The Meb Faber Show - Better Investing

In the latest podcast episode, I discuss the Cambria Global Value ETF (GVAL).

I share my perspective on the gap between U.S. and international valuations, why I believe concentrated, U.S.-heavy portfolios may carry underappreciated risks, and walk through how GVAL's process screens developed and emerging markets using long-term valuation metrics.

Learn More:

Cambria Global Value ETF (GVAL): https://cambriafunds.com/gval

Contact us at [email protected], 310-683-5500      

TO DETERMINE IF THE FUND IS AN APPROPRIATE INVESTMENT FOR YOU, CAREFULLY CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISK FACTORS, CHARGES AND EXPENSES BEFORE INVESTING. THIS AND OTHER INFORMATION CAN BE FOUND IN THE FUND'S 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

Investing involves risk, including potential loss of capital.

GVAL: There is no guarantee that a Fund will achieve its investment goal. Investing involves risk, including the possible loss of principal. High yielding stocks are often speculative, high-risk investments. The underlying holdings of the Funds may be leveraged, which will expose the holding to higher volatility and may accelerate the impact of any losses. These companies can be paying out more than they can support and may reduce their dividends or stop paying dividends at any time, which could have a material adverse effect on the stock price of these companies and the Fund’s performance. International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same actors as well as increased volatility and lower trading volume. Investments in smaller companies typically exhibit higher volatility. Narrowly focused funds typically exhibit higher volatility.

GVAL is actively managed.

Today’s guest is Liaquat Ahamed, the Pulitzer Prize–winning author of Lords of Finance: The Bankers Who Broke the World, one of the greatest financial history books ever written. His new book is called 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World.

In today’s episode, Liaquat shares the story of the world’s first truly global financial crisis. He walks through the Rothschild-led bond boom that funded railroads on three continents, the German IPO mania sparked by French war reparations, and the monetary blunder of abandoning silver that turned a crash into twenty years of deflation.

(0:00) Starts

(1:03) The 1873 financial crisis: causes and global impact

(3:25) Railroads and the rise of the Rothschilds

(6:37) Stock market mania and bubbles in Germany

(10:58) The role of precious metals

(15:20) The economic, political, and societal effects of deflation

(26:05) Comparisons to modern financial crises and populist movements

(32:48) Lessons from history: Lords of Finance

(36:46) Modern currency systems

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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

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

Today’s guest is Bob Robotti, founder and CIO of Robotti and Company Advisors, which he’s been running the firm since 1983.

In today’s episode, Bob explains why volatile markets driven by passive flows keep handing opportunities to stock pickers. He makes the case for offshore oil services and homebuilders, shows why zombie companies can be dollars trading for 20 cents, and argues 2% inflation is a pipe dream. 

To close, Bob shares the biggest loss of his career, selling a winner too early.

(0:00) Starts

(1:23) Bob Robotti's investment framework and value traps

(3:01) Evolution of investment strategies and market consistency

(5:22) Sector opportunities in energy and homebuilding

(14:13) Managing cyclical and long-term investments

(17:05) Housing policies, build-to-rent, and affordability

(20:19) Homebuilding outlook, Airbnb, and commercial real estate

(22:32) Small cap opportunities

(27:40) Distressed investing and zombie companies

(37:35) Inflation and interest rates

(45:47) Building a lasting investment firm and Bob'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).

My guest today is Carson Block, founder of Muddy Waters Research & Muddy Waters Capital and one of the last short sellers still standing.

In today’s episode, Carson Block explains why he thinks AI could displace 15% of knowledge workers and unwind the market’s biggest stocks. He breaks down his short of SoFi’s aggressive loan accounting, why record-tight credit spreads worry him, and how he trades that risk with put spreads. 

To close, Carson explains why he still calls China uninvestable and recounts his hardest battles.

(0:00) Starts

(1:02) Carson Block on the evolution of short selling

(3:03) The impact of AI on jobs, economy, and markets

(9:43) Evolving Muddy Waters' business model beyond short-selling

(13:32) Investing in momentum and junior gold miners

(17:52) Navigating markets amid AI disruption and labor market impact

(25:21) Thoughts on historically low corporate yield spreads

(30:25) Carson's short call on SoFi

(38:10) Carson'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).

My guest today is Joseph Moore, a historian and former professor who spent over a decade in the archives studying 300 years of American financial advice, which he explains in his new book, How to Get Rich in American History: 300 Years of Financial Advice That Worked (& Didn’t).

In today’s episode, Joseph explains what 300 years of American financial advice reveals about getting rich. He shares why real estate barely appreciated for a century, why bonds beat stocks for decades, and how modern investing advice was born chasing inflation and taxes. To close, Joseph reveals the five timeless principles that built wealth in every era.

(0:00) Starts

(1:34) Joseph Moore shares a historical perspective on money

(13:04) Real estate investment strategies

(20:59) Stocks vs. bonds debate

(25:45) Should you try to beat the market?

(33:32) Key financial lessons from history

(39:54) Joseph's most memorable investments

(42:10) Surprising historical financial statistics

-----

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).

Today’s guest is Rebecca Anderson, a Senior Fellow at the McKinsey Global Institute, McKinsey’s business and economics research arm. She leads research on economic growth and the financial system, in the United States and globally.

In today’s episode, Rebecca shares her McKinsey report on what has powered America’s economy for 250 years: natural endowments, a culture of entrepreneurship, and the institutions that harnessed them. She examines labor force dynamism in the age of AI, the $2 trillion cost of reindustrialization, and a global balance sheet stretched to record highs.

(0:00) Starts

(1:11) Rebecca explains American's natural advantages

(9:11) US leadership in science, technology, and education

(16:29) AI, workforce transitions, and manufacturing ramp-up

(25:56) Infrastructure challenges and US-China comparisons

(33:38) US policy recommendations

(43:44) The global balance sheet

(52:14) Cultural attitudes and geopolitics

-----

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).

Today’s guest is Ben Carlson of Ritholtz Wealth Management, author of A Wealth of Common Sense and host of the Animal Spirits podcast.

In today’s episode, Ben unpacks the counterintuitive math behind long term investing. He reveals that picking the wrong asset every year still makes money, that the average up year tops 20%, and that stocks grow less volatile than bonds the longer you hold. To close, Ben explains why patience has never been harder.

(0:00) Starts

(2:05) Ben Carlson on the secret to investing

(5:00) The worst investor ever

(15:20) Tax management as new alpha

(17:12) Inflation’s impact on asset classes

(21:06) "Now do Japan"

(33:02) Lessons from bear markets

(41:54) Discretionary investing challenges

(46:31) Poor performance of hyperactive traders

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Sponsor: ⁠⁠Ivy Invest⁠ ⁠- To learn more about Ivy Invest's SEC-registered endowment-style fund, view the prospectus, and learn how to invest, visit⁠ ⁠ivyinvest.co/fund

-----

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).

In today's episode, Meb celebrates the release of his new book, Investing in America, a coffee table history of the 250 year bull market. He explains the magic of compounding, why every decade feels like chaos, and the surprising fact that stocks become less volatile than bonds over long horizons. To close, Meb weighs today's valuations against the long view.

-----

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).

Today’s guest is Bryan Taylor, founder and chief economist of Finaeon, which has the most comprehensive database of historical financial market data in the world. He's just published Five Financial Eras: How Financial Markets Transformed the World.

In today’s episode, Bryan explains his TWIG framework of trade, war, inflation, and government, and how their combination drives returns across centuries of market history. He challenges the belief in a fixed equity risk premium and revisits seven decades of negative real bond returns. To close, Bryan explains why the post-1981 playbook no longer applies.

(0:00) Starts

(1:25) Sponsor: Ivy Invest

(2:37) Bryan Taylor explains the TWIG framework

(10:20) There is no single equity risk premium

(21:18) Government debt, market capitalization, and global market position

(26:17) The impact of technology revolutions on markets

(28:30) Historical changes in investment trends

(38:22) Cultural shifts in investing

(47:36) Evolution of stock market indices and future projects

(52:03) Currency discussion

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Sponsor: ⁠⁠Ivy Invest⁠ ⁠- To learn more about Ivy Invest's SEC-registered endowment-style fund, view the prospectus, and learn how to invest, visit⁠ ⁠ivyinvest.co/fund⁠

-----

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).

Today’s guest is Jim Grant, founder and editor of Grant’s Interest Rate Observer, which he’s been publishing since 1983. He’s a financial historian and one of the most well-respected Observers on Wall Street.

In today’s episode, Jim Grant explains why AI may be one of the greatest bubbles of all time, alongside the railroads and the dot-com era. He reframes deflation as progress, questions how murky the $2 trillion private credit market is, and explains why the Fed can’t aggressively fight inflation. To close, Jim makes his case for gold and revisits 1984, which he calls the clearest example of how strange markets can be.

(0:00) Starts

(0:39) Jim Grant on AI mania

(12:23) The economic implications of inflation & deflation

(19:56) Interest rates and private credit concerns

(27:13) The Fed's inflation target

(41:10) How to fix the Federal Reserve

(45:09) The history and role of gold in portfolios

(54:34) Jim's most memorable investment

(57:28) Historical periods to study

-----

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).