The Meb Faber Show - Better Investing

In episode 193 we welcome our guest, Chris Brightman. Meb and Chris start the conversation with an evolution of economic and monetary theory over the past decades, and some detail behind Modern Monetary Theory. Chris then expands on inflation, the idea that high inflation is associated with volatile inflation, as well as some ways to protect from high inflation.The pair then get into Research Affiliates’ forward looking asset class return expectations, including, the expectation of a 3.5% real return for the US stock market before any adjustments to valuations and the reality of low and even negative return prospects from fixed income. Chris talks about emerging markets as a potential bright spot.As the conversation winds down, Chris reveals some ways investors can think about implementing the ideas he discusses in the episode, including the literature that shows investors engage in performance chasing, and they’d be far better off taking a buy-and-hold approach to a diversified set of passive instruments.All this and more in episode 193, including a couple of Chris’s most memorable investments. Learn more about your ad choices. Visit megaphone.fm/adchoices

Last year when we published The Best Investment Writing Volume 2, we offered authors the opportunity to record an audio version of their chapter to be released as a segment of the podcast, and listeners loved it.This year, we’re bringing you the entire volume of The Best Investment Writing Volume 3 in podcast format.You’ll hear from some of the most respected money managers and investment researchers all over the world.Enough from me, let’s let Ben take over this special episode. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 192 we welcome our guest, Tim Hayes. Tim and Meb kick off the conversation with an overview of the data driven Ned Davis research process and how the team gains an understanding of what is going on the market.Meb then asks Tim to expand on his current thoughts on the market. Tim covers the potential tactical opportunity in the market and the base case for the US stock market, that it’s in the same secular bull market it’s been in since 2009. He also notes that there is a risk to the bond market and that it’s late in the secular game.The conversation then shifts to discussion about negative yielding bonds. Meb and Tim then touch on the worries Tim is seeing from institutional investors.As the conversation winds down, Tim covers his belief that it is critical to be aware, and constantly watch what relationships are changing in markets to gauge what is relevant.All this and more in episode 192. Learn more about your ad choices. Visit megaphone.fm/adchoices

Last year when we published The Best Investment Writing Volume 2, we offered authors the opportunity to record an audio version of their chapter to be released as a segment of the podcast, and listeners loved it.This year, we’re bringing you the entire volume of The Best Investment Writing Volume 3 in podcast format.You’ll hear from some of the most respected money managers and investment researchers all over the world.Enough from me, let’s let Todd take over this special episode. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 191, we welcome our guest, Simon Hallett. Simon and Meb start off the conversation with a run-down of Simon’s firm, Harding Loevner, cover its quality growth investment approach as well as its long-term focus. Simon gives some insights into “short-termism” and what it takes and the incentives in place to keep everyone at Harding Loevner focused on long-term investing.Simon walks through the investment framework at Harding Loevner in detail. From a high level, they care about growth, quality, and price and beyond that, Simon walks through the details and what it looks like as ideas work their way through the process.Next, Simon and Meb get into skill vs. luck. Simon emphasizes the role process plays in skill vs. luck, and the post-investment review he and his team go through to analyze the role skill vs. luck played in the outcome of a position.As the conversation winds down, Simon and Meb touch on behavioral finance, and Simon discusses introducing behavioral aspects to the investment process wherever they can. He mentions he think there is a behavioral edge in any market.All this and more in episode 191, including a discussion about Simon’s football club and his most memorable investment. Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode 190 has a radio show format. We cover a variety of topics, including: Buying stocks at all-time highs 2010 Fund Manager of the Decade Jim Simons Year-end questions for advisors and brokers There’s this and plenty more in episode 190. Learn more about your ad choices. Visit megaphone.fm/adchoices

In Episode 189 we welcome our guest, John Parise. John and Meb kick off the conversation with the idea of the family CFO and wealth planning. As John gained experience in financial planning, he investigated the family office model, and he consistently saw a lack of planning. That eventually led him to the foundations that helped him eventually form his firm, Copper Beech.Meb and John then cover to the process of what planning looks like at Copper Beech. John describes the interview, discovery process, and the types of conversations the firm has with families. They then get into some examples of the mechanics of what the planning process really looks like, and some methods to pay zero estate tax.The pair then shift to talking about teaching young generations to handle wealth.As the conversation winds down, John covers some of the major items people can consider to improve their planning outcomes.All this and more, in episode 189 including John’s most memorable investment. Learn more about your ad choices. Visit megaphone.fm/adchoices

Last year when we published The Best Investment Writing Volume 2, we offered authors the opportunity to record an audio version of their chapter to be released as a segment of the podcast, and listeners loved it.This year, we’re bringing you the entire volume of The Best Investment Writing Volume 3 in podcast format.You’ll hear from some of the most respected money managers and investment researchers all over the world.Enough from me, let’s let Ray take over this special episode. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 188 we welcome our guest, Andreas Clenow. Meb and Andreas start the conversation with a hat on what hooked Andreas on trend following, and his book, Following the Trend.Andreas discusses running trend following as a portfolio strategy, not something that is optimal to run on a single market. He talks about some basic fundamentals of trend following, including the premise that it’s about taking a lot of bets on a large number of markets independently.Meb then asks Andreas to get into some detail about risk management and position sizing. Andreas defines the way he thinks about risk, and goes back and forth with Meb about the reality of return expectations and compounding. Meb follows by asking what has changed with his approach over the years. Andreas responds with the idea of realizing it’s about strategy and business, and the business has changed a lot.The conversation transitions into how trend following can fit into an investment portfolio. Andreas offers that the strategy can serve as a core building block of a larger portfolio. He talks about some of the environments where trend following has done particularly well, and the challenge with diversification in equities.As the conversation winds down, Meb asks about Andreas’ new book, Trading Evolved: Anyone can Build Killer Trading Strategies in Python. Andreas describes the book as a guide for readers to build backtests and strategies in the programming language, Python.All this and more in episode 188, including Andreas’s most memorable investment. Learn more about your ad choices. Visit megaphone.fm/adchoices

Last year when we published The Best Investment Writing Volume 2, we offered authors the opportunity to record an audio version of their chapter to be released as a segment of the podcast, and listeners loved it.This year, we’re bringing you the entire volume of The Best Investment Writing Volume 3 in podcast format.You’ll hear from some of the most respected money managers and investment researchers all over the world.Enough from me, let’s let Jack take over this special episode. Learn more about your ad choices. Visit megaphone.fm/adchoices