The Meb Faber Show

Today’s guest is Duncan Kelm, managing partner for Arrow Point Tax Services, specializing in financial plans and processes for business owners, professionals, and executives with an eye on taxes. In today’s episode, we’re talking about everyone’s favorite subject – taxes! Tax day is less than 2 months away so this couldn’t be timelier. Duncan walks us through some tax breaks for businesses, individuals & private investments. We touch on the difference in taxes within the US and then get into the Employee Retention Tax Credit, which Duncan pounds the table about why more people need to know about it. Then we get into my personal favorite, yes, QSBS. We also touch on Opportunity Zones, which long-time listeners have heard us talk about before. Duncan provided resources related to the conversation today: Employee Retention Tax Credit & his Top Tax Strategies. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailin

Today’s guest is Laurens Swinkels, Robeco’s Head of Quant Strategy and one of my favorite authors. In today’s episode, we walk through some of Laurens’ favorite research. We begin with the global market portfolio, how it’s evolved over time and where crypto fits in today. Then we talk about his research on factor performance dating back to the 19th century. We also cover his framework for determining expected returns for all major asset classes and why he and his team decided to include climate change in that analysis for the first time this year. Be sure to stick around until the end when we touch on sin stocks, ESG, and even the tokenization of real estate and other assets. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by MUD\WTR. MUD/WTR is a coffee alternative that supports your morning ritual without all the anxiety and

Our guest is Vinesh Jha, founder and CEO of ExtractAlpha, an independent research firm dedicated to providing unique, actionable alpha signals to institutional investors. In today’s episode, we’re talking all things quant finance and alternative data. Vinesh walks through his background at StarMine, which built a Morningstar-esque company for equity research, and then dives into what he’s doing today at ExtractAlpha. He shares all the different ways he analyzes alternative data, whether it’s looking at sentiment and ticker searches or using natural language processing to analyze transcripts from earnings calls. Then he shares whether or not he thinks alternative data can help investors focused on ESG.   As we wind down, we touch on ExtractAlpha’s merger with Estimize and the ability to crowd source financial intelligence. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestm

Today's radio show is with Meb Faber, Justin Bosch & Colby Donovan. We cover Meb’s experience investing in startups, including: Why Meb started investing in startups His process for sizing investments The importance of making an investment plan if you want to invest in private companies Meb’s biggest wins Listener questions! Resources: Journey to 100x How I Invest 2022 Meb's Deals  Episodes with founders Meb's invested in Episodes with VC's and Syndicate Leads ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- This episode is sponsored by Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Visit masterworks.io/meb to skip their wait list. Learn more about your ad choices. Visit megaphone.fm/adchoices

Our guest today is Eric Crittenden, Chief Investment Officer of Standpoint Asset Management, an investment firm focused on bringing all-weather portfolio solutions to US investors. In today’s episode, we’re talking with one of the true systematic investors out there. We start by discussing the potential impact of inflation on investors’ portfolios. Then Eric shares what led him to start a new firm focused on giving people what they need in a format they want – a mix of trend following and global equity beta. We touch on diversification and why Eric’s a true believer in trend following.  To listen to Eric’s first appearance on the podcast, click here To listen to Eric’s second appearance on the podcast, click here ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000

In today’s episode of the Cambria Fund Profile Series, Meb discusses the Cambria Value and Momentum ETF (VAMO). Meb walks through the strategy, which provides exposure to stocks focused on value and momentum metrics, while having the ability to tactically hedge the equity portfolio with strict risk control methods that are completely systematic. He looks back at the fund’s underperformance prior to 2021, and sheds light on the strategy’s headwinds in recent years. As the episode winds down, Meb offers some notes from a recent Cliff Asness paper on why the setup for value is as attractive today as it’s been over the past 50 years and explains why he’s excited about this strategy going forward.

In episode 388, we welcome our guests, Scott Lynn and Masha Golovina, the CEO and Head of Acquisitions for Masterworks, the newly minted unicorn that’s providing everyone the ability to invest in top tier blue-chip art. In today’s episode, we start with an update since we first talked with Masterworks back in late 2020. We hear how the company has become the largest art buyer in the world, spending about $45 million per month with over 320,000 investors on the platform. We talk about some trends impacting the art market like inflation and NFTs. Then we spend some time on the acquisition process of paintings. We walk through the difference between buying paintings at auction and private markets and which factors have the greatest impact on prices over time. This is unlike any episode Masterworks has done before! ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com --

In episode 387, we welcome our guest, Whitney Baker, founder of Totem Macro, an EM macro consultancy and hedge fund advisory boutique. In today’s episode, Whitney shares her flows based macro lens for looking at the markets, one she honed at famed shops like Bridgewater and Soros Fund. She says we’re experiencing a cyclical and secular regime change that the market has yet to adjust to. Then Whitney shares why she believes the US is in an once-in-a-lifetime bubble…and at the same time have a once-in-a-generation value opportunity in broad sections of EM. We touch on the implications of this for both foreign and domestic markets and hear where she sees opportunity.  Whitney shared one of her recent research pieces which are normally only for a select number of the world’s most sophisticated investors, so be sure to check it out here. It – is – fire. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list o

In episode 386, we welcome our guest, John Arnold, arguably the best natural gas trader of all-time and now one of the largest philanthropists in the US, giving away almost half a billion dollars a year.  In today’s episode, we start with John’s rapid rise at Enron and later launching his own fund, Centaurus Advisors, which posted eye-popping returns and led him to become the youngest billionaire in the US in 2007. We talk about the mindset that helped him become a successful trader, and even touch on the time he took the other side of Amaranth Advisors in a famous trade. Then we hear why, before the age of 40, he decided to wind down his fund, focus solely on philanthropy, and commit to giving away most of his fortune during his lifetime. We talk about some of the problems he’s tackling around public finance, election reform and health care, and hear what has surprised and frustrated him along the way. ----- Follow Meb on Twitter, LinkedIn and YouTube Check out Meb's Deals for discounts from a lot of compani

In episode 385, we welcome our guest, Jeff Shaw, founder of Underground Cellar, a new way to discover, buy, and store limited edition wines. In today’s episode, we’re talking to one of the most passionate, gritty, and determined entrepreneurs around. Jeff begins by explaining where he got the idea to gamify the wine buying process. He shares how the company works – the process of buying the wine, the upgrade algorithm, and the logistics of storing the wine. Then we hear how Mark Cuban turned him down multiple times, and leveraged that to get an investment from Shark Tank’s Barbara Corcoran. We talk about the experience of going through Y Combinator, raising money from Jason Calacanis, and what lies ahead for this fast growing startup.   As a special offer for listeners of the show, visit Undergroundcellar.com and use the code MEB to get $100 off your first order of $150 or more. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, s

In episode 384, we welcome our guest, Robert Cantwell, founder and Chief Investment Officer of Upholdings and portfolio manager for the Compound Kings ETF. In today’s episode, we’re talking to the first person to convert a hedge fund into an ETF and invest in a private company through an ETF. Robert shares why he chose to do the conversion and some benefits of the ETF structure, including transparency, taxes and even short lending to generate income. Then we get into his ETF, ticker K-N-G-S. We talk about Robert’s philosophy for running a concentrated portfolio of companies that he defines as compounders. We hear his thought process for analyzing a company and he uses Facebook as an example. As we wind down, we touch on the Chinese Internet stocks and how investors should think about geopolitical risk when investing abroad. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainves

In episode 383, we welcome our guest, Mike Dudas, founder and General Partner of 6th Man Ventures, which focuses on investing in Web3 infrastructure and the metaverse. His previous experience at Disney, Google and Venmo gives him a unique perspective on these areas. In today’s episode, we have a primer on Web3 from someone who’s deploying over $100 million into the space over the next few years. We start with an overview of stablecoins and their role in Web3. Then we get into NFTs and how they relate to DAO’s – decentralized autonomous organizations. We even hear how Mike helped launch LinksDAO, which raised over $10 million in 48 hours with the goal of creating one of the world’s greatest golf clubs. As we wind down, we hear about some existing portfolio names and why Mike is bullish on the metaverse. (0:39) – Intro (1:24) - Welcome to our guest, Mike Dudas (2:29) - Early career at Disney, Google and Venmo (9:14) - Working for Paxos (12:30) - Overview of Web3 (15:49) - Overview of stablecoins & their i

In episode 382, we welcome our guest, Dan Zwirn, CEO and CIO of Arena Investors, a firm focused on global special situations and asset and credit investments. In today’s episode, we’re diving into the private credit market. Dan walks us through the process of sourcing private deals, the intricacies around structuring, and his framework for hedging currencies and commodities on a deal-by-deal basis. Then Dan explains why he thinks the CLO market is looking a little bubbly and the impact of COVID on his portfolio. Of course we talk about some examples of his recent deals, including one you’ll love hearing about with the AC Milan soccer club. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s large

In episode 381, we welcome our guest, Leonard Mlodinow, a theoretical physicist and best-selling author of a number of books, including The Drunkard’s Walk: How Randomness Rules Our Lives and Emotional: How Feelings Shape Our Thinking, which releases next week!  In today’s episode, we look at the relationship between our emotions and decisions. Leonard explains how emotions can make us emphasize or de-emphasize certain beliefs and even completely ignore certain data points. Then we dive into how emotions impact our investment decisions. We hear what studies say about how the best traders handle their emotions and talk about the role of social and emotional contagion on financial markets.  ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing researc

Episode 380 is a replay of The Meb Faber Show’s top podcasts of 2021. Guests include Jeremy Grantham, Chris Cole, & Jeff Seder.  (2:53) - Jeremy Grantham puts 2020 in historical context, shares where he sees value outside of the US stock market, and discusses why he's so bullish on venture capital. (1:21:53) - Chris Cole covers the optimal portfolio to help you grow and protect your wealth for the next 100 years. (2:42:31) - Jeff Seder shares the best moneyball story you've never heard. He tells us how he used a quantitative approach to discover 2015 Triple Crown winner, American Pharoah. Click here to listen to the top podcasts of 2020 Click here to listen to the top podcasts of 2019 ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by GiveWell. GiveWell searches for the charities that save or improve lives the most per doll

This year, we’re bringing you the entire volume of The Best Investment Writing Volume 5 in podcast format. You’ll hear from some of the most respected money managers and investment researchers all over the world.  Contributors:  (2:36) - Campbell Harvey and Michele Mazzoleni, Research Affiliates – Breaking Bad Trends (31:17) - Jack Vogel, Alpha Architect – Value Investing: An Examination of the 1,000 Largest Firms (45:09) - Brian Barish, Cambiar Investors – The Virus Plaguing Value (1:03:55) - Andrew Patterson, Vanguard – The Idea Multiplier: An acceleration in innovation is coming (1:29:25) - Peter Chiappinelli, GMO – The Passive Aggressive Agg, Revisited (1:43:26) - Amie Ko, Research Affiliates – A Quick Survey of “Broken” Asset Classes (2:02:09) - Sean Duffin, Cambridge Associates – Benefits of Global Diversification (2:18:50) - Greg Obenshain, Verdad Advisers – Sales and Distributions: How revenue growth and distributions drive equity returns (2:29:35) - John Pease, GMO – Value: If Not Now, When? (2:48:03

In episode 379, we welcome back our guest, Peter Livingston, founder of Unpopular Ventures, which invests in early stage technology startups around the globe. In today’s episode, we hear what’s gone on with Unpopular Ventures since Peter’s first appearance last year and what led him to hire multiple partners to build out his syndicate. Then we take a look at the investment landscape in places like Asia, Africa, and Latin America and hear what he thinks about the high valuations in the private market today. And of course we walk through some names, including Jeeves, his best performing investment. Be sure to stick around to the end to hear what Peter thinks about some recent news in the venture space about Tiger Global & Sequoia. To listen to Peter’s first appearance on The Meb Faber Show, click here. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’

In episode 378, we welcome our guest, Cullen Roche, founder and Chief Investment Officer of Discipline Funds, a low fee financial advisory firm with a focus on helping people be more disciplined with their finances. In today’s episode, Cullen begins by sharing his framework for thinking about inflation and the impact of both monetary and fiscal policy. He explains the difference between the response to the Great Financial Crisis and what we’re experiencing today and then shares what he expects inflation to look like over the next few years. Then we get into Cullen’s newest venture, the Discipline Funds ETF, ticker DSCF. He walks us through why he chose to start the fund, the tax benefits of holding low cost index funds in an ETF wrapper when rebalancing, and what the process of launching an ETF was like. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Tod

In episode 377, we welcome our guest, Garrott McClintock, a fifth-generation farmer and the Chief Operating Officer of AcreTrader, a farmland real estate investment company offering individuals access to low minimum passive farm investments. In today’s episode, we’re talking all things farmland live from the 2021 Farmland Investing Summit. We talk about the process of sourcing farms and building out the farmland-investing ecosystem. Then we talk about some of the macro tailwinds, the possible risks to the asset class, and the long-term vision of AcreTrader. Be sure to stick around to hear about my own farm I purchased through AcreTrader in Nebraska! ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the wor

In episode 376, we welcome our guest, Jason Wenk, founder and CEO of Altruist, an all-in-one financial advisor platform. In today’s episode, we’re talking with one of the most successful fintech startups around! Jason is building an alternative to existing custodians with a mission to make independent financial advice better, more affordable, and more accessible. We get into some of the benefits to aadvisors and how they aligned their fee structure to benefit advisors and their clients. Then we get into the future of financial advice. We touch on fees, mutual funds, ETFs and direct indexing, and some of the structural issues embedded within the financial services industry.  ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by Public.com. Public.com is an investing platform that helps people become better investors. Start investi