The Meb Faber Show - Better Investing

Alex Rubalcava and Paul Bricault discuss the current state of software companies amid AI disruption, their venture fund Amplify LA's pre-seed investment strategy, and how AI is transforming enterprise software through increased productivity and workflow automation. They share specific examples of portfolio companies leveraging AI and discuss which types of software businesses are most vulnerable to displacement.

Owen Lamont and Randy Cohen discuss the problems with private equity's volatility smoothing practices and present the concept of 'liquid private equity' - using public markets to replicate private equity strategies through factor investing. They also explore their 'best ideas' research showing that managers' top-conviction picks significantly outperform.

Van Simmons, president of David Hall Rare Coins and co-founder of PCGS, discusses the current state of collectibles markets, particularly rare coins and sports cards. He explains how the market is bifurcated between high-end rare items that remain strong and common items that have lost value due to oversupply.

Mike Wilson, Morgan Stanley's Chief U.S. Equity Strategist, discusses his concept of 'rolling recessions and recoveries,' argues we're in a new inflationary regime similar to the 1940s-50s, and explains why he favors small caps and equal weight strategies over market cap weighted approaches in 2025.

The discussion explores tax optimization strategies, particularly 351 ETF exchanges for concentrated positions, with experts Wes Gray and Brent Sullivan analyzing the regulatory landscape and various tools for tax-efficient investing. They examine the complexities of tax-managed portfolios while addressing misconceptions about these strategies being 'tax dodges' rather than legitimate deferrals.