The Meb Faber Show - Better Investing

The podcast discusses using data science for venture capital investing, Tribe Capital's unique approach, successful investments in Slack and Carta, and co-investment opportunities. They explore product-market fit, data-driven strategies, COVID-19 impact on auto retail, frustration arbitrage, and FinTech investments.

In episode 286, we welcome our guest, Jeremy Grantham, co-founder and Chief Investment Strategist of GMO. In today’s episode, Jeremy begins by talking about the current market, which he believes will be recorded as one of the great bubbles of financial history. He puts this bubble into historical perspective by comparing it to the Japanese, technology and housing bubbles. Then he addresses the commonly cited argument that low interest rates justify high stock valuations. Next, Jeremy explains why he is so bullish on venture capital and has allocated almost 60% of his foundation to the asset class, making it, as he says, one of the most aggressive portfolios in the philanthropic world. As we wind down, Jeremy explains why he is so passionate about addressing climate change through his foundation, and why China is ahead of the U.S. to address the issue. Please enjoy this episode with GMO’s Jeremy Grantham.    Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 285, we welcome our guest David Marcus, the co-founder and Chief Investment Officer of Evermore Global Advisors, where he manages the Evermore Global Value Fund. In today’s episode, we’re talking about David’s best idea: special situations in Europe.David’s been investing in Europe for almost his entire career and thinks now is the best opportunity for special situations he has ever seen. First, he explains what it was like for him to watch legendary investor Michael Price navigate the 1987 crash. Then David explains what led him to start Evermore Global and the firm’s investment philosophy. He touches on the different types of special situations he focuses on, including spinoffs, restructurings, and breakups, and why activism, catalysts, and cheaper valuations make Europe especially attractive.As the conversation winds down, David talks about some of his current holdings and the benefits of investing in family-owned businesses.Please enjoy this special “Best Ideas” episode with Evermore Global Advisor’s David Marcus. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 284, we welcome our guest, Michael Gayed, a Portfolio Manager at Toroso Investments, where he runs two tactical, risk-on, risk-off strategies. He’s also the publisher of the Lead-Lag Report.In today’s episode we’re talking about how to use indicators to decide when to go risk-on, risk-off. Michael explains how he came to focus on risk management early in his career and has kept that mentality since. He walks us through how he uses the utilities sector as an indicator for when volatility is going to spike, which worked well in 2020, helping him return over 70% in his ATAC fund. Then he takes us through his award winning paper on lumber and gold, two seemingly uncorrelated commodities that actually work well together to serve as a strong indicator for inflationary or deflationary conditions.As we wind down, he explains how often he assesses these signals and what they are showing as we start 2021.Please enjoy this episode with Toroso Investment’s Michael Gayed. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 283, we welcome our guest, Brian Barish, the President and Chief Investment Officer at Cambiar Investors, a relative value firm focusing on out-of-favor companies with strong fundamentals.In today’s episode we’re talking all about value investing. Brian explains his evolution as a value investor with a comparison to the evolution of the NBA. He covers the two tenets he uses, taking an underwriting approach to evaluating a company and assessing the capital discipline over time. Then we hear about a couple of names in his portfolio and what he expects the recovery to look like in 2021.As we wind down, we take a look around the globe to hear where he sees value and hear what he thinks about the possibility of negative interest rates.Please enjoy this episode with Cambiar Investor's Brian Barish. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 282, we welcome our guest, Salem Abraham, President of Abraham Trading Company and a legend within the trend following and managed futures space.In today’s episode we're talking with Salem about a lifetime of trend-following. Salem explains how a chance meeting with Turtle Trader Jerry Parker was his first encounter with ideas he would build his career on. We talk about the importance of risk management and diversification by utilizing assets other than equities. Then he explains how his relationship with the late Boone Pickens led to a foundation that had such good returns that he opened it up to the public and runs to this day. We touch on asset classes ranging from the dollar, bitcoin, farmland, and even trailer parks.As we wind down, we hear how hedge he put on in February turned $200,000 into $6 million in 37 days, returning 30x his money.All this and more with Abraham Trading Company’s Salem Abraham. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 281, we welcome our guest, Adrian Helfert, Director of Multi-Asset Portfolios for Westwood Group, where he leads Westwood’s multi-asset strategies group, which includes Westwood’s Income Opportunity and Flexible Income strategies, as well as Westwood’s Global Convertibles and Fixed Income strategies.In today’s episode, we’re taking a look at all asset classes. Adrian explains what he seeing in the world, from fixed income to equities and TIPS. We talk about how to earn income in a low interest rate environment through MLP’s and REIT’s, and why TIPS are an attractive insurance policy against high inflation. Then Adrian guest explains his view of the energy sector, gold miners, and the impact of low rates on growth stocks.As we start to wind down, we talk about Westwood’s unique approach to fees.Please enjoy this episode with Westwood Group's Adrian Helfert. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 280, we welcome our guest, Matthew O’Connor, co-founder of AdQuick, the first true marketplace for out-of-home advertising, providing end-to-end tools to improve the out of home buying experience for media owners, brands, and agencies.In today’s episode we’re talking about part of the advertising industry that often isn’t talked about: out-of-home. Matthew walks us through his background, with stops at Instacart and Amazon, and explains why the struggle to advertise on billboards while at Instacart gave him the idea for AdQuick. Then he explains the early days of the company, which included building out both sides of the platform while trying to entice investors and top talent to join AdQuick. We hear how the company is providing data to advertisers in a way that hasn’t been done before and why direct-to-consumer brands are embracing billboard advertising.As the conversation winds down, Matthew tells us the story of Reddit co-founder & AdQuick investor Alexis Ohanian, who used the platform to do a huge campaign for his wife, Serena Williams, when she was going back to her first tennis match after a break from the sport.Please enjoy this episode with AdQuick’s Matthew O’Connor. Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode 279, we welcome our guests, Kevin Davitt and John Hiatt, both of whom work for the Cboe as the Senior Options Institute Instructor and VP of Derivatives Strategy, respectively.In today’s episode, we’re talking about options, the VIX, and tail risk strategies. 2020 saw elevated volatility and record levels of option volume, and Kevin and John give us their perspective on this activity. We start with some basics of the VIX, how investors use and misuse it, and what the VIX says about the market over time. Then we get into tail risk strategies. We cover how investors should implement them, how to evaluate their success, and how these strategies can have an outsized impact on your portfolio.As we wind down, Kevin and John discuss ways to implement these types of strategies in a portfolio and best practices to communicate these strategies with your clients.Please enjoy this episode with Cboe’s Kevin Davitt and John Hiatt.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 278, we welcome our guest, Lucas White, a portfolio manager for the Resources and Climate Change Strategies at GMO.In today’s episode we're talking all about resources and climate change as an investment strategy. Lucas sets the stage with why he believes the resource sector offers a huge opportunity and currently trades at an 80% discount to the broad equity market. Then we dive into GMO’s climate change strategy. Lucas explains what led them to focus on climate change and clean energy and officially launch a strategy in 2017. We talk about the allocation to different areas, including copper, food and water.As we wind down, Lucas explains how a traditional value shop like GMO applies their value lens to this growth area.Please enjoy this episode with GMOs’, Lucas White. Learn more about your ad choices. Visit megaphone.fm/adchoices