In today’s episode, Meb reads a recent post, "The Bear Market in Diversification." ----- Follow Meb on Twitter, LinkedIn and YouTube To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell...

Today’s guest is Brendan Ahern, Chief Investment Officer at KraneShares, which provides investors access to China, Climate, and other uncorrelated strategies. He also produces China Last Night, a daily note recapping important news out of China.  In today’s episode, Brendan delves into the current state of China's stock market and economy, exploring the impact of the property crisis, upcoming U.S. election and the state of the consumer. Our discussion addresses key questions on whether China...

Today’s guest is Michael Melissinos, founder of Melissinos Trading, an investment firm that employs a systematic trend-following approach. In today’s episode, Mike shares his journey into trend following and his approach to trading. He emphasizes the importance of removing biases and opinions when observing trends and executing trades. We get into the nuances of trend following, sticking to a trading system, and much more. (0:00) Introduction of guest Mike Melissinos and his journey into...

Today’s guests are Eric Crittenden, CIO of Standpoint Asset Management, and Jason Buck, CIO of Mutiny Funds. In today’s episode, we talk about the sentiment around trend-following today. We discuss optimal diversifiers for trend-following, how the Herschel Walker trade relates to portfolio construction, and if investors are as diversified as they think they are. (1:01) - Welcome back to our guests, Eric and Jason; Episode #389: Eric Crittenden; Episode #440: Jason Buck (2:02) - Investor...

Today’s guest is Hendrik Bessembinder, a professor at Arizona State University. In today’s episode, Meb and Hank discuss Hank's research on long-term stock returns and wealth generation. They explore the concept of power laws in the stock market, where a small percentage of stocks generate significant returns, while the majority underperform. They also discuss the implications of Hank's findings for investors, including the importance of diversification and the challenges of holding onto big...

Today’s guest is Catherine LeGraw, a member of GMO’s Asset Allocation Team. In today’s episode, Catherine explains why this is “the best relative asset allocation opportunity we’ve seen in 35 years," and “we are building portfolios with some of the highest forecasted relative and absolute returns we’ve ever seen." She explains where she sees opportunity around the world today, why she’s excited about deep value and quality, and how she’s thinking about the Magnificent 7. (1:34) - Welcome to...

Today’s guest is Professor Ken French, the Roth Family Distinguished Professor of Finance at the Tuck School of Business at Dartmouth College. He’s written some of the most influential papers in finance alongside former podcast guest, Professor Eugene Fama.  In today’s episode, Ken shares what topic he and Professor Fama disagree on. Then we get into a number of topics: what it means to truly be a long-term investor, the global market portfolio, misconceptions around stock buybacks, and much...

In today’s episode, Meb reads a white paper, “T-Bills and Chill…Most of the Time.” ----- Follow Meb on Twitter, LinkedIn and YouTube To learn more about our funds and follow us, subscribe to our mailing list.  ----- Follow Meb on Twitter, LinkedIn and YouTube To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment...

Today’s guest is Cliff Asness, co-founder, managing principal and Chief Investment Officer at AQR Capital Management.  In today’s episode, Cliff & I start by talking about some quotes he may or may not have said in the past. Then we kick around a bunch of topics. We talk about diversifying by both asset class and geography, the challenge of managing short-term expectations while keeping a long-term perspective, and how AQR is implementing AI and machine learning in their investment...

Today’s guest is Steve Edmundson, the Chief Investment Officer of the Public Employees’ Retirement System of Nevada, which manages over $60 billion. As pension funds continue to hire more employees, pay more and more fees and build more complex portfolios, Steve is an outlier for his approach that emphasizes simplicity over complexity. He’s one of two investment professionals on staff and has indexed 100% of all publicly traded asset classes. I love it!  Steve talks about the culture that...

In today’s episode, Meb reads his blog post, “Should CalPERS Fire Everyone And Just Buy Some ETFs?.”  Resource: What Does Nevada’s $35 Billion Fund Manager Do All Day? Nothing ----- Follow Meb on Twitter, LinkedIn and YouTube To learn more about our funds and follow us, subscribe to our mailing list.  ----- Follow Meb on Twitter, LinkedIn and YouTube To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode...

Today’s guests are Peter Atwater and Grant Williams, two guys that have known each other for a decade. Peter is a professor and author of The Confidence Map: Charting a Path from Chaos to Clarity. Grant is the author of the newsletter Things That Make you Go Hmmm… and host of The Grant Williams Podcast. He was also a co-founder of Real Vision. Today’s episode is a masterclass in how to analyze market sentiment, which seems particularly timely given how the market has been lately. Peter shares...

Today’s guest is Tim Ranzetta, co-founder of Next Gen Personal Finance, a non-profit organization working to increase access to financial education. In today’s episode, Tim updates us on everything going on with Next Gen Personal Finance. You all know I’m a huge proponent of teaching kids personal finance and Tim is as focused on this making this happen as much as anyone. He talks about “Mission 2030,” which is to guarantee every high school student in the US takes at least one semester-long...

Today’s guest is Whitney Baker, founder of Totem Macro. She previously worked at shops like Bridgewater and Soros. In today’s episode, Whitney explains what led to $500 billion in money expansion last year and why that’s driven recent performance in asset prices. She discusses the challenge the Federal Reserve faces as they try to balance inflation concerns with the need to support asset prices. Finally, Whitney talks about the huge opportunity she sees in emerging markets today and which...

Today’s returning guest is Alpha Architect’s Wes Gray, and he’s joined by Bob Elwood, a business lawyer with a focus on investment funds.  Wes and Bob just helped complete a separately managed account to ETF conversion of $770 million, so we had to get them on the show to walk through the process! They walk through the process of doing an SMA to ETF conversion via Section 351 from start to finish. They share some of the more nuances involved in the process and answer some common questions...

In today’s episode, Meb reads a paper titled, “A Better Approach to Dividend Investing.”  Learn more about the Cambria Shareholder Yield ETF, SYLD. ----- Follow Meb on Twitter, LinkedIn and YouTube To learn more about our funds and follow us, subscribe to our mailing list.  To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expense before investing. This and other information can be found in the...

Today’s guest is Tina Vandersteel, who is the head of GMO’s Emerging Country Debt team. She’s been with GMO for almost two decades. In today’s episode, we dive into Tina’s teams’ recent piece about what they call a possible “once-in-a-generation opportunity” in emerging market local currency debt. Tina gives a great overview of the emerging market debt asset class and then we dive into the reasons behind her team’s call. She shares why today is reminiscent of 2004 and how she thinks about...

Today’s guest is Drew Dickson, founder of Albert Bridge Capital and CIO of Alpha Europe funds.  We talk a lot about global investing on this show and wanted to talk about that with Drew given his focus on European markets. Between the end of 1979 and the end of 2009, both the U.S. and Europe were 26 baggers and roughly had the same returns. Since then? The U.S. has returned 15% per year while Europe has returned just 8% per year. We spend a lot of time on whether this will continue.  We also...

Today’s guest is Ben Mackovak, Co-Founder of Strategic Value Bank Partners, an investment partnership specializing in community banks. Ben also sits on the board for several banks, giving him unique insight into what’s going on in this area. It's been a wild ride lately for the banks. 2023 was the biggest year ever for bank failures. There are concerns about commercial real estate risk in the banking system, the Federal Reserve has raised interest rates at an incredible pace, and valuations...

Today’s guest is Jared Dillian, the editor of The Daily Dirtnap, a daily market newsletter for investment professionals.  Jared’s back on the podcast to talk about his book, No Worries: How to live a stress-free financial life, which just released yesterday. Jared talks about the 80/20 rule applied to personal finance, his “no worries” approach to investing, which he calls the awesome portfolio, and I bet you’ll be surprised by which asset has performed best since 2000. We also get Jared’s...

Today’s guest is Bruno Caratori, co-founder & COO of Hashdex, a global crypto asset manager that launched the first crypto index ETF in the world.  In today’s episode, we’re talking all about the SEC’s recent spot Bitcoin ETF approval with someone from one of the 11 companies in the Bitcoin ETF race. And in crypto fashion, the approval actually happened halfway through our episode! Bruno talks about what a wild week it was with the fake announcement by someone who hacked the SEC’s Twitter...

Today’s returning guest is Rick Rieder, BlackRock’s CIO of Global Fixed Income and the Head of the BlackRock’s Global Allocation team. Rick recently won the Morningstar 2023 Outstanding Portfolio Manager award.  In today’s episode, Rick shares his take on the macroeconomic landscape as we kick off a new year. He touches on the set up for both stocks and bonds and why he’s focused on finding companies that have “rivers of fast cash flow.” We talk about several other topics including crypto,...

Today’s guest is well-known macro-expert Felix Zulauf, founder of Zulauf Consulting. He was previously the global strategist for UBS and later ran his own asset management firm. In today’s episode, Felix shares his view of the global investment landscape from Asia to Europe to the US. He shares why the tailwinds of lower inflation may reverse and lead inflation to rise above 10%. He also touches on the state of gold, the US dollar and other currencies, and why he’s focused on the upcoming...

Today’s guest is Liz Simmie, co-founder Honeytree Investment Management, which recently launched an actively managed, ESG-focused ETF, BEEZ.  In today’s episode, Liz dives into the strategy of BEEZ, which focuses on responsibly growing companies that are stakeholder governed, purpose driven, and make a net positive impact on the world. Then she shares some hot takes on the state of both ESG and active management.  As we wind down, Liz talks about the process of launching an ETF with our...

Today’s guest is Gabriela Santos, Chief Market Strategist for the Americas at J.P. Morgan Asset Management. In today’s episode, Gabi shares her view of the world after a year where the Magnificent 7 has dominated the headlines. She hammers home her excited about the opportunity set outside of the U.S. She explains why she likes the set up for Japan and India, why nearshoring is just one of the reasons why she’s bullish on Mexico, and why she thinks China has become more of a tactical trading...