Today’s guest is Cole Wilcox, CIO of Longboard Asset Management, a boutique asset manager specializing in alternative investment strategies.

In today’s episode, Cole walks through one of my favorite papers of all time, Does Trend-Following Still Work On Stocks? Hint: it does. Cole explains why you have to be a good loser to be a good investor, how power laws dominate the stock market, and the set up for trend following going forward.

(0:00) Starts

(1:46) Introduction of guest Cole Wilcox

(3:19) Cole's career and the basics of trend following

(7:43) Original paper on trend following

(25:26) Non-correlated investments and trade profitability in trend following

(32:14) Handling market corrections

(36:24) Tax efficiency and stop-loss benefits

(39:01) The importance of holding winners

(43:26) Bitcoin

(55:03) Cole's 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

-----

Sponsor: 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! 

-----

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

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

Today’s guest is Alex Wright, Global Wealth Strategist at Apollo.

In today’s episode, Alex discusses the fragility of public markets, citing high valuations, rising correlations, and limited diversification opportunities, which prompt a need to reassess traditional 60/40 portfolios. Then he walks through the opportunity in private markets, including private equity, private credit and infrastructure.

Alex explains why private assets can offer a potential pathway to enhanced diversification and capture opportunities in an expanding and evolving investment universe.

(0:00) Starts

(1:58) Alex's market overview and economic outlook

(4:08) Public market valuation

(15:07) Private markets potential

(24:42) Private equity and credit opportunities

(36:37) Comparison of public and private opportunities

(40:16) Infrastructure investment opportunities

(42:26) Alex's 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

-----

Sponsor:⁠ 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. 

-----

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

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

Today’s guest is Philipp Carlsson-Szlezak, Global Chief Economist at BCG and author Shocks, Crises, and False Alarms: How to Assess True Macroeconomic Risk.

In today’s episode, Philipp starts by sharing his framework to assess macroeconomic risk, emphasizing the importance of adapting to changing global conditions. Then he applies that framework to the world today and shares his view on tariffs and changing trade relations, the impact of AI on labor and the deflationary effects of technology. He also covers global currencies, including the dollar and gold, and if he believes we are headed for a recession.

(0:00) Starts

(1:07) Rejecting the master model mentality

(3:34) The allure of doom

(8:08) Historical recession risk frameworks

(14:00) Public debt, balance sheets, and global tariff impacts

(19:41) Sentiment indicators

(24:41) Wealth distribution in different regions

(28:44) AI's impact on labor

(33:05) De-dollarization

(40:02) 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

-----

Sponsor: 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! 

-----

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

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

Today’s episode features the most memorable investments from Jeremy Grantham, John Arnold and Sam Zell.

(0:00) Starts

(0:53) Jeremy Grantham

(5:25) John Arnold

(8:24) Sam Zell

To listen to the full episodes, click the links below:

Jeremy Grantham I: Apple, Spotify, YouTube

Jeremy Grantham II: Apple, Spotify, YouTube

John Arnold: Apple, Spotify, YouTube

Sam Zell: Apple, Spotify, YouTube

-----

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! 

-----

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

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

Today’s guest is Carl Kawaja, a Portfolio Manager with Capital Group for over three decades.

In today’s episode, Carl shares insights into his investment philosophy, early experiences, and the current market landscape. He discusses the transformative impact of AI on semiconductor demand, the challenges posed by tariffs and supply chain dynamics, and the evolving landscape of sports gambling. Carl also reflects on the enduring value of certain companies, particularly in the context of evolving market conditions.

(0:00) Starts

(1:46) Intro

(8:04) Compounding investments

(13:47) Global investment insights

(21:35) Market sentiment and trade policy discussions

(28:01) Emerging markets

(32:11) Tech, AI, and healthcare

(37:34) Sports gaming industry

(51:42) Biotech and healthcare investment opportunities

(57:00) Carl's 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

-----

Sponsor: 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! 

-----

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

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

Today’s guest is Paul Donovan, Chief Economist of UBS Global Wealth Management.

In today’s episode, Paul discusses the impact of structural changes in the economy, particularly in relation to flexible working and demographic shifts. The discussion also touches on the disparities in innovation between the US and Europe, the ongoing trend of spending on experiences rather than goods, and the role of AI in enhancing productivity.

(0:00) Starts

(2:37) Economic uncertainty, tariffs, and inflation

(12:41) Consumer behavior & spending trends, and perceptions

(18:22) Japan's economic shifts and demographic challenges

(21:38) Reliability issues in economic data and surveys

(31:44) Bad economic policies

(38:36) The role of the dollar in the global financial system

(44:41) Investment perspectives

Recorded April 2, 2025

-----

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

-----

Sponsor: YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Their latest white paper compares four different rebalancing strategies covering 29 years of data. Download here.

-----

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! 

-----

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

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

Today’s guest is Francois Rochon, the President of Giverny Capital, which has returned over 15% per year for over 30 years.

In today’s episode, Francois walks through the influence of Peter Lynch and Warren Buffett on his investment philosophy. He highlights three principles that have helped him navigate market cycles in his career: patience, humility and rationality. We also walk through some of the lessons learned from his investment mistakes, which he highlights in his annual letters.

(0:00) Starts

(0:48) Introducing Francois Rochon

(5:15) Tech bubble lessons

(10:13) Investment mistakes

(18:01) The real expenses of stock-based compensation

(25:01) Focus on company fundamentals in the long-run

(34:40) Evaluating Berkshire Hathaway

(41:43) Cryptocurrencies and value investing in art

(53:12) Handling bear markets

(56:42) Francois' most memorable investments

-----

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! 

-----

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

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

Today’s guest is Mark Haefele, Chief Investment Officer of UBS Global Wealth Management, where he advises on over $4 trillion. He’s also the author of ‘The New Rules of Investing.’

In today’s episode, Mark emphasizes the significant role of government spending in shaping investment decisions. He touches on the importance of asset allocation and discusses the challenges of generational wealth transfer. Mark also introduces the concept of the three L’s—liquidity, longevity, and legacy—as a framework for effective portfolio management.

(0:35) Introduction of Mark Haefele

(2:30) The 5 D's: debt, deglobalization, digitization, decarbonization, and demographics

(11:46) Lessons from past financial crises

(15:18) Government intervention and the economy

(16:05) The 3 L's: liquidity, longevity, and legacy

(20:54) Behavioral finance and asset allocation

(27:05) Challenges in multi-generational wealth preservation

(36:20) Current global investment landscape

(40:26) De-dollarization

(46:05) Balancing personal beliefs with investment decisions

(51:15) Mark's 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! 

-----

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

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

Today’s guest is Christopher Zook, founder and Chief Investment Officer of CAZ Investments, which has invested $8 billion and is one of the top 180 allocators to private equity in the world.

In today’s episode, Christopher explains what led him to build his firm with a focus on private markets. He walks through some of the investment themes he’s focused on: GP stakes, professional sports franchises and digital disruption. He also addresses how he mitigates risk and handles illiquidity with each theme.

(0:00) Starts

(1:42) Introduction of Christopher Zook

(2:04) Investment quotes

(5:12) CAZ Investments' focus

(9:52) Private equity & GP stakes

(27:51) Sports investments

(39:47) Emerging themes in private equity and energy sector opportunities

(45:39) Christopher's 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

-----

Sponsor: 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! 

-----

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

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

Today’s guest is Barry Ritholtz, CIO of Ritholtz Wealth Management, which manages over $5.7 billion for 3,900 families. His latest book, ‘How Not to Invest,’ offers a blueprint to help you make better decisions and achieve financial success.

In today’s episode, Barry & I discuss the pitfalls of relying on experts for investment advice, the dangers of panic selling, the allure of following investment gurus, and the value of meaningful experiences over material possessions.

(0:00) Starts

(1:34) Introduction of Barry Ritholtz

(3:37) Barry's experience hosting Masters in Business

(8:17) The danger of trusting experts

(22:14) The importance of fiduciary advice

(27:30) Mental accounting and regret minimization

(33:36) Overconfidence, risk, and uncertainty

(44:50) Navigating market crises

(51:15) The future of Ritholtz Wealth Management

(57:24) Barry's take on AI

(1:03:27) Barry's 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

-----

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.

-----

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! 

-----

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

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