The Meb Faber Show Meb Faber

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 our guest, Catherine LeGraw

(1:45) - Why Catherine is so excited about the opportunity set today (Record Highs…But We’re Still Excited)


(8:04) - The Magnificent 7 (Magnificently Concentrated)


(14:39) - The opportunity in deep value

(17:10) - Opportunities in foreign stocks

(20:38) - GMO 7-Year Asset Class Forecast (Feb. 29, 2024)


(23:46) - Currency implications

(24:56) - The current state of bonds

(30:46) - Other interesting assets

(34:35) - Jump in the Deep End / GMO


(34:59) - Catherine’s most controversial opinion

(37:04) - Catherine’s most memorable investment

(38:41) - What in Tarnation



-----
Follow Meb on Twitter, LinkedIn and YouTube
For detailed show notes, click here
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 decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). View their Economic Update Visual Deck. 
-----
Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok
-----
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 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 more.
(01:17) - Welcome to our guest, Kenneth French
(03:35) - Investing in FAANG Stocks: Should You Expect Unexpected Returns?
(07:10) - Deciphering an investors skill vs. luck
(15:12) - Having an investment plan
(20:24) - The global market portfolio
(25:02) - Thoughts on gold and other commodities
(26:26) - Incorporating human capital
(32:12) - Ken’s thoughts on stock buybacks
(35:36) - Improving financial education
(40:10) - Disagreement, Taste, and Asset Prices
(44:05) - Ken’s most controversial opinion
(46:37) - Ken’s most memorable investment

Resources
Ken’s website
The Best Way To Add Yield To Your Portfolio by Meb Faber
The Arithmetic of Active Management by Bill Sharpe
Things I’ve Learned from Gene by Kenneth French

-----
Follow Meb on Twitter, LinkedIn and YouTube
For detailed show notes, click here
To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com
-----
Sponsor: 10 East is a membership-based investment firm founded by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner, focused on providing targeted exposure to private markets. Members invest at their discretion in single-investment and niche fund vehicles across private credit, real estate, private equity, and venture capital.
Follow The Idea Farm: Twitter | LinkedIn | Instagram | TikTok
-----
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

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 decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only).
Sponsor: 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.
Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok
-----
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 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 process. 
(1:20) - Welcome to our guest, Cliff Asness
(1:45) - Cliff’s article in the Financial Times
(2:30) - Parsing Cliff’s real quotes from fake ones
(8:56) - Thoughts on bonds as a diversifier
(13:37) - Moving away from market-cap weighting
(19:27) - Managing client expectations
(29:30) - AQR Data Sets
(29:56) - Alternative trend-following
(43:48) - Position resizing for alternative strategies
(48:06) - AQR implementing AI in their investment process
(51:46) - Cliff’s most controversial opinion
(57:39) - Cliff’s most memorable investment
Learn more about Cliff: AQR; Twitter
-----
Follow Meb on Twitter, LinkedIn and YouTube
For detailed show notes, click here
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 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.
Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok
-----
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 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 allows this model to work and shares some thoughts on the rise of private markets and the impact of higher interest rates.
The late Jack Bogle had a quote that applies well to Steve & Nevada PERS: “Don’t do something, just stand there!”
-----
Follow Meb on Twitter, LinkedIn and YouTube
For detailed show notes, click here
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 decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). Read their 2024 Advisor-Client Communication Survey
Sponsor: 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.
Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok
-----
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

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 is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only). Read their 2024 Advisor-Client Communication Survey
Sponsor: 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.
Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok
-----
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