The Meb Faber Show - Better Investing

Watch on YouTube. My guest today is Mike Wilson, Morgan Stanley’s Chief U.S. Equity Strategist and Chief Investment Officer.

In today’s episode, Mike Wilson explains how a rolling recession has given way to a staggered recovery, and why he expects leadership to broaden beyond mega-cap stocks into small caps, cyclicals, and international markets. He highlights growing risks from AI disruption, private credit weakness, and the Iran conflict.

To close, Mike discusses a shift beyond the traditional 60/40 portfolio toward a more flexible 60/20/20 approach that includes assets like gold.

(0:00) Starts

(1:31) Mike Wilson on rolling recessions and rolling recoveries

(5:28) Market implications of Iran conflict

(9:52) Market cap weight vs. equal weight indices

(15:41) Thoughts on the Fed

(20:01) Is 60/20/20 the new 60/40?

(23:23) Geopolitical shocks

(35:48) AI's impact and bullish on healthcare

(42:03) Outlook for global economic recovery

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For detailed show notes, click here

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Sponsor: Alpha Architect - To learn more about CAOS, read the Fund's prospectus and important information, visit ⁠funds.alphaarchitect.com/caos

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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 guests are Wes Gray, Co-CIO of Alpha Architect, and Brent Sullivan, Editor of Tax Alpha Insider, which is the only publication focused on taxable portfolio strategy.

In today’s episode, Brent Sullivan and Wes Gray discuss how to handle concentrated stock positions. They explore the complexities around 351 ETF exchanges, what investors need to know when participating to adhere to tax laws. To close, they examine the rise of tax-managed long-short strategies and how AI may transform tax planning and portfolio management.

(0:00) Starts

(1:18) Brent Sullivan's background

(3:36) Handling concentrated stock positions

(7:32) 351 to ETF conversions

(14:49) Regulatory scrutiny & IRS enforcement

(27:39) Rebalancing, tax implications and practical advisor advice

(34:09) Future ETF seeding predictions

(39:01) Comparing ETF seeding and portfolio consolidation strategies

(45:48) Long short strategies

(52:23) Brent Sullivan's book and conference

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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).

My guest today is Kristin Olson, Global Head of Alternatives for Wealth at Goldman Sachs. Last year she was named one of the 100 Most Influential Women in US Finance by Barron’s.

In today’s episode, Kristin discusses the explosive growth of the alternatives market over the past decade. She explains what has driven interest from individual investors, particularly millennials, and touches on recent volatility within software and private credit BDCs. Finally, she shares her expectations for the 2026 IPO market, the potential for renewed interest in hedge funds, and how AI is set to reshape sourcing, underwriting, and portfolio construction.

(0:00) Starts

(1:31) Introduction of Kristin Olson

(3:16) Evolution of alternative investments

(10:19) Secondary strategies

(13:05) Private equity alpha and liquidity concerns

(19:13) Private credit market concerns

(22:29) Manager selection and due diligence

(24:17) Non-traditional investments and hedge fund interest

(27:17) Millennial interest in alternatives

(31:40) Infrastructure and global opportunities

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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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Sponsor: Register for Alpha Architect’s LIVE HIDE webinar on March 26th ⁠here⁠. Want to Learn More about Alpha Architect? Visit ⁠www.funds.alphaarchitect.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).

In today’s episode, Meb reads a recent email sent to Cambria subscribers examining how to evaluate a strategy hitting a rough patch, using the

Cambria Shareholder Yield ETF (SYLD) https://cambriafunds.com/syld

SYLD Fact Sheet https://cambriafunds.com/assets/docs/SYLD-FactSheet.pdf

SYLD Investment Case https://cambriafunds.com/assets/docs/SYLD_Investment_Case.pdf

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 BROADWAY, SUITE 1000, DENVER, CO 80203, WHICH IS NOT AFFILIATED WITH CAMBRIA INVESTMENT MANAGEMENT, LP, THE INVESTMENT ADVISER FOR THE FUND.

INVESTING INVOLVES RISK, INCLUDING POTENTIAL LOSS OF CAPITAL.

SYLD: 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 factors as well as increased volatility and lower trading volume. Investments in smaller companies typically exhibit higher volatility. Narrowly focused funds typically exhibit higher volatility.

My guest today is Aswath Damodaran, a professor at NYU, where he teaches corporate finance and equity valuation.

In today’s episode, Professor Damodaran explains why he trimmed two Magnificent Seven stocks. He digs into AI’s real impact on valuations and moats, why big software incumbents face an Innovator’s Dilemma, and why the biggest risk isn’t tech spending itself, but overconfidence and debt-fueled capex that could ripple beyond tech. 

He also weighs in on corporate Bitcoin balance sheets, sports franchises as “trophy assets” driven by billionaire demand rather than cash flows, and the rise of prediction markets.

(0:00) Starts

(0:34) Professor Damodaran on the Magnificent Seven

(7:26) OpenAI's growth, AI's impact on valuations, and software industries

(16:07) High capex investment risks

(23:10) Market timing

(33:43) Trust and the rise of gold and silver

(45:12) Cryptocurrencies on company balance sheets

(47:42) Sports franchises

(52:27) Prediction markets

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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! 

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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 Jim Reid, Global Head of Macro Research at Deutsche Bank.

In today’s episode, Jim walks through lessons from his annual report, The Ultimate Guide to Long-Term Investing, which covers over 200 years of market data from 56 countries. He explains why cash is one of the riskiest long-term assets, how inflation quietly destroys wealth, and why valuation is the single most reliable predictor of long-term returns. He also discusses how fiat money has reshaped bonds, gold, and equities since 1971. 

To close, Jim reminds us that history consistently rewards investors who buy cheap, diversify globally, and respect long-term market cycles.

(0:00) Starts

(1:54) Importance of real vs nominal returns

(5:36) Historical returns of gold

(8:28) Global investment opportunities

(18:06) Bond market performance and growth's impact on asset prices

(23:11) Potential impact of AI

(30:34) Valuation importance

(37:03) Index weighting strategies

(42:43) Predictors of bond performance and equity return distribution

(47:01) Historical periods of high valuations

(52:45) Global banking and stock market performance

(55:12) Impact of AI on economics

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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

-----

Sponsor: Register for Alpha Architect’s LIVE HIDE webinar on March 26th ⁠here⁠. Want to Learn More about Alpha Architect?

Visit ⁠www.funds.alphaarchitect.com⁠

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).

Watch on YouTube. Today’s returning guests are Dan Rasmussen, founder of Verdad Advisers, and D.A. Wallach, a venture capital investor for Time BioVentures.

In today’s episode, we unpack the recent biotech surge through the lens of Dan’s recently published biotech report. We also explore China’s growing biotech market, shifting IPO and VC trends, and how valuation tools like CAPE fit into today’s regime.

Finally, we also discuss technology’s effect on productivity and corporate profits in the US, Japan’s economic anomaly, home country bias, and more.

(0:00) Starts

(1:20) Dan's research on the biotech sector

(19:10) D.A. on biotech in China

(27:01) IPO landscape

(31:01) Biotech VC update from D.A.

(32:16) Are US stocks overvalued?

(51:53) Dan's view of Japanese stocks

(57:40) Global equity markets and home country bias

(1:03:34) Book recommendations

(1:11:55) Wrap-up and future plans

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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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Sponsor: Visit ⁠⁠Alpha Architect’s 351 Education Center⁠⁠ for use cases, tools, FAQs, upcoming launches, and more.

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).

In today’s radio show, Meb breaks down why market-cap–weighted investing may be nearing its limits after an extraordinary run in U.S. stocks. He explores CAPE ratios near historic extremes, the quiet resurgence of gold and commodities, and why equal weight, value, and global markets are suddenly back in the conversation. 

To close, Meb explains how trend following and real assets can help investors navigate regime shifts.

Note: this was recorded on January 29, 2026.

(0:00) Starts

(3:03) US stock market update

(11:24) Global stock performance

(18:03) The role of gold in asset allocation

(27:52) Demographics of gold investors

(35:47) One-fund portfolios & 351 conversions

(42:07) Meb's travel plans

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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! 

-----

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

My guest today is Russell Napier, an independent financial market strategist, financial historian, author of The Solid Ground investment report, and founder of the charitable venture The Library of Mistakes.

In today’s episode, Russell explains why investors are asking the wrong questions at a critical turning point in financial history. He how financial repression, shifting monetary regimes, and political priorities are reshaping capital markets. To close, he explains the dangers of yield chasing, why technology won’t defeat inflation, and why gold may be signaling what comes next.

(0:00) Starts

(3:14) Regime change & parallels to post-World War II Europe

(8:06) The search for yield is dangerous

(17:38) The disconnect between GDP growth and equity returns

(23:14) The impact of inflation & deflation on equity valuations

(25:56) Technology doesn't defeat inflation

(30:20) Monetary system changes, gold prices, and American exceptionalism

(37:50) Extrapolation is the opiate of the people

(48:26) Book recommendations

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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

-----

Sponsor: Register for Alpha Architect’s LIVE HIDE webinar on March 26th here. Want to Learn More about Alpha Architect?

Visit www.funds.alphaarchitect.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 Richard Bernstein, Chief Investment Officer of Richard Bernstein Advisors, which he founded in 2009. He was previously the Chief Investment Strategist at Merrill Lynch.

In today’s episode, Richard argues that the market is defined by rampant speculation and extreme narrowness. He explains why he’s bullish on both dividend-paying and international stocks and believes crypto is the first global investment bubble. To close, he warns that corporate credit is priced for perfection, inflation risks aren’t gone, and diversification is the best defense in a bubble-prone market.

(0:00) Starts

(1:20) Richard on market narrowness & speculation

(6:21) The Earnings Expectations Life Cycle

(12:33) Non-US stocks are undervalued

(18:38) Small cap trends and long-term investment themes

(24:14) American Industrialization Renaissance

(27:10) Corporate credit risk

(33:42) Is the Fed independent?

(36:38) Is crypto the first global investment bubble?

(41:11) The importance of financial history

(46:07) Richard'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

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Sponsor: Join Alpha Architect’s LIVE webinar Feb 3rd to learn if a 351 Exchange may fit your clients’ needs. 

Before the webinar, visit Alpha Architect’s 351 Education Center for use cases, tools, FAQs, upcoming launches, and more.

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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).