Today’s guest is Catherine LeGraw, a member of GMO’s Asset Allocation Team.

In today’s episode, Catherine explains why this is “the best relative asset allocation opportunity we’ve seen in 35 years," and “we are building portfolios with some of the highest forecasted relative and absolute returns we’ve ever seen." She explains where she sees opportunity around the world today, why she’s excited about deep value and quality, and how she’s thinking about the Magnificent 7.

• (1:34) - Welcome to our guest, Catherine LeGraw
• (1:45) - Why Catherine is so excited about the opportunity set today (Record Highs…But We’re Still Excited)
• (8:04) - The Magnificent 7 (Magnificently Concentrated)
• (14:39) - The opportunity in deep value
• (17:10) - Opportunities in foreign stocks
• (20:38) - GMO 7-Year Asset Class Forecast (Feb. 29, 2024)
• (23:46) - Currency implications
• (24:56) - The current state of bonds
• (30:46) - Other interesting assets
• (34:35) - Jump in the Deep End / GMO
• (34:59) - Catherine’s most controversial opinion
• (37:04) - Catherine’s most memorable investment
• (38:41) - What in Tarnation

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Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). View their Economic Update Visual Deck. 

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

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Today’s guest is Professor Ken French, the Roth Family Distinguished Professor of Finance at the Tuck School of Business at Dartmouth College. He’s written some of the most influential papers in finance alongside former podcast guest, Professor Eugene Fama. 

In today’s episode, Ken shares what topic he and Professor Fama disagree on. Then we get into a number of topics: what it means to truly be a long-term investor, the global market portfolio, misconceptions around stock buybacks, and much more.

(01:17) - Welcome to our guest, Kenneth French

(03:35) - Investing in FAANG Stocks: Should You Expect Unexpected Returns?

(07:10) - Deciphering an investors skill vs. luck

(15:12) - Having an investment plan

(20:24) - The global market portfolio

(25:02) - Thoughts on gold and other commodities

(26:26) - Incorporating human capital

(32:12) - Ken’s thoughts on stock buybacks

(35:36) - Improving financial education

(40:10) - Disagreement, Taste, and Asset Prices

(44:05) - Ken’s most controversial opinion

(46:37) - Ken’s most memorable investment

Resources

Ken’s website

The Best Way To Add Yield To Your Portfolio by Meb Faber

The Arithmetic of Active Management by Bill Sharpe

Things I’ve Learned from Gene by Kenneth French

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Sponsor: 10 East is a membership-based investment firm founded by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner, focused on providing targeted exposure to private markets. Members invest at their discretion in single-investment and niche fund vehicles across private credit, real estate, private equity, and venture capital.

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Interested in sponsoring the show? Email us at [email protected]

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

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In today’s episode, Meb reads a white paper, “T-Bills and Chill…Most of the Time.”

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To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com

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Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only).

Sponsor: 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 largest institutions, funds, and money managers. Subscribe for free here.

Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

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Interested in sponsoring the show? Email us at [email protected]

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

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Today’s guest is Cliff Asness, co-founder, managing principal and Chief Investment Officer at AQR Capital Management. 

In today’s episode, Cliff & I start by talking about some quotes he may or may not have said in the past. Then we kick around a bunch of topics. We talk about diversifying by both asset class and geography, the challenge of managing short-term expectations while keeping a long-term perspective, and how AQR is implementing AI and machine learning in their investment process. 

(1:20) - Welcome to our guest, Cliff Asness

(1:45) - Cliff’s article in the Financial Times

(2:30) - Parsing Cliff’s real quotes from fake ones

(8:56) - Thoughts on bonds as a diversifier

(13:37) - Moving away from market-cap weighting

(19:27) - Managing client expectations

(29:30) - AQR Data Sets

(29:56) - Alternative trend-following

(43:48) - Position resizing for alternative strategies

(48:06) - AQR implementing AI in their investment process

(51:46) - Cliff’s most controversial opinion

(57:39) - Cliff’s most memorable investment

Learn more about Cliff: AQR; Twitter

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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

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Sponsor: 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 largest institutions, funds, and money managers. Subscribe for free here.

Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

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Interested in sponsoring the show? Email us at [email protected]

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

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Today’s guest is Steve Edmundson, the Chief Investment Officer of the Public Employees’ Retirement System of Nevada, which manages over $60 billion.

As pension funds continue to hire more employees, pay more and more fees and build more complex portfolios, Steve is an outlier for his approach that emphasizes simplicity over complexity. He’s one of two investment professionals on staff and has indexed 100% of all publicly traded asset classes. I love it! 

Steve talks about the culture that allows this model to work and shares some thoughts on the rise of private markets and the impact of higher interest rates.

The late Jack Bogle had a quote that applies well to Steve & Nevada PERS: “Don’t do something, just stand there!”

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For detailed show notes, click here

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Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). Read their 2024 Advisor-Client Communication Survey

Sponsor: 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 largest institutions, funds, and money managers. Subscribe for free here.

Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

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Interested in sponsoring the show? Email us at [email protected]

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

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Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!

Learn more about your ad choices. Visit megaphone.fm/adchoices

In today’s episode, Meb reads his blog post, “Should CalPERS Fire Everyone And Just Buy Some ETFs?.” 

Resource: What Does Nevada’s $35 Billion Fund Manager Do All Day? Nothing

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To learn more about our funds and follow us, subscribe to our mailing list. 

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Follow Meb on Twitter, LinkedIn and YouTube

To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com

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Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). Read their 2024 Advisor-Client Communication Survey

Sponsor: 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 largest institutions, funds, and money managers. Subscribe for free here.

Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

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Interested in sponsoring the show? Email us at [email protected]

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

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Today’s guests are Peter Atwater and Grant Williams, two guys that have known each other for a decade. Peter is a professor and author of The Confidence Map: Charting a Path from Chaos to Clarity. Grant is the author of the newsletter Things That Make you Go Hmmm… and host of The Grant Williams Podcast. He was also a co-founder of Real Vision.

Today’s episode is a masterclass in how to analyze market sentiment, which seems particularly timely given how the market has been lately. Peter shares his framework for looking at the world through the lens of certainty and control and how that drives consumer confidence. Then he and Grant kick around a bunch of topics, including the relationship between natural gas and Nvidia, Elon Musk and the velvet rope economy, gold and Bitcoin, the opportunity in Japan, and much, much more.

• (1:40) - Welcome to our guests, Peter Atwater and Grant Williams
• (2:28) - Confidence and vulnerability’s role in financial market
• (6:18) - Elon Musk 0 - 60mph Tweet
• (10:21) - Peter’s take on natural gas and Nvidia
• (13:17) - Class versus wealth
• (17:30) - Thoughts on gold and Bitcoin
• (22:38) - The world of luxury
• (28:43) - The UK stock market
• (33:10) - Why Grant is excited about the Japanese stock market
• (37:14) - Who would Grant want to interview today?
• (38:23) - Modern-Day Asset Management Business w/ Anthony Deden
• (44:29) - Peter and Grant’s most controversial opinions
• (48:59) - Peter and Grant’s most memorable investments

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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

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Sponsor: 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 largest institutions, funds, and money managers. Subscribe for free here.

Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

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Interested in sponsoring the show? Email us at [email protected]

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

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Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!

Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Tim Ranzetta, co-founder of Next Gen Personal Finance, a non-profit organization working to increase access to financial education.

In today’s episode, Tim updates us on everything going on with Next Gen Personal Finance. You all know I’m a huge proponent of teaching kids personal finance and Tim is as focused on this making this happen as much as anyone. He talks about “Mission 2030,” which is to guarantee every high school student in the US takes at least one semester-long personal finance course by 2030. 

Tim also shares how you can get involved in your community, along with some books and podcasts he’d suggest for kids to teach them about personal finance.

I have a feeling in 7 years, Tim will be back on the show to celebrate achieving Mission 2030.  

Listen to Tim’s first appearance on The Meb Faber Show here.

(1:30) - Welcome to our guest, Tim Ranzetta; Tim's first episode on the podcast

(2:03) - Update on Next Gen Personal Finance

(8:25) - Financial education in California

(13:31) - Financial education in schools

(18:27) - Designing the curriculum for personal finance in high schools

(25:57) - What the future looks like for Next Gen Personal Finance

(27:49) - How you can get involved 

(33:01) - Psychology of Money by Morgan Housel; Mind Your Money by Yanely Espinal; How to Adult by Jake Cousineau; Gen Z Money $ense by Ella Gupta

(34:55) - Lessons learned over the years

(38:42) - The Invest America program 

Learn more about Tim: Financial4ca.com; Next Gen Personal Finance

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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

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Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). Read their 2024 Advisor-Client Communication Survey.

Sponsor: 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 largest institutions, funds, and money managers. Subscribe for free here.

Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

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Interested in sponsoring the show? Email us at [email protected]

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

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Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! 

Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Whitney Baker, founder of Totem Macro. She previously worked at shops like Bridgewater and Soros.

In today’s episode, Whitney explains what led to $500 billion in money expansion last year and why that’s driven recent performance in asset prices. She discusses the challenge the Federal Reserve faces as they try to balance inflation concerns with the need to support asset prices.

Finally, Whitney talks about the huge opportunity she sees in emerging markets today and which countries have attractive valuations and troughing conditions. 

Listen to Whitney’s appearances in episodes 387 and 453.

(1:37) - Welcome to our guest, Whitney Baker

(1:55) - Whitney’s view of the macro landscape

(4:48) - What led to the money expansion the past few months

(14:57) - The challenge the Fed faces

(30:58) - Opportunity in emerging markets

(40:46) - Interesting markets to keep an eye on

(48:03) - What leads to Whitney seeing an investment opportunity

(58:57) - Update from Whitney on launching a new fund

(1:04:11) - Whitney’s view on gold

(1:07:17) - Larry Summers Tweet

(1:10:53) - Whitney’s most controversial viewpoint

(1:14:44) - Using useful resources from history

Learn more about Whitney: Twitter; LinkedIn

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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

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Sponsor: 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 largest institutions, funds, and money managers. Subscribe for free here.

Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

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Interested in sponsoring the show? Email us at [email protected]

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

-----

Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! 

Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s returning guest is Alpha Architect’s Wes Gray, and he’s joined by Bob Elwood, a business lawyer with a focus on investment funds. 

Wes and Bob just helped complete a separately managed account to ETF conversion of $770 million, so we had to get them on the show to walk through the process! They walk through the process of doing an SMA to ETF conversion via Section 351 from start to finish. They share some of the more nuances involved in the process and answer some common questions they hear over time.

While the most popular ETF story so far this year is the Bitcoin ETF, this is arguably a bigger long-term story and a trend to watch in the next few years.

(1:39) - Welcome to our guests, Wes Gray and Robert Elwood; Wes’ prior appearances on the show: how to launch an ETF, 2023 Radio Show, 2021 Radio Show

(2:11) - Update on Alpha Architect

(2:59) - Overview of converting SMAs to ETFs via Section 351

(13:58) - Mutual fund to ETF conversions versus separate account to ETF conversions

(19:34) - Weighing the advantages and disadvantages of SMA to ETF conversions

(26:01) - Is Your Alpha Big Enough to Cover Its Taxes? A 25 Year Retrospective

(26:35) - The case for the tax-free conversion of SMAs into an ETF via Section 351

(34:35) - Alpha Architect’s connection to former Presidential candidate Vivek Ramaswamy

(36:37) - Esoteric examples of SMA to ETF conversions

(38:06) - When does it not make sense to do a conversion?

(43:23) - The future of Alpha Architect

Learn more about Bob and Wes: ETF Architect; Alpha Architect

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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

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Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only).

Sponsor: 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 largest institutions, funds, and money managers. Subscribe for free here.

Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

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Interested in sponsoring the show? Email us at [email protected]

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

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Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! 

Learn more about your ad choices. Visit megaphone.fm/adchoices

In today’s episode, Meb reads a paper titled, “A Better Approach to Dividend Investing.” 

Learn more about the Cambria Shareholder Yield ETF, SYLD.

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To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expense before investing. This and other information can be found in the Fund's full or summary prospectus which may be obtained by calling 855-383-4636 (ETF INFO) or visiting our website at www.cambriafunds.com. Read the prospectus carefully before investing or sending money. 

The Cambria ETFs are distributed by ALPS Distributors Inc., 1290 Broadway Suite 1000 Denver CO 80203, which is not affiliated with Cambria Investment Management, LP, the Investment Adviser for the Fund.

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