The Meb Faber Show

Episode 31 starts with some background information on Mark. After some early-career twists, he got his “big break” – working for his alma mater, Notre Dame, in its endowment department. Several years later, The University of North Carolina came calling, and Mark took the helm for UNC’s investments. Eventually, he moved on to private wealth with his current group, Morgan Creek. Given the heavy institutional background, Meb asks about how endowments invest. Mark tells us that every large pool of capital manages its money the same way – investing in stocks, bonds, currencies, and commodities. That’s it – though how you own those assets might change. Yet despite different wrappings, they all have the same risk factors. This leads Mark to focus on asset allocation, as “asset allocation matters most.” The conversation turns toward money managers (Mark uses various money managers at Morgan Creek). Meb asks how a retail investor can get access to the truly great money managers. It turns out, it’s very difficult. But