The Meb Faber Show - Better Investing Bob Elliott on The Biggest Macro Experiment of Our Lifetime | #595
44 snips
Aug 29, 2025 
Bob Elliott, CEO and CIO of Unlimited, brings his expertise from Bridgewater Associates to the conversation. He dives into the complex macroeconomic landscape, unpacking the effects of tariffs and the long-term valuation of the dollar. Bob highlights the contradictions between weak economic data and high stock prices, the necessity of diversification, and the potential of TIPS and hedge fund replication strategies. He stresses the importance of transparency in private investments and calls for accountability in bear markets, making this a must-listen for investors.
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Tariffs And Immigration Are Dragging Growth
- Bob Elliott says recent tariff and immigration policies represent a 1.5–2% negative GDP drag that will peak soon.
- He warns markets haven't fully priced this weaker growth, creating a divergence risk between stocks and the economy.
Tariffs Are Largely Passed To U.S. Consumers
- Elliott calls current U.S. tariffs "one of the greatest macroeconomic experiments of our lifetime."
- He notes foreign producers aren't absorbing tariffs and U.S. consumers will likely bear most of the burden over six months.
Dollar Moves Are Multi-Year Cycles
- Elliott frames currency cycles as 10–15 year trends and says the dollar's secular high reversing can shift capital flows significantly.
- He warns a modest dollar drop now is tiny relative to multi-year cycle moves that can exceed 50%.
