The Meb Faber Show - Better Investing A Golden Moment for Asset Allocation? | Mike Philbrick | #593
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Aug 15, 2025 
Mike Philbrick, CEO of ReSolve Asset Management and a leading expert in asset allocation, returns to discuss the shifting importance of gold and Bitcoin in today’s investment climate. He delves into gold's historical performance, its ability to mitigate home country bias, and the role of gold futures in a traditional 60/40 portfolio. The conversation reveals insights on Bitcoin's evolving stance alongside gold as essential assets for diversification, emphasizing innovative strategies like return stacking to enhance portfolio resilience.
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Scarcity Drives Different Pricing Dynamics
- Gold and Bitcoin are priced off inflation, currency debasement, and sovereign risk rather than cash flows.
- Their scarcity and high stock‑to‑flow make them resilient diversifiers versus stocks and bonds.
Diversify Across Economic Regimes
- Hold a mix of assets across inflation/growth regimes instead of trying to predict regimes.
- Own inflation‑sensitive scarce assets when inflation risks rise to add resilience and return.
Formative Crises Shape Investor Behavior
- Mike recalled clients from older generations who kept physical certificates due to past bank failures.
- Their formative experiences made them distrustful of street‑name holdings and changed their behavior.