The Meb Faber Show - Better Investing

Chuck Clough, Chief Investment Officer of Clough Capital, shares his extensive knowledge from over six decades in finance. He reflects on the economic challenges of the 1970s and the bear market during the dot-com bubble, where he famously predicted Cisco's decline. Clough compares today's market to that bubble and explores the transformative impact of AI, discussing potential investment opportunities in various sectors. His insights on interest rates, inflation, and lessons learned from industry legends add depth to the conversation.

Jim Masturzo, CIO of Multi-Asset Strategies at Research Affiliates, dives into the shaky foundations of U.S. markets with high valuations. He discusses the stark investment landscape in China and India, emphasizing the need for portfolio diversity. Masturzo critiques private equity expectations versus public market realities and sheds light on the complexities of fixed income dynamics. He questions the optimistic outlook on AI's impact on productivity while offering strategies for risk management and effective asset allocation in today's volatile environment.

Brian Jacobs, Portfolio Manager at Aptus Capital Advisors, shares his expertise on dynamic investment strategies. He critiques traditional bond allocation and explains the power of hedged equity products. Jacobs also dives into the housing market, discussing tax benefits of homeownership versus renting. He highlights innovative strategies like minimum volatility and trend following, revealing their potential to protect investments while still targeting gains. Plus, intriguing insights on CAPE ratios and tax-efficient investing make for a compelling listen.

Mike Maples Jr., a venture capitalist and author of 'Pattern Breakers,' shares his insights on identifying high-potential startups and the importance of embracing disagreement in entrepreneurship. He discusses the future of private markets, the impact of AI on investing, and lessons learned from investment legend David Swensen. Maples emphasizes the significance of recognizing inflection points and radical differentiation in startups while advocating for financial literacy, especially among youth, to empower future investors.

Savita Subramanian, Head of U.S. Equity Strategy at Bank of America and named one of Barron’s 100 Most Influential Women in Finance, dives into market trends as 2025 approaches. She discusses why today’s higher valuations are justifiable, the potential for productivity gains to spark a new bull market, and the surprising strength of corporate margins amid inflation. Savita also shares her thoughts on selective stock picking, the future landscape for small and mid caps, and the reshaping of investment strategies in the evolving financial environment.

Wendy Li, founder and CIO of Ivy Invest, shares her extensive experience managing billions for New York endowments. She discusses the intricate strategies elite institutions use, balancing risks with evolving alternative investments. Wendy reveals her innovative approach to democratizing endowment-style investing, allowing individual investors access without accreditation. Learn about her 'Windy portfolio' blending public equities and alternatives and insights on liquidity management in today's market, highlighting the growing trend of companies remaining private longer.

Dive into the intriguing concepts of shareholder yield versus traditional dividend investing. The discussion uncovers how strategic capital allocation can significantly impact investor returns. Emotional ties to dividends are dissected, revealing why many investors resist change. Explore the benefits of reinvesting dividends and stock buybacks through enlightening historical data. Learn practical strategies for identifying shareholder yield stocks and adapt to evolving market conditions for superior returns.

Explore the highlights of 2024, featuring insights from renowned guests like Aswath Damodaran, who dives into the future of Apple and Spotify. Brad Gerstner shares his unique perspectives, while Cliff Asness discusses market trends and investment strategies. Hendrik Bessembinder examines stock performance metrics, and Kenneth French delves into the essence of value investing. These thought-provoking discussions provide valuable insights for investors looking to navigate the financial landscape.

Felix Zulauf, a macro-expert and founder of Zulauf Consulting, discusses the precarious state of global equity markets. He warns that the concentration in the U.S. stock market signals a bubble, leading to potential market reversals. Felix delves into the dynamics of commodities, Bitcoin, and currencies while emphasizing the need for investors to focus on managing risks over chasing opportunities. He further explores the implications of central bank actions and the performance of gold amid geopolitical tensions.

Fran Kinniry, a Principal and Head at Vanguard Investment Advisory Research Center, shares insights from his extensive experience since 1997. He emphasizes the crucial role advisors play in helping investors maintain discipline during market turmoil. Fran discusses Vanguard's strategic entry into private equity and the importance of fixed-income investments as 2024 approaches. He also highlights the significance of international diversification and the resurgence of high-quality bonds in today’s investment landscape.