Today’s guest is Chuck Clough, Chief Investment Officer of Clough Capital. Chuck is well known from his time as the Chief Global Investment Strategist at Merrill Lynch until 2000 and has spent over six decades in finance.

In today’s episode, Chuck shares insights from his illustrious career, reflecting on the challenges of the 1970s and the market crash of 1987. Chuck explains what it was like to be bearish during the dot-com bubble and watch Cisco go up 6x after he turned bearish, only to then decline by 95%. He compares the current stock market to the dot-com bubble, talks about the impact of AI on various sectors, and finishes with lessons from working alongside legends like Bob Farrell & Richard Bernstein.

(0:00) Starts

(0:34) Sponsor: Farmland LP

(1:40) Introduction of Chuck Clough

(5:14) 1970s inflation

(11:57) Comparing the 1999 dot-com bubble to today

(14:08) Predictions for AI companies

(24:13) Clough Capital and views on China

(28:09) Interest rates, inflation, and demographics

(33:09) Savings, investment, and the productivity impact of AI

(38:30) Investment opportunities in various industries

(47:11) Contrarian views

(50:50) Financial market surprises

(56:37) Chuck's most memorable investment

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For detailed show notes, click here

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Farmland LP is one of the largest investment funds in the US focused on converting chemical-based conventional farmland to organic, sustainably-managed farmland using a value-add commercial real estate strategy in the agriculture sector. Register here for their webinar on March 12. 

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

The Clough ETFs are distributed by Paralel Distributors, LLC. Paralel Distributors, LLC and Clough Capital Partners L.P. are not affiliated. Please read Clough Capital’s disclosures and a prospectus at cloughetfs.com/disclosures before investing.

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Today’s guest is Jim Masturzo. Jim is the CIO of Multi-Asset Strategies at Research Affiliates and is responsible for the firm’s tactical asset allocation and cross-asset portfolios. He is also co-portfolio manager on the PIMCO All Asset and All Asset All Authority funds.

In today’s episode, Jim & I discuss the evolving landscape of asset allocation. He highlights the fragility of US markets amid high valuations, the divergence between China & India, and why private equity expectations may not align with public equity fundamentals. He also explores the current landscape of fixed income and explains why

he thinks the impact of AI on productivity may not be as positive as expected.

P.S. – do you know the origin of the 60/40 portfolio? Shoot us a

message at [email protected].

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

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Today’s guest is Brian Jacobs, Portfolio Manager and Investment Strategist with Aptus Capital Advisors.

In today’s episode, Brian and I talk about some investing truisms, including the CAPE ratio, home ownership, the ideal bond allocation, tax-efficient strategies and more. We also discuss Aptus Capital Advisors’ unique approach to hedged equity products and defined risk strategies, as well as the benefits of minimum volatility and trend following in portfolio management.

(0:00) Starts

(1:00) Introduction of Brian Jacobs

(2:29) Historical bond performance

(6:02) Aptus ETFs and investment strategies

(9:37) Defined risk and hedging products (ACIO, UPSD, DEFR)

(22:50) Options strategies

(25:42) Bond yields, put writing, and credit spreads

(29:03) Housing market & tax optimization

(35:18) Stock buybacks, dividends, and total return concepts

(45:19) CAPE ratio critique

(56:32) 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]

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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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Today’s guest is Mike Maples Jr. a partner at Floodgate, a pre-seed and seed-stage venture capital firm that’s invested in companies like Twitter, Lyft, Twitch, Okta. He’s also the author of Pattern Breakers: Why Some Start-Ups Change the Future.

In today’s episode, Mike shares his framework for investing in successful early-stage companies. He explores the nature of startups as acts of disagreement with the status quo and the importance of being disagreeable in the entrepreneurial journey. Mike also touches on the evolving landscape of IPOs and private markets, the transformative power of AI, lessons from one of his first Limited Partners, Yale’s David Swensen, and more.

(0:00) Starts

(1:06) Mike Maples' investment philosophy

(7:26) Identifying pattern breaking startups

(13:02) Spotting inflection points

(23:14) Portfolio strategy

(32:04) The future of private markets

(38:58) AI's impact on investing

(46:13) Early influences

(53:55) AI in education

(1:01:00) Controversial beliefs

(1:03:58) Mike's most memorable investments

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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 Savita Subramanian, Bank of America’s Head of U.S. Equity Strategy & U.S. Quantitative Strategy. Barron’s named Savita as one of the 100 Most Influential Women in U.S. Finance. 

In today’s episode, we cover the key trends shaping markets as we start 2025. Savita discusses the evolution of the S&P 500 over the past 50 years and why that leads her to be more comfortable with higher valuations today. Then she explains why productivity gains could drive the next bull market and the surprising resilience of corporate margins despite inflation volatility.

Plus, Savita weighs in on the future of small, mid, and large caps and why she favors selective stock picking over buying the index.

(0:00) Intro

(0:34) Sponsor: Farmland LP

(2:02) The evolution of the S&P 500

(5:13) Does the market deserve a higher valuation?

(11:02) 2025 market outlook

(14:34) Corporate margin expansion and efficiency

(19:43) Fixed income alternatives and large cap value stocks

(26:03) IPO trends and private markets

(32:23) Reshoring and US infrastructure investment

(38:12) Market shift to focus on total return

(51:17) Old economy stocks and global market opportunities

(58:35) Most memorable investment

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For detailed show notes, click here

-----

Sponsor: Farmland LP is one of the largest investment funds in the US focused on converting chemical-based conventional farmland to organic, sustainably-managed farmland using a value-add commercial real estate strategy in the agriculture sector. Register here for their webinar on March 12.

-----

Follow Meb on X, LinkedIn and YouTube

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! 

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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

-----

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! 

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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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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