The Meb Faber Show - Better Investing

Andrew Ang discusses how AI agents can improve asset allocation through specialized expertise, productive dissent, and continuous learning, while emphasizing that taxes represent a larger drag on investment returns than most investors realize—with a century of data showing Uncle Sam's cut averaging 350 basis points annually and potentially rising significantly in the future.

MedFavor from Cambria Investment Management explains the concept of shareholder yield—the total cash companies return to shareholders through dividends and buybacks combined—and introduces five ETFs designed around this strategy. The approach addresses a blind spot in traditional dividend-focused investing by capturing the complete picture of shareholder returns across U.S., foreign developed, and emerging markets.

David Iben, co-chief investing officer at Copernic Global Investors, discusses his value investing philosophy focused on finding undervalued assets globally, particularly in commodities, emerging markets, and underappreciated sectors. He argues the U.S. market is at historically expensive valuations similar to 1972, while opportunities exist in overlooked international markets like South Korea, Brazil, and Kazakhstan where quality companies trade at significant discounts.

Roger Ibbotson discusses why exponential wealth from 100+ years of stock market data hasn't made everyone rich, explaining that most people consume rather than reinvest, face taxes and fees, and must endure inevitable bear markets lasting years or decades. He presents historical returns data, bond yield trends, and forecasts through 2050 while addressing topics like market timing, valuation metrics, and the shift from dividends to buybacks.

Robin Wigglesworth, editor of FT Alphaville, discusses his book 'A Fabulous Debt,' which traces 1,000 years of bond market history and argues that bonds—not stocks—are the true foundation of the financial system and geopolitical power. He explores how bonds have shaped major historical events, from financing the Napoleonic Wars to toppling Liz Truss, and examines modern challenges including leverage, ETFs, and private credit.

Inigo Fraser-Jenkins from AllianceBernstein argues for US equity exceptionalism while cautioning against dollar exceptionalism, and makes the contrarian case that gold is no longer a commodity but rather money in the current environment. He contends that bonds will no longer serve their historical diversifying role, and AI productivity gains will likely only maintain current growth rates rather than accelerate them.

Paul Kedrosky argues that AI represents the first financial bubble combining all historical bubble ingredients simultaneously—loose credit, transformative technology, real estate (data centers), and policy support. He contends that AI financing has shifted from internal cash flows to external debt, creating structural economic pressures where frontier AI companies must grow 400% annually just to maintain flat revenues amid 70-80% annual token price deflation.

Jerry Parker, founder of Chesapeake Capital and original Turtle trader, discusses pure trend following strategy, explaining how it differs from managed futures and CTAs, emphasizing the importance of letting winners run while taking small losses, and why individual stock selection outperforms index-only approaches for trend followers.

David Booth, founder of Dimensional Fund Advisors, discusses his 45-year journey building a $1 trillion asset management firm grounded in academic research from Gene Fama and others. He reflects on early challenges including a brutal nine-year period where small-cap stocks underperformed, the importance of maintaining conviction in sensible investment processes despite short-term disappointment, and how investor behavior—particularly the tendency to sell after underperformance—remains the greatest obstacle to long-term wealth building.

Luke Gromen discusses a major policy shift toward Hamiltonian economics (tariffs, protectionism, domestic industry protection) replacing 40 years of neoliberal globalization, with profound implications for asset allocation, inflation, gold, bonds, and real returns. He argues real rates must turn deeply negative to manage 120% debt-to-GDP, making traditional 60/40 portfolios vulnerable while gold, commodities, and selective equities positioned outside the U.S. become critical hedges.

Matt Faber discusses the Cambria Global Value ETF (GVAL), which invests in undervalued stocks across 45 developed and emerging markets, emphasizing that market leadership rotates and diversification protects against concentration risk in expensive U.S. mega-cap stocks. The fund returned approximately 55% in 2025 by capturing opportunities in neglected global markets while the valuation gap between U.S. and international stocks remains at historic highs.

Liaquat Ahamed discusses his new book "1873," examining the world's first truly global financial crisis triggered by railroad speculation, silver demonetization, and the resulting 20-year deflation. He draws parallels between 19th-century boom-bust cycles, populist backlash, and anti-Semitic conspiracy theories with modern financial crises and contemporary economic challenges.

Bob Robotti, founder and CIO of Robotti & Company Advisors, discusses his 43-year investment philosophy centered on identifying misunderstood fundamentals and improving business economics, with particular focus on 'zombie stocks' in undervalued sectors like energy, homebuilding, and small-cap industrials that he believes will outperform as market conditions normalize.

Carson Block, founder of Muddy Waters Research, discusses how AI-driven displacement of knowledge workers could trigger a significant unwinding of the S&P 500 through declining 401k flows and aggregate demand destruction, while also explaining his evolution from pure short-seller activism to a diversified investment approach including long positions in momentum strategies and junior mining.

Dr. Joseph Moore discusses his book on 300 years of American financial history, arguing that historical financial advice varies dramatically by era due to changing fundamentals like currency stability and inflation. He emphasizes that real estate builds modest fortunes rather than great wealth, stocks didn't always beat bonds historically, and the best path to riches involves solving other people's problems rather than optimizing personal consumption.

Rebecca Anderson from McKinsey Global Institute discusses America's 250-year economic dominance, attributing it to natural resources, entrepreneurial culture, and supporting institutions. She outlines challenges ahead including labor force adaptation to AI, infrastructure bottlenecks, national debt, manufacturing capacity gaps, and wealth inequality, while highlighting recent positive indicators like foreign direct investment and productivity growth.

Ben Carlson discusses long-term investing principles, market history, and behavioral finance, emphasizing that there is no holy grail investment strategy and that rules-based investing helps overcome emotional decision-making. He uses historical case studies like Japan's bubble and the 1970s stagflation to illustrate how market cycles repeat and why time horizon matters more than perfect market timing.

Meb Faber discusses his new coffee table book "Investing in America: The Rise of a 250-Year Bull Market," which visualizes 225 years of U.S. stock market history through charts and analysis to demonstrate that despite periodic crises and volatility, long-term stock investing has consistently created wealth. The book aims to educate young investors with perspective on market cycles and historical context for current market concerns.

Dr. Bryan Taylor, founder of Global Financial Data, discusses his TWIG framework (Trade, War, Inflation, Government) for analyzing historical market returns across centuries. He argues there is no persistent equity risk premium, warns about the 2030s based on a 30-year cycle pattern, and draws on global financial history to contextualize current U.S. market conditions.

Meb Faber interviews Charlie Ellis, founder of Greenwich Associates and author of 'Great American Investments,' covering Ellis's career highlights including his pioneering work on share buybacks, his famous 'Loser's Game' indexing thesis, and his new book profiling 14 bold public investments that shaped America. The conversation spans topics from long-term investing principles to historical government initiatives like the Louisiana Purchase, Social Security, and the GI Bill.