The Meb Faber Show - Better Investing

My guest today is Charles Ellis, founder of Greenwich Associates, longtime member of Yale’s investment committee, and author of more than 20 books, including the classic Winning the Loser’s Game.

In today’s episode, Charley reflects on writing the first major book on share repurchases 50 years ago, when the idea was so foreign that Goldman mailed it to 1,000 corporations as a “legitimizer.” Charley also walks us through his new book, Great American Investments: A History of the Bold Initiatives that Shaped a Nation, covering 14 audacious public investments from the Louisiana Purchase to the Marshall Plan. He explains how each came down to one or two obsessed individuals, why Alaska turned out to be the bargain of the century, and how Frances Perkins muscled Social Security into law.

As the episode winds down, he shares the lunch with Sandy Gottesman in the early 1970s that led him to buy Berkshire Hathaway at $700 a share — and hold it ever since.

(0:00) Starts

(1:54) Charley on stock buybacks

(8:06) Current state of investing and behavioral economics

(11:37) Advice for young investors and long-term strategies

(16:41) Charley's new book: Great American Investments: A History of the Bold Initiatives that Shaped a Nation

(25:42) The origins of social Security

(32:46) American entrepreneurship

(36:43) Will AI be the next great American investment?

(42:34) Most memorable investment

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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

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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

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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 Will Goetzmann, Professor of Finance at the Yale School of Management. He is an expert on financial markets and securities, investment strategies, investor behavior and financial history.

In today’s episode, Professor Goetzmann walks through 5,000 years of financial history, showing how finance shaped trade, cities, corporations, and investing. He covers the first compound interest calculation, the world’s oldest corporations and bonds, and historic bubbles from tulips to NFTs.

To close, he explains why markets have repeatedly adapted through war, crisis, and uncertainty.

(0:00) Starts

(1:50) William Goetzmann on origins of money

(7:06) The history of corporations

(14:43) Yale's historical bond and early financial innovation

(17:33) Parallels between historical and modern financial bubbles

(25:52) SpaceX IPO and market valuations

(27:26) Herd mentality and bubbles

(32:47) Global investing, inflation, and currencies

(41:13) Finance-related art

(46:31) Most memorable investment

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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).

While in Omaha for Berkshire week, Meb hopped on another podcast as a guest. It was a fun one, so we're releasing it here as well.

In today's episode, Meb Faber makes the case against home country bias, pointing to Korea's near-triple and Japan's decades-long round trip as reminders that cycles always turn. He explains why shareholder yield tells a truer story than dividends, why there are now more ETFs than stocks, and why tax alpha matters more than chasing returns.

To close, Meb reflects on multi-decade compounding — and the mistakes that quietly take investors out of the game.

(0:00) Starts

(2:06) Meb's thoughts on Warren Buffett

(5:11) Global diversification and home country bias

(14:29) Shareholder yield

(27:45) Positive investment behaviors

(30:19) The ETF industry and the current investment landscape

(35:18) Rapid fire questions

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Sponsor: Want to learn more about 351 Exchanges? Visit the Alpha Architect 351 Education Center for use cases, tools, FAQs, upcoming launches, and more. Investments in securities entail risks, including possible loss of principal and are not suitable for all investors.

-----

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 Tom Lee, CIO of Fundstrat Capital, PM for the Granny Shots U.S. Large Cap ETF, and the Head of Research at Fundstrat Global Advisors. Prior to co-founding Fundstrat, he served as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014.

In today’s episode, Tom explains why stocks have remained resilient despite war, higher oil prices, and widespread investor skepticism. He shares his outlook for the S&P 500 and discusses the coming wave of mega-IPOs.

Finally, Tom covers his successful entrance into the ETF space with the Fundstrat Granny Shots ETFs.

(0:00) Starts

(1:35) Tom Lee on markets since the Iran war

(10:02) Issues with the University of Michigan Consumer Sentiment Index

(20:50) AI & upcoming IPOs

(24:34) Granny Shots ETF

(31:25) Tom on crypto

(36:52) Tom's most memorable investment

Visit ⁠www.fundstrat.com/tom⁠ for complimentary access to Tom's daily insights, market alerts, live webinars, and stock lists.

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Sponsor: Want to learn more about 351 Exchanges? Visit the Alpha Architect 351 Education Center for use cases, tools, FAQs, upcoming launches, and more. Investments in securities entail risks, including possible loss of principal and are not suitable for all investors.

-----

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 Marc Seidner, PIMCO’s CIO of Non-traditional Strategies. He is also a generalist portfolio manager and a member of the Investment Committee.

In today’s episode, Marc explores why the investing landscape has changed from one led by economics to one increasingly shaped by politics and geopolitics. He explains why bonds may offer one of the most compelling opportunities in years, while private credit continues to show stress.

He also touches on the K-shape economy and why real assets may help portfolios withstand a more uncertain world.

(0:00) Starts

(1:50) Global economic landscape

(4:47) Golden age of fixed income

(7:32) Equity vs. fixed income ownership

(10:13) K-shaped recovery

(15:06) Private credit concerns

(17:49) Value over growth, global diversification, and real assets

(24:50) International diversification & emerging market bonds

(33:05) IPO landscape

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Sponsor: Want to learn more about 351 Exchanges? Visit the ⁠Alpha Architect 351 Education Center⁠ for use cases, tools, FAQs, upcoming launches, and more. Investments in securities entail risks, including possible loss of principal and are not suitable for all investors.

-----

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 Samuel Hartzmark, a finance professor at Boston College.

In today’s episode, Sam explores why dividends are so often misunderstood by investors. He explains the “free dividends fallacy” and how it can lead to inflated valuations and price dislocations. He also examines the tradeoffs between dividends and buybacks and how payout policies influence investor behavior.

To close, Sam briefly touches on his research on prediction markets and ESG.

(0:00) Starts

(1:59) Sam Hartzmark on dividend misconceptions

(15:24) Mutual funds juicing dividend yields

(27:26) Buybacks, shareholder yield, and reinvesting dividends

(39:57) Tax optimization

(43:40) Importance of total return

(52:26) Divestment, prediction markets, and 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).

Today’s guest is Will Guidara, author of the New York Times Bestseller Unreasonable Hospitality and former co-owner of Eleven Madison Park, which was named the Best Restaurant in the World. He is a Co-Producer on the Emmy Award-winning series The Bear. His new book, Unreasonable Hospitality: The Field Guide comes out this month.

In today’s episode, Will discusses how unreasonable hospitality can turn routine service into memorable human connection. He explains why unreasonable hospitality is less about grand gestures and more about intentionality, creativity, and empowering teams to take ownership of memorable customer experiences.

To close, Will shares how small acts of care can transform relationships, culture, and loyalty across financial services.

(0:00) Starts

(2:28) Will Guidara on Unreasonable Hospitality

(8:18) Implementing this philosophy in your organization

(17:11) The importance of admitting mistakes

(26:15) Examples of unreasonable hospitality

(37:37) Will's conferences

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Sponsor: Want to learn more about 351 Exchanges? Visit the ⁠Alpha Architect 351 Education Center⁠ for use cases, tools, FAQs, upcoming launches, and more. Investments in securities entail risks, including possible loss of principal and are not suitable for all investors.

-----

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 guests are Alex Rubalcava and Paul Bricault of Amplify.LA, a pre-seed venture capital firm.

In today’s episode, Alex and Paul break down the opportunities and challenges AI is creating for both startups and investors. They discuss the changing economics of software, what makes an AI company defensible, where investors are finding opportunity in frontier sectors, and why speed matters more than ever in early-stage investing. 

To close, they explore startup pivots and the tax advantages of QSBS.

(0:00) Starts

(1:27) Introducing Alex and Paul

(2:02) Public software companies & AI

(5:13) Amplify LA background and partnership formation

(7:34) AI use cases in portfolio companies

(15:08) AI's impact on the job market

(30:31) AI's impact on investment opportunities at the pre-seed stage

(41:02) Aerospace sector opportunities

(44:32) Successful startup pivots

(50:18) Liquidity in VC

(55:28) QSBS impact

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Sponsor: Want to learn more about 351 Exchanges? Visit the ⁠Alpha Architect 351 Education Center for use cases, tools, FAQs, upcoming launches, and more. ⁠Investments in securities entail risks, including possible loss of principal and are not suitable for all investors.

-----

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 guests are Owen Lamont, a Portfolio Manager at Acadian Asset Management, and Randy Cohen, a finance and entrepreneurship professor at Harvard Business School and co-founder of PEO Partners, which is a leader in the emerging liquid Private Equity alternatives space.

In today’s episode, Owen Lamont and Randy Cohen begin with a deep dive into private equity, how to model it in public markets, and why investors are searching for liquid ways to access private-market-like returns. They challenge common views on concentration, market valuations, and explain how investors should think about bubbles and technological change. They also discuss whether the US stock market is Koreafying and the long-term forces that could shape the investing landscape.

(0:00) Starts

(0:34) Welcome Owen and Randy

(5:14) Private equity overview

(9:20) Liquid private equity

(20:05) The US stock market is Koreafying

(24:29) The IPO landscape

(36:03) CAPE Ratio and AI

(44:45) Best ideas investing

(58:44) Deglobalization increases the benefits of diversification

(1:00:36) Randy's five future fears

(1:11:09) Book recommendations

-----

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, Van explores the evolution of the rare coin and collectables market, how grading transformed collectibles into an institutional-quality asset class, and why high-grade coins may be undervalued today. He discusses supply dynamics, the historical link between currency, gold, and collectibles, and how technology and AI are reshaping authentication and valuation.

To close, Van explains why rare coins remain a compelling way to preserve wealth and build a lasting legacy.

(0:00) Starts

(2:25) Overview of current coin market and recent gold discoveries

(16:43) Historical significance of coins and storing advice

(25:34) COVID's impact on watches and sports memorabilia

(31:41) Grading with AI

(35:42) Identifying undervalued collectibles and selling lessons

(45:15) Securitizing collectibles

(49:52) Modern companies influencing the collectibles market

(1:01:42) Highlights from coin shows and record-breaking sales

-----

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).