The Meb Faber Show

Today’s guest is Mohnish Pabrai, founder and Managing Partner of the Pabrai Investments Funds, which he started in 1999 and has since built an incredible track record.  In today’s episode, Mohnish talks about his love for bridge, what his friend Warren Buffett’s online bridge name is, his philanthropic endeavors, opportunities he sees in Turkey and India, and what he would do with the Apple position today if he was running Berkshire Hathaway.  (0:39) - Sponsor: YCharts  (1:26) - Intro (2:00) - Episode begins (5:57) - Mohnish’s educational background (11:37) - Revived love for Bridge  (18:00) - The magic of compounding (24:57) - Dakshana provides intense prep for competitive exams to underprivileged kids (38:54) - Investing long-term in high-conviction bets regardless of error rates (42:51) - Think like a founder, hold onto investments long-term despite drawdowns (46:32) - If he worked at Berkshire, would he sell or hold Apple today? (48:53) - What interested Mohnish in Turkey & India? (1:02:45) - Which tech

Today’s guest is Stephanie Pomboy, founder of MacroMavens and one of the top macro minds around.  In today’s episode, Stephanie shares her take on the investment landscape and why she’s very concerned about the corporate credit market. Then she shares her take on the dollar, gold, and where she sees opportunity given her bearish views. In reading some of Stephanie’s recent research to prepare for the episode, I came across some data points that I haven’t seen anyone else talking about, so I promise you’ll love this episode.  ----- 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 ----- Today's episode is sponsored by Future Proof. Future Proof, The World’s Largest Wealth Festival, is coming back to Huntington Beach on September 10-13th! New in 2023 is Breakthru Meetings Program – which will be facilitating more than 10,000 1-on-1 meetings. Financial Advisors and LPs,

Today’s returning guests are Michael Batnick and Ben Carlson of Ritholtz Wealth Management and hosts of the awesome Animal Spirits podcast. In today’s episode, Michael & Ben give us a preview of Future Proof in September, which I attended last year and will be going once again. Then we talk about a bunch of topics, including asset allocation given the world today, the behavioral aspect of investing, the best diversifier to the average portfolio, and more. Register with our special link by August 15th to get your ticket for free, plus $750! ----- 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 ----- 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 | 

Today’s returning guest is Anthony Zhang, founder and CEO of Vinovest, which gives investors the ability to invest in wine and now whiskey. In today’s episode, Anthony updates on the business since his first appearance two years ago. He shares Vinovest now has over 100 million dollars invested and 150,000 registered users. Then we dive into their entrance into the whiskey market and talk about the investment profile of whiskey, how it compares to wine, and what else is in store for this rocket ship startup.  For listeners of the show, Anthony shared a special deal for listeners of the show, so click here and the first 50 people that fund their accounts will receive a $50 bonus. ----- 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 ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kin

Today’s guest is JD Gardner, CIO & Founder of Aptus Capital Advisors, which provides risk-managed strategies designed to help clients stay invested through market cycles. Today’s episode has an overarching theme that can be summarized by a quote from JD himself: "A strategy's return is much less important than an investor's return while exposed to the strategy." JD explains how they provide solutions to help bridge the behavioral gap and use options provide investors with income and downside protection so investors don’t capitulate at the exact wrong time. JD also spends some time discussing the OCIO part of the business and lessons working with advisors in that capacity.  ----- 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 ----- Today's episode is sponsored by Future Proof. Future Proof, The World’s Largest Wealth Festival, is coming back to Huntington Beach on S

Today’s returning guest is Dr. William Bernstein, a neurologist turned investment advisor. Bill’s an author of several books and just released an updated edition of The Four Pillars of Investing, which came out over 20 years ago.  In today’s episode, Dr. Bernstein shares two key updates since the first edition. Then we walk through some his best quotes and tie them to both timeless topics and current events like the AI craze and the media’s love for star managers. Click here to listen to Dr. Bernstein’s last appearance on the podcast. ----- 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 ----- 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 | Linke

Today’s guest is Steve Klinsky, founder and CEO of New Mountain Capital, a private equity firm with over $37 billion in assets under management. Steve began his time in private equity when he co-founded Goldman Sachs’ Leverage Buyout Group back in 1981 when there were very few private equity firms around.  In today’s episode, Steve shares how the private equity industry has evolved over his career to go from a focus on financial engineering to a focus on building businesses. Then he talks about the opportunity today in private credit and what the key drivers are to helping businesses grow and generate returns for both the employees and his firm. He even walks us through some real deals, including his sale of Signify Health to CVS earlier this year for a $8 billion.  Enjoy learning about private equity? Check out episode 482 here.  ----- 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 camb

Today’s guest is Blake Street, founder and Chief Investment Officer of Warren Street Wealth Advisors, an RIA located in California.  In today’s episode, Blake shares how he wound up building a firm focused on content creators, which includes people who make a living from Tik Tok, e-sports, pickleball, and even OnlyFans! He explains the uniqueness of working within this niche, how he finds creators to work with, and his advice for other advisors who are looking to find their own niche. He also shares his firms’ tech stack, best practices for building out the infrastructure for an RIA, and his take on the future of financial advice.  Did you enjoy this episode? Leave us a review, and then listen to Meb’s episode with tax expert Duncan Kelm.  ----- 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 ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives y

Today’s guest is Dr. Gio Valiante, who is regarded as one of the most successful performance coaches in the world. He’s currently the Head Performance Coach for the Buffalo Bills and works with some of the top golfers and top investors. He was previously the Head Performance Coach for Point72 and Steve Cohen. In today’s episode, Dr. Gio starts by sharing the five ways to win on the field or in the market. Then he shares the parallels of top performers in both athletics and investing. He walks through ways to help handle failure, navigate fear, and detach yourself from your results.  This is truly a masterclass on what peak performance looks like, so be sure to share this episode with a friend. And if you enjoy this episode, click this link for Dr. Gio’s first appearance on the podcast.  ----- 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 ----- Today’s episode is s

Today’s guests are GMO’s Ben Inker and Tom Hancock. Ben is the co-head of GMO’s Asset Allocation Team and Tom is the head of Focused Equity team and a portfolio manager for GMO’s Quality Strategies.  In today’s episode, Ben and Tom give their take on the markets so far in 2023. They both share why they think quality and value stocks are attractive today. We dig into both factors and get specifics on their set up looking forward. We also touch on growth traps, Japan stocks, the opportunity set in emerging markets, and what companies are at risk to be disrupted by AI.  Did you enjoy this episode? Leave us a review, and then listen to Meb’s episode last year with GMO co-founder Jeremy Grantham. ----- 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 ----- Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and

Today’s guest is Dan Niles, Portfolio Manager of the Satori Fund, a US focused, technology biased, large capitalization, long-short equity fund. In today’s episode, Dan shares how his macro outlook is impacting his valuation of the big tech names. And of course, he gives his thoughts about how AI will either help or hurt some those same companies. He also spends time discussing timeless topics like the art of shorting, the importance of cutting your losses, and why he believes the most important trait for an investor is having emotional control. As we wind down, Dan shares some risks he thinks the market may be overlooking as we head into the second half of the year. ----- 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 ----- 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 usual

Today’s returning guests are Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management, and Corey Hoffstein, co-founder and Chief Investment Officer of Newfound Research, and with this episode, ties for the most appearances ever on the show! In today’s episode, we start off by discussing some takeaways from prior periods of inflation volatility and lessons on managed futures from the Tech Crisis.  Then we dive into return stacking. We first spoke to them about this back in 2021, but we get an update on the topic, lessons learned over the past few years, and the launch of their first return stacking ETF!  ----- 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 ----- Today’s episode is sponsored by Farmland LP. Farmland LP is one of the largest investment funds in the US focused on converting chemical-based conventional farmland to organic, sustainab

Today’s guest is Dr. Burton Malkiel, a legendary economist, Chief Investment Officer of Wealthfront, and author of one of the most widely read investment books ever, A Random Walk Down Wall Street, which recently came out in the 50th edition.  In today’s episode, Dr. Malkiel shares what’s changed in the latest update of his book, touching on the role of bonds given higher yields today, the impact of inflation, and why it may be time to consider adding I Bonds to your portfolio.  Then we talk about some current investment trends. He pushes back on the ESG-craze, discusses the recent underperformance of risk parity, and suggests you look at your portfolio to be sure you aren’t overallocated to US stocks today.  ----- 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 ----- Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investm

Today’s guests are Steve McCourt, co-CEO of Meketa Investment Group, an investment consulting and advisory firm serving institutional investors, and Michael Bell, founder of Primark Capital, an investment management firm providing retail investors with access to private equity investment opportunities. In today’s episode, Steve and Michael discuss their new partnership aimed at expanding access to private equity investments. They walk through the nuts and bolts of the interval fund structure, touching on fees, sourcing institutional quality deals, diversification through vintage and industry, and the benefits of doing this through co-investments. Then we spend some time talking about the current state of private equity and what they’re seeing with both existing investments and new opportunities. ----- 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 ----- Today’

Today’s guest is Dr. Sarah Stanley Fallaw, the author of The Next Millionaire Next Door and the founder of DataPoints, which provides technology-enabled financial psychology tools to enhance wealth-building.  In today’s episode, we look back at some of the key takeaways from her Dad’s book, The Millionaire Next Door, one of the most important personal finance books ever written. Sarah shares what’s changed and what’s stayed the same since the book was published in 1996, and how you can try to instill these traits in your kids.  Then we talk about her company, DataPoints. Sarah explains how she’s able to help advisors learn their clients’ individual personality towards financial decisions and coach them to make better financial decisions. She shares some best practices from working with advisors, how much of this is nature versus nurture, and some of the main differences between genders. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and fol

Today’s returning guest is Craig Wichner, Founder and Managing Partner of Farmland LP, the largest farmland manager focused on organic farmland, now managing over $250 million in assets and 15,000 acres of farmland.  In today’s episode, Craig starts with an update on his company and then shares how higher inflation and the shifting macro environment has affected farmland as an asset class, especially after 2022 when real assets were one of the few assets that didn’t have negative returns.  Then we dive into the financials of an acquisition they made of a 4,000 acre, 150 year old farm in Northern California back in 2013 for just under $30 million. Craig walks through the investment and timeline to convert the farm to organic, the benefit of the conversion, and how it helped the farm be re-appraised for just over $75 million last year.  Craig shares some great slides during the episode, so if you want to watch on YouTube, click here Listen to Craig’s first appearance in December 2020 here. ----- Follow Meb on

Today’s guests are Jim Chanos, famed short-seller and founder of Kynikos Associates, and Bethany McLean, contributing editor at Vanity Fair and the author of multiple books, including The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron. In today’s episode, Jim & Bethany cover all aspects of fraud. They share where we are in both the financial cycle and the fraud cycle, why we continue to see frauds since they first connected about Enron over 20 years ago, and the thin line between a visionary and a fraudster. We discuss the anti-short seller rhetoric that pops up every few months, the impact of social media on the rise and fall of companies, and the impact of stock-based compensation and adjusted earnings.  As we wind down, Jim shares his concerns about the commercial real estate sector, and Bethany gives a preview of her book releasing this October.  ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, su

Today’s guest is the Grave Dancer himself, Sam Zell, founder and chairman of Equity Group Investments, a private investment firm he founded more than 50 years ago. Sam’s thought to be the most successful real estate investor of all time and the man who known for his enormous success in real estate and “made REITs dance,” popularizing the REIT structure that’s commonplace today. He’s also been a successful investor in areas like energy, logistics, and health care. Today’s episode starts off with Sam’s take on the withdrawal limits for private REITs over the past few months from the lens of his quote, “liquidity equals value.” He shares his view on different areas of the real estate market, why he’s been a net seller for 7+ years, and some lessons from being a constant deal maker during his career. As we wind down, Sam shares some advice for President Biden on how to help the economy and how to encourage more entrepreneurship in the US, and I promise you won’t want to miss his most memorable investment.  *To li

Today’s special episode is to prepare you for the NFL draft next week. Nobel laureate Richard Thaler is back with Wharton’s Cade Massey to talk about their famous paper on the NFL draft that even the GOAT Bill Belichick read.  The guys share what they learned years ago – NFL teams overvalue the top picks, shouldn’t trade up, and even after all the scouting teams do, their ability to pick the best player at any pick is about the same as flipping a coin. We talk about why the Bears won the trade against the Panthers this year, what they think about Mr. Irrelevant Brock Purdy’s success last year, and the future of data analytics in sports.  As we wind down, we dive into why this inefficiency still exists after they published a paper almost 20 years ago and how teams battle some of the same issues asset managers face – career risk, impatient stakeholders, and model aversion.  *Click here to listen to Richard Thaler’s first appearance on the podcast **If you enjoyed this episode, listen to poker champion & decisio

Today’s guest today is Ramit Sethi, entrepreneur, author of I Will Teach You to Be Rich, and star of the Netflix show releasing April 18th called How to Get Rich. In today’s episode, Ramit gives us a preview of what to expect from his new Netflix show, which he describes as a mix of Queer Eye & Marie Kondo, but for money. He spends time explaining what he means by helping people live their rich life. Then we walk through some of his rules and thoughts around money – whether that’s flying business class for any trip under four hours or not buying into the American idea that everyone should buy a home.  ----- 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 ----- 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 mone