, in addition to predictive analytics that provide an informational edge to help understand whether or not it might be productive to own protection against market volatility risk.

Meb follows with a question on the Japanese Vol Monster. Chris describes the short-vol trade that has been going on in Japan for a long time. He then describes philosophically that volatility is the instrument that makes us face truth.

This and more in episode 134.

Dec 19 2018

1hr 2mins

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Rank #18: #185 - Ben Claremon - Value Investing Will Always Have A Place

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In episode 185 we welcome our guest, Ben Claremon. Ben and Meb start the conversation with some background on the blog Ben started in school, The Inoculated Investor. From there, the pair move on to discuss Cove Street and the investment process.

Ben gets into investing, and what value investing means to Cove Street Capital, bifurcated between Warren Buffett style investing and Benjamin Graham style investing. Next, Ben discusses the investment and portfolio construction process he and the team undergo at Cove Street, including sell discipline applied to fund positions.

Ben and Meb get into the outlook for the investment landscape, covering Value investing to opportunities in China, as well as the auto industry. He also discusses some things to avoid.

Ben then gets into the importance of proxy statements, and the role corporate governance plays in the investment process.

As the conversation winds down, Meb and Ben get into the bogeyman of buybacks and talk about the idea that the focus should instead be on the short-term nature of the earnings cycle.

All this and more in episode 185, including Ben’s most memorable investment.

Oct 30 2019

1hr 19mins

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Rank #19: #121 - Pim van Vliet - The Reality Is High-Risk Stocks Earn Low Returns

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In Episode 121, we welcome fellow quant, Pim van Vliet. If you’re a low-vol investor, or having been wanting to learn more about low-vol, this is the episode for you.

Meb dives straight in, opening with a quote from Pim: "The low-volatility effect is perhaps the largest anomaly in finance, challenging the basic trade-off between risk and return, as higher risk does not lead to higher returns. Still, it remains one of the least utilized factor premiums in financial markets." He asks Pim to explain.

Pim tell us that low-volatility is the biggest anomaly of them all. People have trouble embracing the concept. We’ve been trained to believe that higher risk should be rewarded with higher returns, but Pim walks us through some counterarguments. He goes on to explain that CAPM (Capital Asset Pricing Model) is great in theory, yet bad at describing reality. He tells us that “the reality is high risk stocks earn low returns.”

Next, Meb brings up a paper Pim wrote called “The Volatility Effect” and asks Pim to walk us through it. Pim tells us one of the broad takeaways is that low-vol works cross borders (unlike some other factors). It’s not just effective in the U.S. – it’s also been proven out in Europe and Japan. In addition, this alpha seems to be getting stronger now rather than waning as have other factors when their visibility has increased.

Meb asks about Rob Arnott and factor-timing/factor valuations. Does factor valuation matter?

Pim agrees with Rob in that valuation does matter. If you only look at low-vol, you might end up buying “expensive defensive”. If so, then yes, your expected returns will be lower. That’s why Pim includes a value filter. He looks at “multi-factor defensive”. Pim mentions Cliff Asness and notes that he likes incorporating momentum into his approach as well.  

The conversation bounces around a bit: where is Pim finding opportunities around the world now… additional details on how low-vol works across countries, sectors, and asset classes… and how low-vol complements a CAPE approach, pointing toward some effective defensive market strategies.

Next, Meb asks about potential biases. For instance, if you focus on low-vol, could that mean you’ll end up with a basket of, say, utility stocks and no tech? Pim tells us that, yes, if you focus purely on low-vol, you could get more sector and country effect. But he goes on to tell us how investors might mitigate that.

There’s plenty more in this fun, quant-driven episode – a discuss of the definition of risk (volatility versus permanent loss of capital)… factor fishing and data mining… how low-vol works from a portfolio perspective… Pim’s forecast of the future… and Pim’s most memorable trade. This is a great story, highlighting how an early loss delivered such a powerful learning lesson, that it probably ended up making Pim money in the long run.

Get all the details in Episode 121.

Sep 12 2018

58mins

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Rank #20: #152 - Kevin Smith and Tavi Costa - We Believe We’re In The Early Stages Of A Bear Market

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In episode 152 we welcome Kevin Smith and Tavi Costa of Crescat Capital. Kevin kicks off the conversation with an overview of Crescat’s approach, the long-only strategy, long/short equity hedge fund, and Global Macro Fund.

Tavi then gets into high equity market valuations, their macro model that has timed well in backtests with previous market peaks and troughs in the tech and housing bubbles, 15 countries with 30-year bond yields below the Fed Funds rate, and demand for U.S. Treasuries and the U.S. dollar.  Kevin follows up with some comments on implementation and expressing these views in their portfolio, and why they continue to trust their process and remain net-short equities.

Next, Tavi gets into Crescat’s thesis on China and the potential credit bubble, and the vulnerable Chinese currency as a result.

Meb then asks about Crescat’s bullish thesis on precious metals. Kevin discusses that trade’s role in the portfolio, and its place as a theme in the global macro fund, which includes, a short equity theme, long precious metals theme, and a short Chinese Yuan theme.

Meb asks the pair to get into some of their other themes that stand out as opportunities. Kevin links the Canadian housing bubble and Australian debt crisis themes to China and Chinese capital outflows. He also covers some longs as part of their cybersecurity theme such as Palo Alto Networks.

Meb shifts by asking about what investors should takeaway from Crescat’s thinking, Kevin adds that people should think about more tactical asset allocation, become increasingly defensive, and consider some alternatives. Tavi adds that investors may want to consider cash, precious metals, and perhaps some Treasuries.  

As the conversation winds down, Meb asks about anything else they consider that isn’t covered widely in the media or by investment managers. Kevin discusses consumer confidence, and Tavi adds twin deficits and an alternative view of beta.

All this and more in episode 152.  

Apr 24 2019

54mins

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#235 - Ajay Prakash, Rinse - The Barriers To Entry Are Super Low…But The Barriers To Scale Are Incredibly High

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In episode 235 we welcome our guest, Ajay Prakash, co-founder and CEO of Rinse.

In today’s episode, we’re talking about building and scaling laundry and dry cleaning. We talk about the origin story behind Rinse and narrowing in on friction in the consumer experience and applying technology to old-school industries.

We discuss testing the offering on friends, and building a platform that leverages current industry infrastructure. We then get into future growth plans, the importance of expanding deeper into current markets, and other considerations they’re making to grow and expand the business.

All this and more in episode 235 with Ajay Prakash.

Jul 08 2020

55mins

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#234 - Harindra de Silva, Analytic Investors of Wells Fargo Asset Management - Just Because A Factor Hasn’t Been Working For 3 Years…Don’t Ignore It…Continue To Evaluate It

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In episode 234 we welcome our guest, Harin de Silva, president and portfolio manager for the Wells Fargo Asset Management Analytic Investors team. In today’s episode, we’re talking factors and long/short investing.

We discuss factors as anything that can help explain return, and the all-important task of assigning weights to factors in portfolio construction. We get into short selling, and some of the challenges that need to be carefully navigated, from risk management to asymmetric return distributions, to the cost of borrow.

As we wind down, we cover the appetite institutions have for factor investing and how they seem to be a lot more interested in general, however, they’re less willing to pay for strategies they can get cheaply.

All this and more in episode 234 with Harin de Silva.

Jul 06 2020

49mins

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#233 - Lisa Rich, Hemisphere Ventures, Xplore - Opening Up The Door For Access To Space

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In episode 233 we welcome our guest, Lisa Rich, managing partner of Hemisphere Ventures and founder and COO of Xplore. In today’s episode, we’re talking about tech and the front lines of space exploration.

Lisa walks through her background as an entrepreneur, and her transition as an investor with Hemisphere Ventures as she saw the emerging case for frontier technology. We talk through some interesting case studies of a few portfolio companies, from Axiom Space, building the world’s first commercial space station, to PlanetIQ, focusing on satellite-borne, state-of-the-art sensors to collect data to improve weather forecasting, space weather prediction, and climate analytics. We then jump into her own space company, Xplore.

We chat about space as a service and commercial capabilities, as well as development of their spacecraft, Xcraft. We dive into milestones that include working with NASA on version 4.0 of the Xcraft, planned to travel to the solar gravity lens focal region as the fastest spacecraft ever built in human history.

All this and more in episode 233 with Lisa Rich.

Jul 01 2020

1hr 2mins

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#232 - Luis Perez, Remoov - We’re Removing That Headache And We’re Giving You That Piece Of Mind And Your Space Back

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In episode 232 we welcome our guest, Luis Perez, Founder of Remoov. In today’s episode, we’re getting organized. We’re talking about taking the work off your hands of removing all of that unwanted clutter.

We discuss the idea that was prompted by the observation of inefficiency in the college move-in, move-out process. Luis took it upon himself to store outgoing students’ items over the summer, and sell them to incoming students in the fall. He found a market and traction, and today he’s running and growing this model with Remoov. We discuss operations and trying to find efficiency in this capital intensive business through technology and innovative processes.

We get into the logistics of entering new markets and targeting demographics such as baby-boomers that are likely to be downsizing. We talk about how the COVID pandemic has impacted the business, and the ‘on-your-feet’ thinking that led to Remoov opportunistically connecting with downsizing businesses.

All this and more in episode 232 with Luis Perez.

Jun 29 2020

52mins

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#231 - Julian Klymochko, Accelerate Financial Technologies - The Democratization Of Alternatives, It’s Happening, But It’s Something That Does Not Happen Overnight

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In episode 231, we welcome our guest, Julian Klymochko, founder and CEO of Accelerate Financial Technologies. In today’s episode, we’re talking liquid alts and democratizing alternative strategies that have been tapped by the world’s largest institutions for decades.

We get into the current state of liquid alts and hedge funds, and the standardization and commoditization that has come with increased competition. We talk about merger arbitrage. Julian offers a story about a 2014 trade that went awry when he was running his first hedge fund, adding color to some of the mechanics and risks inherent in the strategy.

We key in on private equity, dig into the lack of mark-to-market appraisal of holdings, and how this strategy can be replicated in public markets. As we wind down, we discuss the opportunity in the future for flows to work their way from complex, high fee alternatives, into low-cost liquid alts.

All this and more in episode 231 with Julian Klymochko.

Jun 24 2020

1hr 13mins

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#230 - Ryan Lupberger, Cleancult - There’s No Other Brand On The Market That Can Sit On Shelves And Be Zero Waste

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In episode 230 we welcome our guest, Ryan Lupberger, Co-Founder and CEO of Cleancult. In today’s episode, we’re talking cleaning. Sustainable cleaning products to be exact.

We talk about Cleancult’s origin story, zero waste packaging, and products that actually work. We discuss getting involved with Parallel 18, a Puerto Rican accelerator that was essential to network building, and tapping into the strong pharma, science, and the R&D community that Puerto Rico has to offer.

We dig into the journey of iterations on product and packaging, and the ‘aha’ moment and decision to offer soap refills in milk cartons, the challenge that idea posed, and the custom machinery and technology that helped make that a reality.

All this and more in episode 230 with Ryan Lupberger.

Jun 22 2020

48mins

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#229 - Evan Brandoff, LeagueSide - There’s No Better Way To Engage With Families In The Community Than Through Youth Sports

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In episode 229 we welcome our guest, Evan Brandoff, Co-Founder and CEO of LeagueSide. In today’s episode, we’re talking about targeted, local marketing through youth sports organizations.

Marketing through youth sports has been going on for a long time, many have played on teams with local sponsors, or have noticed a favorite local business sponsoring a team. Evan talks about evolving that model to offer automated execution through a technology platform that delivers sponsorship of local youth sports to regional and national brands.

We discuss the “aha” moment that led to the founding of LeagueSide, and the evolution of the business. We get into the impact COVID has had on the viability of youth sports leagues, and some of the tactics they are using to navigate these difficult times from a business standpoint and to support youth sports.

All this and more in episode 229 with Evan Brandoff.

Jun 17 2020

46mins

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Cambria Fund Profile Series – Cambria Tail Risk ETF (TAIL)

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In today’s episode of the Cambria Fund Profile Series, Meb discusses the Cambria Tail Risk ETF (TAIL).

Meb walks through the S&P 500’s move from it’s all time high on February 14th 2020 to it’s recent low on March 23rd 2020 that resulted in a decline of 33.7% in just 20 days.

He poses the question: “Is there any way an investor might have been able to mitigate this decline in his or her portfolio?”

He then makes the case for the Cambria Tail Risk ETF (TAIL), a fund engineered to help guard against significant market drawdowns.

As the episode winds down, Meb poses this scenario:

“Is the stock market back on solid footing today? No one has a crystal ball. If I told you a year ago, that unemployment would jump from low single digits around 4% to over 15% today, that Fed interest rates would fall from 2.5% to near zero today, that gold would be up massively, stock volatility would be up, and oil would crash down over 50%, and yet, despite all of this, stocks are up. Would you believe me? Most would not.”

All this and more in this Cambria Fund Profile Series episode, featuring the Cambria Tail Risk ETF (TAIL).

Jun 15 2020

16mins

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#228 - Danilo Santiago, Rational Investment Methodology - The Market Will Tend To Overpay When Earnings Are Good And Underpay When The Company Gets In Some Kind Of Trouble

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In episode 228 we welcome our guest, Danilo Santiago, founding partner of Rational Investment Methodology. In today’s episode, we’re talking stocks and investment process.

We take a deep dive into Danilo’s fundamental process that is, to a large extent, automated by programs he developed over many years. We chat about circle of competence, and why Rational focuses on a quasi-static group of about 60 companies, and has done so for over a decade.

We even walk through a case study, and talk about how Danilo thinks about the long and short side of his book.

All this and more in episode 228 with Danilo Santiago

Jun 10 2020

1hr 9mins

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#227 - Alex Smereczniak, 2ULaundry - Quality Has to Be At The Forefront of Everything That We’re Doing

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In episode 227 we welcome our guest, Alex Smereczniak, Co-Founder and CEO of 2ULaundry. In today’s episode, we’re talking about re-thinking the laundry and dry cleaning business.

Alex cut his teeth in the business with a student-run startup at Wake Forest. We get into what he saw with existing startup models trying to scale the laundry business, and why he thought the model needed to be approached in an entirely different way.

We discuss scaling the business and 2ULaundry’s differentiating factors of pick up and delivery scheduling, vertical integration, and launching in markets where there is little competition, but room to scale.

As the conversation winds down, we cover what 2ULaundry has done to navigate during the COVID-19 pandemic.

All this and more in episode 227 with Alex Smereczniak.

Jun 08 2020

53mins

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#226 - Vineer Bhansali, LongTail Alpha - The Bigger Question To Me Is Not Whether Tail Risk Hedging Is Good Or Bad, But Whether It Is Good Or Bad For Your Current Portfolio Posture

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In episode 226 we welcome our guest, Vineer Bhansali, CIO of LongTail Alpha. In today’s episode, we’re talking current markets and tail risk hedging.

We get into what has been going on in markets, and talk about asymmetric portfolio construction. We discuss recent market liquidity, and how it is the worst Vineer has seen in his career.

We cover tail risk hedging, and walk through some examples of how to implement, and how different techniques fare in various environments.

All this and more in episode 226 with Vineer Bhansali.

Jun 03 2020

1hr 3mins

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#225 - Eric Crittenden, Standpoint Asset Management - I Enjoy Trying To Win A Marathon Rather Than Winning Sprints

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In episode 225 we welcome our guest, Eric Crittenden. In today’s episode, we’re talking managed futures and trend following.

We get into investor behavior, and the challenges of getting people to allocate to managed futures, despite the data that shows they should. Eric has come up with a creative way to re-frame the conversation around managed futures to help investors break through, and deepen their understanding.

We even walk through Standpoint’s managed futures process. We cover portfolio construction and what the allocation looks like right now.

All this and more in episode 225 with Eric Crittenden.

Jun 01 2020

37mins

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#224 - Eric Kinariwala, Capsule - The Pharmacy Sits At The Center Of The Healthcare System

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In episode 224 we welcome our guest, Eric Kinariwala, Founder and CEO of Capsule. In today’s episode, we’re talking disruption of the $425 billion pharmacy industry.

We hear about the experience that sparked the idea for Capsule. We cover the state of the industry, and the feedback Eric received about the poor experience friends and doctors are having with the current pharmacy model.

We then dig into the company, delivering an easier and better way for people to get and manage medications, and the customer experience that is inspired by a loving and overbearing mother.

All this and more in episode 224 with Eric Kinariwala.

May 27 2020

41mins

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#223 - Steven Jorgenson, Starbridge Venture Capital - The Launch Sector is Literally Less Than 2% Of The Space Industry

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In episode 223 we welcome our guest, Steven Jorgenson, Managing General partner of Starbridge Venture Capital. Strap in and let your imagination run wild…In today’s episode, we’re talking about the space industry.

We cover the space economy. There’s a lot more to it than just the launch sector. We dig into microgravity, and the opportunity it offers research and development. We chat about terrestrial market applications, and we even walk through a few investments in the portfolio.

If that isn’t enough, Steven lays out a timeline for the space industry over the next decade and beyond; it may leave you feeling that we’ll be living a sci-fi novel in the not too distant future.

All this and more in episode 223 with Steven Jorgenson.

May 25 2020

1hr 1min

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#222 - Dakin Sloss, Prime Movers Lab - Power Law Is The Key To Understanding Venture Capital

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In episode 222 we welcome our guest, Dakin Sloss of Prime Movers Lab. In today’s episode, we’re talking venture capital and investing in breakthrough scientific startups.

We get into the way Prime Movers Lab thinks about its place in the venture capital ecosystem and why Dakin believes the least useful thing they provide is capital. We talk about assessing entrepreneurs and companies and looking for founders who don’t give up.

Dakin even gives us insight into some of the innovative companies in the portfolio, those executing on ideas from space transit to sustainable aquaponic farming.

All this and more in episode 222 with Dakin Sloss.

May 20 2020

1hr 13mins

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#221 - Chris Davis, Davis Advisors - As Human Beings, We Don’t Welcome Fear And Panic…As Investors, We Welcome The Bargain Prices That Those Emotions [Tend To] Produce

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In episode 221 we welcome our guest, Chris Davis of Davis Advisors. In today’s episode, we’re talking stocks and investor behavior.

We begin with Chris’s background and transition into some of his early lessons about investing and compound returns. We hit on investor behavior and trying to keep investors behaving in their own best interests.

We discuss current markets, owning durable and resilient businesses, and the thinking behind the fundamental process at Davis. We even get into some thoughts about opportunities in markets today, from financials to energy.

All this and more in episode 221 with Chris Davis.

May 18 2020

1hr 13mins

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#220 - Andrew Beer, Dynamic Beta Investments - Can You Match Or Outperform Leading Hedge Funds, But With Low Fees, Daily Liquidity, And Less Downside Risk?

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In episode 220 we welcome our guest, Andrew Beer of Dynamic Beta Investments. In today’s episode, we’re talking hedge funds and replication.

We kick things off with some background that includes Andrew’s start in the industry with Seth Klarman’s Baupost Group in 1994. We discuss replication strategies, what Dynamic Beta is doing to try to outperform hedge fund portfolios, and most importantly, how they are doing it.

We talk about the firm’s equity long/short and managed futures strategies, understanding key hedge fund allocations, and what the funds look like right now. As the conversation winds, down we chat COVID and what the future might look like for liquid alts.

All this and more in episode 220 with Andrew Beer.

May 13 2020

1hr 4mins

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#219 - Paul Collier - What Capitalism Offers Is A Combination Of Competition And Collaboration

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In episode 219 we welcome our guest, Sir Paul Collier. In today’s episode, we’re talking economics and capitalism.

We kick things off by covering some instances of the derailment of capitalism. We go all the way back to the mid-1800s to Bradford England’s industrial rise, the ensuing health crisis, and how capitalism responded. We walk forward to talk about the divide between metropolis and provincial cities, and the new class divide.

We discuss psychological and economic issues facing what professor Collier refers to as, “left behind countries.” We then shift to a thoughtful discussion of prescriptions to these problems, and the factors that need to work in harmony to create common purpose.

All this and more in episode 219 with Sir Paul Collier.

May 11 2020

48mins

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#218 - Adam Karr - One Of The Most Important Decisions You Make Is The Price That You Pay

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In episode 218 we welcome our guest, Adam Karr. In today’s episode, we’re talking stocks and investment process.

We cover Orbis’ investment philosophy, and the relentless focus on companies trading at a discount to intrinsic value through a bottom-up analysis process. Adam offers thoughts on the current environment and why he thinks this looks more like the .com bubble, rather than the aftermath of the global financial crisis.

We get into some of the opportunities in the market today and discuss emphasizing companies with balance sheet strength and thinking in terms of long-term, normalized earnings power.

All this and more in episode 218 with Orbis Investments’ Adam Karr.

May 06 2020

56mins

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#217 - Mary Wheeler - 2019…There Were 20 $1B Biopharma IPOs…We Just Don’t Call Them Unicorns Because They’re Not That Rare

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In episode 217 we welcome our guest, Mary Wheeler, Founding Managing Director of BioRock Ventures. In today’s episode, we get into biotech and venture capital.

We cover Mary’s deep background that ultimately influenced her investment focus on biotech. We cover her fund, BioRock Ventures, investing in biopharma startups, her core investment criteria, and keeping an eye out for companies serving unmet need areas.

We touch on some key differences between biotech focused VC investing vs. other areas of VC. Mary even shares some insight into a company in her portfolio that has focused resources on potential COVID19 applications.

All this and more in episode 217 with BioRock Ventures’ Mary Wheeler.

May 04 2020

50mins

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iTunes Ratings

650 Ratings
Average Ratings
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Great interviewer!

By Minnie_Ing - Jan 15 2020
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He's casual good fun and gets his guests chatting.

PodCast Addict

By BlitzTrop - Dec 25 2019
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Men is one of the smoothest podcast hosts! Definitely worth your time!!!