Today's guest is Wendy Li, founder and CIO of Ivy Invest, which offers an endowment-style fund with traditional and alternative assets. She’s spent her career as an institutional investor managing billions of dollars for some of New York’s largest endowments and foundations.

In today's episode, Wendy walks through the strategies and principles behind how major endowments invest, manage risk and navigate the evolving landscape of alternative assets. Then we shift to Ivy Invest and her innovative approach in making endowment-style investing accessible to individual investors. She explains her approach to building a diverse investment portfolio, her framework for liquidity management, and how this fund structure allows individuals to invest with no need to be an accredited investor.

(0:00) Introduction to Wendy Li

(2:38) Endowment investing

(11:35) Balancing illiquidity and evolution of alternative investments

(22:58) Founding Ivy Invest

(26:27) Investment process, portfolio composition, and manager sourcing

(33:29) Evergreen structures and liquidity

(42:23) Skin in the game

(49:44) Most memorable investment

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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 this special episode, I’m releasing the full audiobook of Shareholder Yield: A Better Approach to Dividend Investing. While you can purchase the audiobook on Amazon, podcast listeners can listen here for free!   Check out the description and times of each chapter below.

About The Book

For decades, both professional money managers and retail investors have revered dividend stocks. However, an objective examination of historical data reveals a surprising truth: these investors may have been shortchanging themselves.

In this eye-opening exploration, Meb Faber unveils a more holistic market strategy beyond dividend investing - shareholder yield. Utilizing market studies, historical data, and insights from some of the world’s most successful investors, Faber guides readers through the numerous benefits of this broader approach. 

Discover why focusing on total shareholder value - encompassing dividends, buybacks, and debt management - offers a superior method. Join Faber as he presents compelling data, debunks misconceptions, and demonstrates how to implement these concepts in your portfolio.

(1:07) Opening

(1:55) Introduction

(7:00) Chapter 1

(10:50) Chapter 2

(13:36) Chapter 3

(18:00) Chapter 4

(32:42) Chapter 5

(1:11:54) Chapter 6

(1:37:50) Chapter 7

(1:52:20) Chapter 8

(1:58:00) Chapter 9

(2:00:28) Chapter 10

(2:04:54) Chapter 11

(2:06:13) Chapter 12

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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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Follow The Idea Farm: X | LinkedIn | Instagram | TikTok

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

-----

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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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com/) 

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In today's episode, we look back on an amazing 2024 with the episodes that YOU enjoyed the most. 

Aswath Damodaran: Apple, Spotify & YouTube 

Brad Gerstner: Apple, Spotify & YouTube 

Cliff Asness: Apple, Spotify & YouTube 

Hendrik Bessembinder: Apple, Spotify & YouTube 

Kenneth French: Apple, Spotify & YouTube 

Have feedback or questions? Want to sponsor the show? Email us at [email protected].

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Today’s returning guest is macro-expert Felix Zulauf, founder of Zulauf Consulting. He was previously the global strategist for UBS and later ran his own asset management firm.

In today’s episode, Felix explains why he’s concerned about the concentration of global equity markets and why he believes the US stock market is in a bubble. Then he shares his outlook for commodities, Bitcoin, and currencies. As we wind down, he advises investors to shift their focus from managing opportunities to managing risks.

(1:30) Market concentration & risks

(3:43) Late stage bull market indicators and valuation metrics

(7:07) Market fundamentals and market catalysts

(16:23) Fixed income and currency outlook

(33:02) Gold, Bitcoin and commodities

(45:59) Absolute vs. relative performance and investor resolutions

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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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Follow The Idea Farm: X | LinkedIn | Instagram | TikTok

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

-----

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! 

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My guest today is Fran Kinniry, Principal and Head of Vanguard Investment Advisory Research Center. Fran has been at Vanguard since 1997 and served as the Global Head of Private Investments and Global Head of Portfolio Construction.

In today’s episode, Fran highlights the role of advisors to help investors stay disciplined and avoid creating their own bear markets. He discusses his role leading Vanguard’s entrance into private equity in 2020, covering the initial launch and what’s next. He also touches on the market today, making the case for fixed-income, international diversification and rebalancing as 2024 comes to a close.

(2:24) Market conditions & investor behavior

(6:44) The role of advisors

(11:12) Advisors alpha

(14:07) The significance of fees and taxes

(18:01) Vanguard's expansion into private equity

(25:03) Evolution of market efficiency

(29:43) The undervaluation of high-quality bonds

(33:16) Perspectives on international investments

(40:27) Evolving views on value vs. growth investing

(42:16) Fran's most memorable investment

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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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Follow The Idea Farm: X | LinkedIn | Instagram | TikTok

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

-----

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! 

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Today’s guest is Matthias Hanauer, a researcher on Robeco’s Quant Equity Research team.

In today’s episode, we discuss the intricacies of value investing, the impact of various factors such as interest rates and market conditions, and the potential for emerging markets and small cap stocks going forward. Matthias highlights his research on the

‘Factor Zoo,’ the integration of machine learning in investment strategies, the evolution of quantitative investing, and more.

(1:32) Introduction of Matthias Hanauer

(2:01) The state of value investing

(7:26) Value investing's relationship with interest rate

(14:10) Growth stocks vs. value stocks

(16:38) Comparing emerging and developed markets

(18:55) Market influences

(23:20) Factor Zoo pape

(28:57) Machine learning

(38:15) Momentum

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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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Today's episode is sponsored by YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Get 20% off your initial YCharts Professional subscription when you start your free trial

Follow The Idea Farm: X | LinkedIn | Instagram | TikTok

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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! 

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My guest today is Michael Venuto, CIO & co-founder of Tidal Financial Group, an ETF platform with over 175 ETFs and $25 billion in assets.

In today’s episode, Mike & I discuss the banner year for the ETF industry and some of the trends contributing to the record inflows and fund launches. Then Mike talks about some different strategies, including ETFs that support people in the FIRE movement, blockchain and crypto, and yes, even how you can invest alongside Nancy Pelosi. 

(1:37) The state of the ETF industry

(3:33) Crypto ETFs

(8:04) Launching an ETF with Tidal

(17:19) FIRE movement ETFs

(24:09) Expansion of YieldMax platform

(27:41) Active management in ETFs

(31:07) Different ETF strategies

(42:01) Congressional trading insights

(45:47) Mutual fund to ETF conversions

(52:04) ETF predictions

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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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Today's episode is sponsored by YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Access their latest Fund Flows report & get 20% off your initial YCharts Professional subscription when you start your free trial

Follow The Idea Farm: X | LinkedIn | Instagram | TikTok

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

-----

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

-----

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

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

My guest today is Joel Nagel, founder of the international law firm Nagel & Associates, which has a major focus on asset protection. Joel is also the Chairman of Caye International Bank, and has served as ambassador to Austria, the United Nations in Vienna and to Croatia and Slovenia on behalf of the Belizean government.

In today’s episode, Joel starts by covering the four key risks in asset protection. He walks through different use cases for trusts, second passports and dual citizenship to help negate these risks. Joel also shares his perspective on both gold and cryptocurrencies and explains why using debt can be a helpful tool to protect your assets.

(2:00) Introduction of Joel Nagel

(3:00) Asset protection strategies

(6:02) Utilizing trusts

(13:06) Offshore structures

(16:32) Advantages of offshore trusts

(20:57) Risks in asset protection and second passport interest

(27:31) Motivations for second citizenship

(40:06) Strategic use of debt

(47:46) Investing in Bitcoin & gold

(52:26) Inflation and fiat currencies

-----

Follow Meb on X, LinkedIn and YouTube

For detailed show notes, click here

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

-----

Follow The Idea Farm: X | LinkedIn | Instagram | TikTok

-----

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

-----

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 Aswath Damodaran, a professor at NYU, where he teaches corporate finance and equity valuation.

In today’s episode, Professor Damodaran delves into the intricacies of investing and the lifecycle of companies. He also covers the challenges of valuation in a changing economy, the trend of buybacks versus dividends, and the evolving role of AI in finance.

Be sure to stick around to hear him critique ESG investing and share insights on the broken media landscape.

(1:55) Mag7 stocks

(7:28) Corporate life cycle

(9:47) Factors influencing startup success & characteristics of mature companies

(24:41) Capital allocation

(26:52) The IPO landscape

(34:05) AI in the investment process

(39:12) OpenAI's corporate structure

(45:48) ESG & the media landscape

(50:24) Sports economics

-----

Follow Meb on X, LinkedIn and YouTube

For detailed show notes, click here

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

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Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Get 20% off your initial YCharts Professional subscription when you start your free trial

Follow The Idea Farm: X | LinkedIn | Instagram | TikTok

-----

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

-----

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!

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My guest today is Dr. David Kelly, Chief Global Strategist and Head of the Global Market Insights Strategy Team for J.P. Morgan Asset Management.

In today’s episode, Dr. David Kelly discusses various economic themes, including inflation, consumer sentiment, the value of the dollar, and the government deficit. He also covers the current state of global markets and urges listeners to reassess their risk exposure in light of recent wealth gains.

(1:13) Economic outlook

(4:12) Consumer behavior

(8:24) Stocks and gold 2024 performance

(13:27) US dollar and deficit concerns

(20:44) Long-term capital market assumptions

(26:52) Regional opportunities

(33:09) David's favorite charts

(36:56) Thoughts on immigration

(39:37) Nonconsensus views on the federal deficit

-----

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

-----

Follow The Idea Farm: Twitter | LinkedIn | Instagram | TikTok

-----

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

-----

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

BIG NEWS! I just published the 2nd edition of Shareholder Yield: A Better Approach to Dividend Investing. For a limited time, the eBook is available for free!

For decades, both professional money managers and retail investors have revered dividend stocks. However, an objective examination of historical data reveals a surprising truth: these investors may have been shortchanging themselves.

In this eye-opening exploration, Meb Faber unveils a more holistic market strategy beyond dividend investing - shareholder yield. Utilizing market studies, historical data, and insights from some of the world’s most successful investors, Faber guides readers through the numerous benefits of this broader approach.

Discover why focusing on total shareholder value - encompassing dividends, buybacks, and debt management - offers a superior method. Join Faber as he presents compelling data, debunks misconceptions, and demonstrates how to implement these concepts in your portfolio.

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