Today’s guest is Carl Richards. Carl is a Certified Financial Planner, built and sold an investment firm, and hosts the podcast 50 Fires, which is backed by Chip and Joanna Gaines. He’s also the author of The Behavior Gap and The One-Page Financial Plan and his newest book is called Your Money: Reimaging Your Wealth with 101 Simple Sketches.

In today’s episode, Carl discusses the emotional aspects of money and how our perceptions of wealth can be influenced by societal norms and personal experiences. He introduces concepts like the emotional balance sheet and the overnight test for investment decisions, emphasizing the need to align financial choices with personal goals rather than external pressures. The discussion also touches on the impact of news and social media on financial behavior.

(0:00) Starts

(1:15) Introduction of Carl Richards

(5:32) Emotional aspects of money

(12:19) The overnight test

(20:26) Focusing on what you can control

(24:36) Fundamental investing principles

(28:11) Social comparisons and social media effects

(32:28) The concept of perceived wealth

(37:16) Lifestyle inflation and hedonic adaptation

(44:39) Diversification and performance chasing performance

(48:22) The impact of news on investments and when to sell

(52:13) Scarcity vs abundance mindset

(54:51) Celebrating milestones, Carl's future plans, and reader responses

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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).

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Today’s guest is Eddy Elfenbein, one of the OG financial bloggers at Crossing Wall Street. Eddy also runs the CWS ETF, which is from his annual buy list of 25 stocks.

In today’s episode, Eddy shares his insights on investing, stock selection, and the challenges of managing an ETF. He discusses the origins of his buy list, his investment philosophy focused on high-quality stocks, and the importance of understanding market cycles. Eddie also provides advice for aspiring ETF managers and reflects on the unique stock picks that have defined his career.

(0:00) Starts

(3:22) Eddie's buy list concept and CWS ETF launch

(9:55) Eddy's investment philosophy

(19:36) Stock picking challenges and notable winners

(22:45) Market misconceptions

(28:38) Elfenbein's stock market theory

(38:20) Eddy's most memorable investment

(44:54) Market concerns and investment strategies

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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).

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Today’s guest is Tobias Carlisle, founder of Acquirers Funds and serves as portfolio manager of the firm’s deep value strategy. He’s just released a book called Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking.

In today’s episode, Toby starts by discussing the current valuation landscape and the challenge for small cap investors. Then he explores the intersection of Warren Buffett’s investment philosophy with Sun Tzu’s teachings. He walks through notable investment case studies, including General Re, Burlington Northern and Japanese trading houses.

The case studies all convey the significance of patience, strategic thinking, and the pursuit of asymmetric opportunities in investing, while also addressing the psychological aspects that influence investor behavior.

(0:34) Introduction of Tobias Carlisle

(1:32) Value investing in current market conditions

(4:04) Market outlook and valuation differences across cap-sizes

(10:03) Jay Powell's recent comments

(13:57) Toby's new book

(19:54) The Gen Re investment

(26:33) Buffett's investment in Japan and Apple

(32:57) Buffett's investment principles and managing FOMO

(42:30) Comparing low volatility and high beta stocks

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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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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 Morgan Housel, the bestselling author of The Psychology of Money and Same As Ever. His books have sold over nine million copies. His new book releasing in October is The Art of Spending Money. Morgan is a partner at The Collaborative Fund and serves on the board of directors at Markel.

In today’s episode, Morgan discusses the complexities of wealth, spending, and happiness. He shares insights on the psychological implications of financial identity and the importance of independence and purpose in achieving true happiness. One theme throughout is that investing is more about human behavior than financial principles.

(0:00) Starts

(1:31) Introduction of guest Morgan Housel

(2:01) Virality, luck and success

(3:38) The psychological impact of wealth

(7:15) The burden of material possessions and spending for happiness

(11:17) Personal history's influence on spending and investment behavior

(16:01) Cultural attitudes toward investing

(22:07) The role of identity in financial behavior

(27:45) Avoiding peer comparisons

(37:30) Finding happiness and purpose after financial independence

(50:13) Morgan's most memorable investment

Sponsor: ⁠AcreTrader⁠ is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online.

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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 Keith McCullough, Founder and CEO of Hedgeye, a financial media company that provides real-time investment research.

In today’s episode, Keith discusses his journey in the financial world, the importance of market signals, and the innovative quad framework he uses to navigate economic scenarios. He emphasizes the significance of understanding the U.S. dollar’s impact on global markets, the psychology behind investing decisions, and the necessity of position sizing. McCullough also shares insights into Hedgeye's new venture into asset management and the future of ETFs, highlighting the evolving landscape of investing.

(0:00) Starts

(1:28) Keith McCullough's investment philosophy

(2:48) Explanation of Hedgeye's "signal" and "quad" strategy

(14:19) Outlook for the US dollar

(24:10) Understanding economic cycles

(40:10) Launching Hedgeye Asset Management

(47:51) Keith's most memorable investment experience

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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]

-----

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 Dave Thornton, co-founder & Chief Customer Officer of Vested, which helps startup employees unlock the value in their equity.

In today’s episode, Dave walks through the messy reality of startup stock options, noting $600 billion of startup equity is abandoned over a market cycle. He explains how Vested helps solve this problem by providing funding to help employees exercise their expiring stock options, in exchange for exposure to a portion of the now-owned shares.

Dave also previews Vestimate, a tool to track the fair-market value of your equity over time that’s already reducing abandonment, and shares practical takeaways for employees, advisors, and allocators seeking exposure to venture capital.

(0:00) Starts

(0:34) Dave Thornton explains Vested

(9:35) Vested's selection model, data sources, and proprietary insights

(17:22) Vested's investment strategy and funds

(21:19) Trends in IPOs

(23:13) Venture exposure

(26:18) Introducing the Vestimate

(31:12) Future goals for Vested

(37:38) Final remarks

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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]

-----

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 Alex Morris, the CEO & CIO of F/m Investments, a $19 billion investment firm.

In today’s episode, Alex & Meb walk through the evolution of investment strategies and what led Alex to launch a series of bond-centric ETFs, with TBIL emerging as the breakout success. He also highlights his new “Compoundr” series, seeks to convert bond ETF income into price appreciation by rotating exposures around dividend dates. Be sure to stick around for a bold prediction about dual share classes.

(0:00) Starts

(1:16) Alex's path to launching ETFs

(4:27) TBIL ETF

(7:50) Evolution in bond ETFs

(17:22) Investor behavior in fixed income ETFs

(24:49) Compoundr series and tax efficiency in bond ETFs

(34:12) Securities lending

(39:19) Long-term investing & tax decisions

(46:54) Alex's thoughts on dual share class

(51:15) Alex'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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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! 

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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

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Today’s guest is Bob Elliott, CEO and CIO of Unlimited, which uses machine learning to create low-cost index replications of 2&20 style alternative investments. Prior to founding Unlimited, Bob served on the Investment Committee at Bridgewater Associates and led Ray Dalio’s investment research team for nearly a decade.

In today’s episode, Bob discusses the macroeconomic landscape — from the Federal Reserve to the impact of tariffs and the dollar’s long-term overvaluation. He highlights the disconnect between weakening economic data and elevated stock valuations, noting that prices can’t diverge from the real economy for long.

He also emphasizes the role of asset allocation and diversification, with a focus on TIPS, bonds, and hedge fund replication strategies.

(0:00) Starts

(1:09) Introduction of Bob Elliott

(4:13) Tariffs consequences

(8:53) Dollar performance

(13:09) Evaluation of asset dislocations and investment opportunities

(18:55) Sentiment towards bonds

(22:11) Global macro strategies

(36:07) Portfolio diversification and addressing high fees

(44:51) Role of illiquid assets and transparency in private investments

(52:15) Bear market impacts and regulatory challenges

(59:28) New product developments and liquid venture prospects

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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: 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).

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

Today’s guest is Mark J. Higgins, a Senior VP for IFA Institutional, where he focuses on providing advisory services to institutions. He’s also the author of Investing in U.S. Financial History: Understanding the Past to Forecast the Future, which is one of my favorite books on financial history.

In today’s episode, Mark explores the parallels between historical financial crises and today’s economic landscape. He touches on the disturbing trends in private markets, the ethics of asset management, the evolution of U.S. debt, the future of the U.S. dollar, and more.

(0:00) Starts

(1:23) Mark Higgins' financial history insights

(2:19) History of insider trading

(4:14) Historical perspective on debt and reserve currencies

(19:49) Gold, Bitcoin, and the evolution of financial markets

(26:16) Passive vs. active management and private markets

(37:19) Private market concerns

(45:10) Historical figures and retirement plan changes

(47:11) Inflation concerns

(50:02) Mark's most memorable investment

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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: 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! 

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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 returning guest is Mike Philbrick, CEO of ReSolve Asset Management and Founding Member of the Return Stacked Team.

In today’s episode, Mike discusses the evolving role of gold and Bitcoin in investment portfolios given the current economic landscape. He explores the historical performance of gold, its risk premium, and how it can help negate home country bias. Then he explains how investors can utilize gold futures to enhance a traditional 60/40 allocation.

(0:00) Starts

(1:18) Introduction of Mike Philbrick

(3:10) US monetary policy, gold and Bitcoin

(7:26) Gold performance since 2000

(14:09) Can gold hedge home country bias?

(27:08) Bitcoin vs. gold

(31:37) Overview of return stacking strategies

(43:58) The future of return stacking funds

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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

-----

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