Today’s guests are Rob Arnott, founder and Chairman of the board of Research Affiliates, and Campbell Harvey, Head of Research at Research Affiliates and Professor of Finance at the Fuqua School of Business at Duke University.

In today’s episode, Rob and Cam touch on the state of value investing in a megacap dominated market, emphasizing the potential consequences of large scale passive investing. They also touch on the rapid change presented by AI, what it may be capable of, and its impacts on how we should view investing. Finally, they address the global investing environment and macro trends, instability, and the role of government in changing world markets.

(0:00) Starts

(1:46) Introduction of Rob Arnott & Cam Harvey

(7:35) Passive investing risks

(14:22) The opportunity in small caps and foreign markets

(24:22) Similarities between today & the Dot-Com era

(34:43) REITs, gold and investor sentiment

(47:14) Government spending & US national debt concerns

(1:03:27) US debt service, defense spending, and financial crisis risks

(1:05:09) Cam on the inverted yield curve

(1:08:09) Closing remarks and listener feedback

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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 we’re joined by Whitney Baker, founder of Totem Macro and one of the sharpest minds in macro investing. Whitney was previously the head of Emerging Markets at Bridgewater Associates and worked at  Soros Fund Management under current Treasury Secretary Scott Bessent.

In today’s episode, Whitney discusses the current macroeconomic landscape, emphasizing the end of the ‘buy the dip’ mentality and the unique challenges the U.S. faces as the bubble finally comes to an end. She touches on the challenges and opportunities in emerging markets, the impact of tariffs & AI on global growth dynamics, and ‘The Triple Yasu’ phenomenon. Finally, Whitney addresses the role of gold in investment portfolios, advocating for its inclusion as a hedge against currency debasement and economic uncertainty.

(0:00) Starts

(1:21) Introduction of Whitney Baker

(3:05) Global macro landscape

(10:12) US debt dynamics

(18:26) Market shifts, potential solutions, and foreign investment dynamics

(23:31) AI's impact on productivity

(30:31) US fiscal policies

(38:29) The "Triple Yasu"

(43:33) Opportunities in foreign and emerging markets

(47:12) Historical debt solutions and modern financial strategies

(53:23) How tariffs help national security

(59:07) Emerging market bonds

(1:06:08) Chinese industrial capacity

(1:18:08) China and India's financial challenges and opportunities

(1:32:31) Role of gold in portfolios

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For detailed show notes, click here

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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

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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! 

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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 Kim Flynn, President of XA Investments, which helps provide access to alternative investments. She was previously the Head of Product Development for Nuveen Investments Global Structured Products Group.

In today’s episode, Meb and Kim discuss the democratization of alternative investments in relation to the recent explosion of interval funds. Then, Kim covers the challenges and opportunities in the interval fund space, and the potential for innovation with different asset classes, and best practices for advisors and investors interested in these products.

(0:00) Starts

(0:34) Introduction of Kim Flynn

(1:47) Understanding interval funds

(8:41) Future trends and innovation in closed-end and interval funds

(15:38) Valuation and liquidity concerns in interval funds

(20:19) Accessibility and indexation of interval funds for retail investors

(30:36) Exploring farmland and "forever fund" concepts

(32:49) Private credit, venture capital, and sector-specific interval fund potential

(38:16) Guidance for financial advisers on interval funds

(46:46) Outlook for interval funds

(49:15) Kim'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]

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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! 

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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 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

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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: 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]

-----

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

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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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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

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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

-----

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

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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

-----

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

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For detailed show notes, click here

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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. 

-----

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