The Meb Faber Show

In episode 307, we welcome our guest, Vikram Mansharamani, a Harvard lecturer, author, and global trend spotter who shows people how to anticipate the future, manage risk, and spot opportunities.  In today’s episode, we’re talking all about financial bubbles. Vikram wrote the book BOOMBUSTOLOGY: Spotting Financial Bubbles Before They Burst, which uses multiple lenses to spot financial bubbles. Today, he shares that framework with us and relates it to today’s market. He explains why skyscrapers and stadiums help predict where there is excess in the market. Then we talk about the Internet bubble, housing bubble, and what he sees today with the rise of SPACs, student sentiment, and monetary and fiscal policy. We also cover a number of other topics, including why it’s important to think for yourself, why he’s bearish on India, and even some UFO’s.  All this and more in episode 307 with Harvard’s Vikram Mansharamani.  ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s large

In episode 306, we welcome our guest, Jeff Seder, founder of EQB, a high-tech sports medicine startup that consults with the majority of the major thoroughbred racehorse racing stables. In today’s episode, we hear the best moneyball story you’ve never heard. With the Kentucky Derby this weekend, there’s no one better to listen to than Jeff, who’s disrupted the horse racing industry with his quantitative approach. He walks us through all he’s gone through to gather data over the last 30 years and why the industry has been resistant to data even to this day. Then he explains why studying the size of one ventricle in a horse’s heart led him to believe the it had the potential for greatness, leading him to tell his boss, “Sell your house, don’t sell this horse.” Not a bad call since that horse, American Pharoah, went on to become the first Triple-Crown winner in 37 years!  As we wind down, we hear what Jeff thinks about this weekend’s Kentucky Derby and his advice if you’re thinking of betting on the race.  All t

In episode 305, we welcome our guest, Marc Faber, Editor and Publisher of The Gloom, Boom & Doom Report, which highlights unusual investment opportunities around the world. In today’s episode, we begin with Marc’s thoughts on why governments mishandled the COVID response in the last year, and what he expects the long-term effects from both the monetary and fiscal responses will be going forward. Then he shares his thoughts on why he thinks more and more of the younger generations favor socialism. We touch on the financial speculation in the markets, particularly with Robinhood options trading. As we wind down, we hear where Marc thinks you can put some money to work. He shares his thoughts on gold, Asian equities, energy and financials. All this and more in episode 305 with The Gloom, Boom & Doom Report’s Marc Faber. ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereu

In episode 304, we welcome our guest, Damon Ficklin, Polen Capital’s head of the Large Company Growth Team and the lead portfolio manager of the firm’s Global Growth strategy.  In today’s episode, we’re talking high quality, concentrated growth investing. Damon starts by describing his process for analyzing companies and the key metrics they look for when doing so. Then he covers the paradigm shift we’ve seen in the last year and how companies have adapted to the new norm. We talk about companies that have navigated the shift to e-commerce like Estee Lauder, and others that have transformed their business model like Adobe. Be sure to listen until the end to hear why one of Damon’s most memorable investments is Invisalign, a stock that has soared in the past year.  All this and more in episode 304 with Polen Capital’s Damon Ficklin.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 303, we welcome our guest, Kevin Lozer, co-founder of Holistiplan, a tax planning software for financial advisors.  In today’s episode, we’re talking about how advisors can utilize technology to help with tax planning, something that’s historically been a very manual process. Kevin shares how creating software to help with tax planning for his own clients then turned into a standalone business. He walks us through the process of using the software and how it not only saves the advisor time but also helps find potential planning opportunities. He also explains how advisors have been utilizing the tools to help with business development.  As we wind down, Kevin shares why the software complements instead of competes against CPA’s.  All this and more in episode 303 with Holistiplan’s Kevin Lozer.    ----- This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeF

In episode 302, we welcome back our guest, Lisa Rich, managing partner of Hemisphere Ventures and founder and COO of Xplore. In today’s episode, we’re chatting about the space sector, which has been absolutely on fire. Lisa updates us on what’s happened in the space sector since we last spoke. She covers the impact of both SPAC’s and Ark Invest’s new space ETF on the sector. Then she shares updates on some of her prior investments, including Axiom Space and their quest to build the first commercial space station.  As we wind down, Lisa shares what’s going on with Xplore and the development of their spacecraft, the Xcraft.  All this and more in episode 302 with Hemisphere Ventures and Xplore’s Lisa Rich.  --- This episode is sponsored by Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Use Promo Code “MEB” to skip their 15,000 person wait list. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 301, we welcome our guest, Dr. Daniel Crosby, Chief Behavioral Officer at Orion Advisor Solutions, where he helps organizations understand the intersection of psychology and the market.  In today’s episode, we start by hearing what the 2020 bear market and pandemic looked like from a clinical psychologist’s perspective. Daniel touches on behavioral coaching and why that’s the primary value-add a financial advisor can provide. Then we move onto topics that aren’t discussed much: mental health, social isolation, and depression. He explains why it’s helpful for advisors to have their own therapist to help them handle the day-to-day stresses of the job, and how the increased social isolation over the last year translates to what we’ve seen recently with Reddit, Robinhood and NFT’s.  As we wind down, we discuss the potential for technology to help us become better investors and how some fintech firms are using technology and nudges to encourage bad behaviors.   All this and more in episode 301 with Orio

In episode 300, we welcome our guest, Geoffrey Batt, managing partner and founder of the Euphrates Advisors, where he invests in Iraqi equities. In today's episode, we're covering Geoffrey's best idea: investing in the Iraqi stock market. Geoffrey begins by telling us how learning about Daniel Cloud’s post-Soviet Union Russia fund led him to look around the world to find somewhere he could earn huge returns, which led him to Iraq. He gives us an overview of the market and economy and how it’s rebounded since Saddam Hussein died. Then he walks us through everything he’s had to deal with since he first invested there in 2010 – political instability, a 20% currency devaluation, negative oil prices, and an Iraqi stock market that closed in response to COVID. We talk about the tailwinds for Iraq, including the growth of the banking sector and ESG, which Geoffrey believes is bullish for oil. Be sure you stick around until the end to hear about Geoffrey’s first trip to Iraq, when he was driving to visit with a compa

In episode 299, we welcome our guest, Sundeep Ahuja, a three-time founder-turned-investor, who's currently a General Partner at Duro Ventures, Climate Capital, and DVC. In today’s episode, we start by hearing about Sundeep’s entrepreneurial journey, then dipping his toe in angel investing by making his first investment into Goodreads. Then he shares the differences of using Angel List syndicates and rolling funds, and the benefits of each. We touch on why Sundeep decided to devote his investment career to help solve climate change. He explains what areas currently look attractive, why he places a lot of emphasis on the founder when making an investment decision, and how he thinks about valuations. As we wind down, we talk about specific companies he’s invested in, from food delivery to gaming companies. All this and more in episode 299 with Climate Capital’s Sundeep Ahuja.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 298, we welcome our guest, Boris Wertz, the founding partner of Version One, an early-stage venture capital firm focused on backing mission-driven founders. In today’s episode, we’re talking all things marketplaces. Boris’ knowledge of marketplaces is unrivaled. He started one of the first marketplaces in the late 1990’s and recently released the third edition of A Guide to Marketplaces, a must-read for anyone interested in the business model. We start by going all the way back to the early days of eBay and then talk about how marketplaces have evolved over time, most recently with crypto and the blockchain. Then we dive into one of the hot topics of 2021: non-fungible tokens (NFT’s). Boris shares some broad thoughts on NFT’s and touches on one of his portfolio companies, Dapper Labs, which is behind NBA Top-Shot. All this and more in episode 298 with Version One’s Boris Wertz.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 297, we welcome our guest, Tim Ranzetta, co-founder of Next Gen Personal Finance, a non-profit organization working to increase access to financial education by providing its curriculum and professional development at no cost to schools. In today’s episode, we start the episode with the current state of K-12 personal finance education in the U.S. Then we hear how teaching a personal finance class in a school inspired Tim to start Next Gen Personal Finance in 2014. He shares the curriculum they provide to teachers for free, why the 43,000 teachers that are registered on the Next Gen platform are the champions to get personal finance mandated in schools across America, and how he utilizes arcade games to engage kids ranging from K-12.  As we wind down, we hear about what Tim calls Mission 2030, which is to get every student who graduates high school to complete a one-semester personal finance course.  All this and more in episode 297 with Next Gen Personal Finance’s Tim Ranzetta.  Learn more about yo

In episode 296, we welcome our guest, Jason Hsu, founder and chairman of Rayliant Global Advisors.  In today’s episode, we get an update from Jason on the Chinese stock market and hear how it differs from the U.S. Then we talk about his new ETF, which gives investors a way to allocate to China A-Shares. He explains why the A-Shares are a great place to seek outperformance due to the large amount of retail involvement. Jason then addresses some of the most commonly cited risks for investing in the Chinese stock market, including accounting issues and the presence of so many state-owned-enterprises.  As we wind down, Jason gives his take on the recent developments with Ant Financial and Jack Ma.  All this and more in episode 296 with Rayliant Global Advisor’s Jason Hsu.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 295, we welcome our guest, Jacob Rubin, founder and Managing Member at Philosophy Capital Management, which focuses on value and distressed credit.  In today’s episode, we start by discussing Jacob’s windy road to end up where he is today, including a stint under Jerome Simon at Lonestar Capital Management. Then we dive into his investment philosophy, which can be described as old school value in a new school world. He shares how he uses pattern recognition to his advantage, how credit and equity investing help one another, and the thesis for some of his top holdings.  As we wind down, Jacob explains how he thinks about the short-side of the portfolio and tells the story of why watching a TikTok video led him to immediately cover a short.  All this and more in episode 295 with Philosophy Capital Management’s Jacob Rubin.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 294, we welcome our guest, Dan Rasmussen, founder of Verdad Advisers, a global investment firm that provides a public market alternative to private equity. In today’s episode, we start with an update on Dan’s private equity replication thesis and hear about the rise of private credit in the past few years. Then we dive into his recent paper on emerging markets crisis investing. While buy and hold investors in emerging markets have experienced higher volatility for disappointing returns, Dan believes learning to navigate these EM crises can provide the ability to reap excess returns. He walks us through the differences between global and idiosyncratic crises and what performs best between both debt and equity in each case. All this and more in episode 294 with Verdad Advisers’ Dan Rasmussen.     Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 293, we welcome our guest, Ted Seides, host of the Capital Allocators podcast and author of Capital Allocators: How the world's elite money managers lead and invest. In today’s episode, we go all the way back to Ted’s early days working under the great David Swensen at Yale to hear what makes him one of the most respected Chief Investment Officer’s in the world. Then we move on to his famous bet with Warren Buffett and hear how the real winner of the bet was the collateral set aside for the duration of the bet. After touching on what the Chief Investment Officer job entails and sharing the insights he’s learned from speaking with some of the top managers in the world, Ted shares how he invests his own money. We talk about Bill Ackman’s fund, SPACs, and even some crypto.  All this and more in episode 293 with Ted Seides.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 292, we welcome our guest, Tom Barton, famed-short seller and founder and President of White Rock Capital.  In today’s episode, we start with taking a look back at one of Tom’s tweets from September, which said that GameStop was a misunderstood short, and hear why he thought so back then. We also touch on the differences between shorting based on valuation versus because the company is a fraud. Then we turn to what he mostly focuses on these days: biotech and gene-therapy companies. We hear about his brutal two-year experience as an activist and what he learned from the experience.  As we wind down, Tom walks us through some companies he likes in the biotech space, and even shares a SPAC that looks attractive to him at the moment.  Please enjoy this episode with the White Rock Capital’s Tom Barton.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 291, we welcome our guest, Ron Lieber, the Your Money columnist for The New York author of the book, The Price You Pay for College. In today’s episode, we’re talking about what Ron describes as the biggest financial decision your family will ever make: paying for your child’s college tuition. We begin with some background as to how the sticker price of college has soared over the past few decades. Then Ron explains what merit aid is, how it can save you tens of thousands of dollars, and how schools are using it to compete with other schools for prospective students. Ron walks us through some of the best ways to start preparing for this big expense and why he believes you should talk to your son or daughter before they enter high school about all the factors impacting this important financial decision. As we wind down, Ron explains what policy suggestions he’d love to see implemented to help fix the student debt crisis. All this and more in episode 291 with The New York Times’ Ron Lieber.    Learn m

In episode 290, we welcome our guest, Bill Smead, the Chief Investment Officer for Smead Capital Management. In today’s episode, Bill explains why he believes the market is undergoing a tide change. He starts with a look back on the 2000 tech bubble and uses Cisco as an example of why it’s important to separate a good business from a good stock. After talking about parts of the market he doesn’t like, we move on to the parts he finds attractive, including home-builders, energy, suburban mall REITs, and financials. As we wind down, Bill touches on the antitrust case for big tech and what the investment implications may be. Please enjoy this episode with Smead Capital Management’s Bill Smead.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode 289 is a Mebisode. In this episode, you’ll hear Meb put today's stock valuations into historical perspective. He addresses the claim that stock valuations should be high because bond yields are low and then looks at what conditions were present at the start of the best ten-year stock returns in history. Finally, he provides some thoughts on what investors could do to handle the current market environment. All of this and more in episode 289. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 288, we welcome our guest, Doug Pugliese, the Head of 1042 QRP Solutions at Alpha Architect, where he manages the firm’s qualified replacement property investment strategies practice. In today’s episode, we’re covering Doug’s best idea: employee stock ownership plans. ESOP’s are a niche but incredibly attractive way for a business owner to sell their business for both themselves and the long-term viability of the company. The episode starts with a broad overview and then dives into the inner workings of an ESOP sale. Doug explains how the tax benefits of a 1042 election allow the owner to defer capital gains tax and even invest the proceeds into a portfolio of blue chip stocks. As the conversation winds down, Doug shares why ESOP’s may be an ideal way for middle market private equity companies to exit investments. Please enjoy this special “Best Ideas” episode with Alpha Architect’s Doug Pugliese. Learn more about your ad choices. Visit megaphone.fm/adchoices