The Meb Faber Show - Better Investing

Today’s guest is Rex Salisbury, a founding partner of the a16z fintech team and is now a solo GP with Cambrian Ventures.In today’s episode, Rex shares an overview of Cambrian and the benefit of the fintech community he’s built over time. We touch on the three-body problem and how it relates to venture capital, the competitive advantages of different VC’s, and why he believes you can be consensus and win in venture capital.  -----Follow Meb on Twitter, LinkedIn and YouTubeFor detailed show notes, click hereTo learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com-----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.-----Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com-----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 returning guest is Whitney Baker, founder of Totem Macro and previously worked at shops like Bridgewater and Soros.If you missed her first episode back in January 2022, feel free to pause this & listen to that first – it was one of our most talked about episodes of the year.In today’s episode, Whitney shares where she sees opportunity in at a time when, as she says, “we’re going from “risk-on cubed” to “risk-off cubed”, starting from some of the highest valuations in history.”She touches on why she believes inflation is here to stay, the opportunity she sees today in emerging markets, and the dangers of using heuristics learned since 2008 to analyze the current market environment.   -----Follow Meb on Twitter, LinkedIn and YouTubeFor detailed show notes, click hereTo learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com-----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.-----Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com-----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 returning guests are Jerry Parker and Salem Abraham. Jerry is the CEO of Chesapeake and a long-time trend follower since he was in the Turtle training program. Salem is the President of Abraham Trading Company and the Fortress Fund, which seeks to protect capital and achieve long-term capital appreciation.In today’s episode, Jerry and Salem share some of the lessons they’ve learned from trading over the years. We spend some time talking about trend-following and the huge year most CTA’s are having. Plus, Salem even shares an area of the market he’s bullish on today.To listen to Jerry’s first appearance on The Meb Faber Show, click hereTo listen to Salem’s first appearance on The Meb Faber Show, click here-----Follow Meb on Twitter, LinkedIn and YouTubeFor detailed show notes, click hereTo learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com-----Today’s episode is sponsored by Composer. Composer is the premier platform for investing in and building quantitative investment strategies. What used to take Python,Excel and expensive trading software is available for free in an easy to use no-code solution. Learn more at www.cmpsr.co/meb.-----Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com-----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 Hugh Hendry, formerly the CIO of Eclectica Asset Management and now a luxury hotelier and host of The Acid Capitalist podcast.In today’s episode, Hugh shares his thoughts on all the macro factors in the world today. He touches on inflation, energy markets, the dollar, the situation in China, and more. Be sure you stick around to hear why a dream about the Wizard of Oz led him to buy gold from the Bank of England.  -----Follow Meb on Twitter, LinkedIn and YouTubeFor detailed show notes, click hereTo learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com-----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.-----Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com-----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 Harris Kupperman, but you may know him as Kuppy! He’s the founder and CIO of Praetorian Capital, a global micro hedge fund. In today’s episode, Kuppy shares why the macro set up today leads him go be as bullish on oil as it gets. He touches on the Fed, OPEC, ESG, and how he’s implementing this trade.To preview KEDM, click here-----Follow Meb on Twitter, LinkedIn and YouTubeFor detailed show notes, click hereTo learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com-----This episode is sponsored by Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Visit masterworks.com/meb to skip their wait list.-----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.-----Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com-----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! -----Disclaimer: Past performance is not indicative of future results. This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith and any related legal, tax, accounting or other material considerations. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, prospective investors are encouraged to contact Cambria or consult with the professional advisor of their choosing. Certain information contained herein has been obtained from third party sources and such information has not been independently verified by Cambria. No representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information by Cambria or any other person. While such sources are believed to be reliable, Cambria does not assume any responsibility for the accuracy or completeness of such information. Cambria does not undertake any obligation to update the information contained herein as of any future date. All investments involve risk, including the risk of the loss of all of your invested capital. Please consider carefully the investment objectives, risks, transaction costs, and other expenses related to an investment prior to deciding to invest. Diversification and asset allocation do not ensure profit or guarantee against loss. Investment decisions should be based on an individual’s own goals, time horizon, and tolerance for risk. Masterworks is not registered, licensed, or supervised as a broker dealer or investment adviser by the SEC, the Financial Industry Regulatory Authority (FINRA), or any other financial regulatory authority or licensed to provide any financial advice or services. Source: (2022, September 13). Wall St suffers worst sell-off since June 2020 after inflation data. Financial TimesSource: (2022, September 19). Fund managers pitch ‘alts’ to retail investors as institutions max out. Financial TimesSource: (2022, September 30). Inflation punches Wall Street again, ending knock-down quarter. ReutersSource: (2022, June 24). State of the Art Market: An Analysis of Global Auction Sales in the First Five Months of 2022. Artnet News. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s episode features Christine Wang reading her piece, “Room To Run” with US Small-Cap Value Stocks? Christine is a Portfolio Manager for Bridgeway Capital Management.The Best Investment Writing series features top research pieces that we’ve shared via The Idea Farm in the past year. Subscribe here so you get these sent to you each week.Check out the past series of The Best Investment Writing below:Volume 5 Volume 4 Volume 3Volume 2Volume 1-----Follow Meb on Twitter, LinkedIn and YouTubeFor detailed show notes, click hereTo learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com-----Today’s episode is sponsored by Stream by AlphaSense. Stream is an expert transcript library used by people just like you to quickly perform preliminary diligence on new ideas related to their target companies in the tech, media, telecom, healthcare, consumer and industrial sectors; avoiding the time, hassle, and cost of traditional expert network calls. With over 15,000 on-demand expert call interviews, 100+ new transcripts added each day, AI smart search technology, and 70% of our experts unique to our network, it's no wonder the world's leading financial firms choose Stream.Sponsor dollars for the entire Best Investment Writing series are being donated to the charity of the guest’s choice. Today’s sponsor dollars are being donated to Compudopt on behalf of Christine Wang.-----Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com-----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 episode features Corey Hoffstein and Rodrigo Gordillo reading their piece, Return Stacking: Strategies for Overcoming a Low Return Environment.Corey is a co-founder of and Chief Investment Officer at Newfound Research. Rodrigo President of and a Portfolio Manager at ReSolve Asset Management Global and has over 15 years of experience in investment management.The Best Investment Writing series features top research pieces that we’ve shared via The Idea Farm in the past year. Subscribe here so you get these sent to you each week.Check out the past series of The Best Investment Writing below:Volume 5 Volume 4 Volume 3Volume 2Volume 1-----Follow Meb on Twitter, LinkedIn and YouTubeFor detailed show notes, click hereTo learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com-----Today’s episode is sponsored by Stream by AlphaSense. Stream is an expert transcript library used by people just like you to quickly perform preliminary diligence on new ideas related to their target companies in the tech, media, telecom, healthcare, consumer and industrial sectors; avoiding the time, hassle, and cost of traditional expert network calls. With over 15,000 on-demand expert call interviews, 100+ new transcripts added each day, AI smart search technology, and 70% of our experts unique to our network, it's no wonder the world's leading financial firms choose Stream.Sponsor dollars for the entire Best Investment Writing series are being donated to the charity of the guest’s choice. Today’s sponsor dollars are being donated to the Malala Fund on behalf of Corey & Rodrigo. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Annie Duke, a consultant in the decision-making space and previously was a professional poker player who won over 4 million dollars. She’s also a best-selling author and just released her newest book, Quit: The Power of Knowing When to Walk Away. In today’s episode, Annie shares why quitting isn’t always as bad as advertised. She shares what behavioral biases lead us to want to either quit a trade too early or avoid quitting a bad trade, and shares actionable advice you can take to counteract this problem. As we wind down, we touch on The Alliance for Decision Education, a non-profit Annie founded to empower students with essential skills to make better decisions. Click this link to learn more about the organization’s virtual poker tournament on October 27th at 6:30p ET. -----Follow Meb on Twitter, LinkedIn and YouTubeFor detailed show notes, click hereTo learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com-----This episode is sponsored by AcreTrader. 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. For more information, please visit acretrader.com/meb.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.-----Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com-----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 Dave Thornton, co-founder & Chief Customer Officer of Vested, which helps startup employees unlock the value in their equity.In today’s episode, Dave shares how Vested is providing liquidity for startup employees, along with a way for investors to access the beta of venture capital unlike it’s ever been done before. He shares the ins and outs of their business, the value-add they provide to startup employees about how to handle their stock options, and how they’re able to give people like yourself broad exposure to venture capital as an asset class.-----Follow Meb on Twitter, LinkedIn and YouTubeFor detailed show notes, click hereTo learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com-----Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com-----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 Rick Rieder, the CIO of Global Fixed Income at BlackRock & the Head of the BlackRock Global Allocation team. Rick is responsible for roughly $2.4T in assets.In today’s episode, Rick shares his view of the world today, touching on inflation, the Fed, and why now is the most interesting time he’s ever been in the markets. He shares where he sees opportunity given all the risks in the markets and even shares his “secret to trading.”-----Follow Meb on Twitter, LinkedIn and YouTubeFor detailed show notes, click hereTo learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com-----This episode is sponsored by AcreTrader. 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. For more information, please visit acretrader.com/meb.-----Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com-----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