The Meb Faber Show - Better Investing Innovative Tax Strategies in Bond Investing [Alex Morris] | #596
20 snips
Sep 5, 2025 
In this engaging conversation, Alex Morris, CEO & CIO of F/m Investments, shares insights from his vast experience at a $19 billion firm. He delves into the rise of bond-centric ETFs, highlighting TBIL as a standout. Alex introduces his innovative "Compoundr" series, aiming to convert bond ETF income into price appreciation while discussing tax strategies tailored for bond investors. He also tackles market inefficiencies and offers bold predictions on dual share classes, making this a must-listen for anyone interested in the evolving bond landscape.
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From Medicine To Markets
- Alex left a path to medicine and instead built trading and advisory businesses across London, Santa Barbara, and Washington, D.C.
- He founded FM to scale advisor-facing alpha and later entered ETFs after needing precise treasury exposures.
How TBIL Was Born
- FM launched TBIL (their T-bill ETF) after struggling to get precise on‑the‑run cash exposure from existing products.
- The simplicity and efficiency of rolling 90‑day treasuries made TBIL unexpectedly popular and grew it to billions in AUM.
ETFs Democratized Product Innovation
- ETFs unlocked rapid product innovation by lowering launch cost and time compared with mutual funds.
- That regulatory and tech evolution made niche bond ETF strategies feasible for smaller firms.
