Today’s guest is Eva Shang, co-founder and CEO of Legalist, which is an institutional alternative asset management firm using data-driven technology to invest in credit assets at scale. Eva is a Thiel Fellow and participated in Y Combinator.

In today’s episode, Eva covers everything related to litigation finance. We walk through why the asset class exists, how it works, using AI to source deal flow, and more. Then we get into her thoughts on building an asset management firm and why she launched a Government Receivables strategy. 

(1:17) Welcome to guest, Eva Shang

(1:47) Overview of Litigation Finance

(5:04) Origin Story of Legalist

(9:09) Typical litigation process

(21:49) The moneyball of litigation finance

(28:06) Expanding into other strategies

(37:07) Allocating to a litigation finance strategy

(40:58) Eva's most memorable investment

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Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only).  

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

In today’s episode, Meb reads a recent post, "The Bear Market in Diversification."

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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: Twitter | LinkedIn | Instagram | Tik Tok

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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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Today’s guest is Brendan Ahern, Chief Investment Officer at KraneShares, which provides investors access to China, Climate, and other uncorrelated strategies. He also produces China Last Night, a daily note recapping important news out of China. 

In today’s episode, Brendan delves into the current state of China's stock market and economy, exploring the impact of the property crisis, upcoming U.S. election and the state of the consumer. Our discussion addresses key questions on whether China remains a viable destination for investors, considering recent regulatory changes, economic policies, and global market dynamics. 

(1:02) Introducing our guest, Brendan Ahern

(5:53) The state of China's economy

(14:18) Analysis of China's geopolitical concerns and international partnerships

(20:01) The narrative around China post Russia-Ukraine

(22:03) Deep dive into KWEB

(29:44) Implications of the US election

(32:40) Discussion on currency hedging

(33:52) Other KraneShares' funds

(41:44) Will TikTok be banned

(43:52) Brendan's most memorable investment

(46:18) Future plans for KraneShares

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Follow Meb on Twitter, 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: 10 East is a membership-based investment firm founded by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner, focused on providing targeted exposure to private markets. Members invest at their discretion in single-investment and niche fund vehicles across private credit, real estate, private equity, and venture capital.

Follow The Idea Farm: Twitter | 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!

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

Today’s guest is Michael Melissinos, founder of Melissinos Trading, an investment firm that employs a systematic trend-following approach.

In today’s episode, Mike shares his journey into trend following and his approach to trading. He emphasizes the importance of removing biases and opinions when observing trends and executing trades. We get into the nuances of trend following, sticking to a trading system, and much more.

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Follow Meb on Twitter, 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: 10 East is a membership-based investment firm founded by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner, focused on providing targeted exposure to private markets. Members invest at their discretion in single-investment and niche fund vehicles across private credit, real estate, private equity, and venture capital.

Follow The Idea Farm: Twitter | 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!

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

Today’s guests are Eric Crittenden, CIO of Standpoint Asset Management, and Jason Buck, CIO of Mutiny Funds.

In today’s episode, we talk about the sentiment around trend-following today. We discuss optimal diversifiers for trend-following, how the Herschel Walker trade relates to portfolio construction, and if investors are as diversified as they think they are.

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Follow Meb on Twitter, 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: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only).

Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

-----

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! 

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

Today’s guest is Hendrik Bessembinder, a professor at Arizona State University.

In today’s episode, Meb and Hank discuss Hank's research on long-term stock returns and wealth generation. They explore the concept of power laws in the stock market, where a small percentage of stocks generate significant returns, while the majority underperform. They also discuss the implications of Hank's findings for investors, including the importance of diversification and the challenges of holding onto big winners.

-----

Follow Meb on Twitter, 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: 10 East is a membership-based investment firm founded by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner, focused on providing targeted exposure to private markets. Members invest at their discretion in single-investment and niche fund vehicles across private credit, real estate, private equity, and venture capital.

Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

-----

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! 

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

Today’s guest is Catherine LeGraw, a member of GMO’s Asset Allocation Team.

In today’s episode, Catherine explains why this is “the best relative asset allocation opportunity we’ve seen in 35 years," and “we are building portfolios with some of the highest forecasted relative and absolute returns we’ve ever seen." She explains where she sees opportunity around the world today, why she’s excited about deep value and quality, and how she’s thinking about the Magnificent 7.

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Follow Meb on Twitter, 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: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). View their Economic Update Visual Deck. 

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Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

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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! 

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

Today’s guest is Professor Ken French, the Roth Family Distinguished Professor of Finance at the Tuck School of Business at Dartmouth College. He’s written some of the most influential papers in finance alongside former podcast guest, Professor Eugene Fama. 

In today’s episode, Ken shares what topic he and Professor Fama disagree on. Then we get into a number of topics: what it means to truly be a long-term investor, the global market portfolio, misconceptions around stock buybacks, and much more.

(01:17) - Welcome to our guest, Kenneth French

(03:35) - Investing in FAANG Stocks: Should You Expect Unexpected Returns?

(07:10) - Deciphering an investors skill vs. luck

(15:12) - Having an investment plan

(20:24) - The global market portfolio

(25:02) - Thoughts on gold and other commodities

(26:26) - Incorporating human capital

(32:12) - Ken’s thoughts on stock buybacks

(35:36) - Improving financial education

(40:10) - Disagreement, Taste, and Asset Prices

(44:05) - Ken’s most controversial opinion

(46:37) - Ken’s most memorable investment

Resources

Ken’s website

The Best Way To Add Yield To Your Portfolio by Meb Faber

The Arithmetic of Active Management by Bill Sharpe

Things I’ve Learned from Gene by Kenneth French

-----

Follow Meb on Twitter, 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: 10 East is a membership-based investment firm founded by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner, focused on providing targeted exposure to private markets. Members invest at their discretion in single-investment and niche fund vehicles across private credit, real estate, private equity, and venture capital.

Follow The Idea Farm: Twitter | 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! 

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

In today’s episode, Meb reads a white paper, “T-Bills and Chill…Most of the Time.”

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Follow Meb on Twitter, LinkedIn and YouTube

To learn more about our funds and follow us, subscribe to our mailing list. 

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Follow Meb on Twitter, LinkedIn and YouTube

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: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only).

Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here.

Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

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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! 

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

Today’s guest is Cliff Asness, co-founder, managing principal and Chief Investment Officer at AQR Capital Management. 

In today’s episode, Cliff & I start by talking about some quotes he may or may not have said in the past. Then we kick around a bunch of topics. We talk about diversifying by both asset class and geography, the challenge of managing short-term expectations while keeping a long-term perspective, and how AQR is implementing AI and machine learning in their investment process. 

(1:20) - Welcome to our guest, Cliff Asness

(1:45) - Cliff’s article in the Financial Times

(2:30) - Parsing Cliff’s real quotes from fake ones

(8:56) - Thoughts on bonds as a diversifier

(13:37) - Moving away from market-cap weighting

(19:27) - Managing client expectations

(29:30) - AQR Data Sets

(29:56) - Alternative trend-following

(43:48) - Position resizing for alternative strategies

(48:06) - AQR implementing AI in their investment process

(51:46) - Cliff’s most controversial opinion

(57:39) - Cliff’s most memorable investment

Learn more about Cliff: AQR; Twitter

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Follow Meb on Twitter, 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: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here.

Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok

-----

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! 

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