The Meb Faber Show - Better Investing

Today’s guest is Jim Reid, Global Head of Macro Research at Deutsche Bank.

In today’s episode, Jim walks through lessons from his annual report, The Ultimate Guide to Long-Term Investing, which covers over 200 years of market data from 56 countries. He explains why cash is one of the riskiest long-term assets, how inflation quietly destroys wealth, and why valuation is the single most reliable predictor of long-term returns. He also discusses how fiat money has reshaped bonds, gold, and equities since 1971. 

To close, Jim reminds us that history consistently rewards investors who buy cheap, diversify globally, and respect long-term market cycles.

(0:00) Starts

(1:54) Importance of real vs nominal returns

(5:36) Historical returns of gold

(8:28) Global investment opportunities

(18:06) Bond market performance and growth's impact on asset prices

(23:11) Potential impact of AI

(30:34) Valuation importance

(37:03) Index weighting strategies

(42:43) Predictors of bond performance and equity return distribution

(47:01) Historical periods of high valuations

(52:45) Global banking and stock market performance

(55:12) Impact of AI on economics

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For detailed show notes, click here

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Sponsor: Visit ⁠⁠⁠Alpha Architect’s 351 Education Center⁠⁠⁠ for use cases, tools, FAQs, upcoming launches, and more.

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

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Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! 

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

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Watch on YouTube. Today’s returning guests are Dan Rasmussen, founder of Verdad Advisers, and D.A. Wallach, a venture capital investor for Time BioVentures.

In today’s episode, we unpack the recent biotech surge through the lens of Dan’s recently published biotech report. We also explore China’s growing biotech market, shifting IPO and VC trends, and how valuation tools like CAPE fit into today’s regime.

Finally, we also discuss technology’s effect on productivity and corporate profits in the US, Japan’s economic anomaly, home country bias, and more.

(0:00) Starts

(1:20) Dan's research on the biotech sector

(19:10) D.A. on biotech in China

(27:01) IPO landscape

(31:01) Biotech VC update from D.A.

(32:16) Are US stocks overvalued?

(51:53) Dan's view of Japanese stocks

(57:40) Global equity markets and home country bias

(1:03:34) Book recommendations

(1:11:55) Wrap-up and future plans

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Follow Meb on X, 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

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Sponsor: Visit ⁠⁠Alpha Architect’s 351 Education Center⁠⁠ for use cases, tools, FAQs, upcoming launches, and more.

Follow The Idea Farm: X | LinkedIn | Instagram | TikTok

-----

Interested in sponsoring the show? Email us at [email protected]

-----

Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

-----

Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! 

-----

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Learn more about your ad choices. Visit megaphone.fm/adchoices

In today’s radio show, Meb breaks down why market-cap–weighted investing may be nearing its limits after an extraordinary run in U.S. stocks. He explores CAPE ratios near historic extremes, the quiet resurgence of gold and commodities, and why equal weight, value, and global markets are suddenly back in the conversation. 

To close, Meb explains how trend following and real assets can help investors navigate regime shifts.

Note: this was recorded on January 29, 2026.

(0:00) Starts

(3:03) US stock market update

(11:24) Global stock performance

(18:03) The role of gold in asset allocation

(27:52) Demographics of gold investors

(35:47) One-fund portfolios & 351 conversions

(42:07) Meb's travel plans

-----

Follow Meb on X, 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

-----

Follow The Idea Farm: X | LinkedIn | Instagram | TikTok

-----

Interested in sponsoring the show? Email us at [email protected]

-----

Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

-----

Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! 

-----

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Russell Napier, an independent financial market strategist, financial historian, author of The Solid Ground investment report, and founder of the charitable venture The Library of Mistakes.

In today’s episode, Russell explains why investors are asking the wrong questions at a critical turning point in financial history. He how financial repression, shifting monetary regimes, and political priorities are reshaping capital markets. To close, he explains the dangers of yield chasing, why technology won’t defeat inflation, and why gold may be signaling what comes next.

(0:00) Starts

(3:14) Regime change & parallels to post-World War II Europe

(8:06) The search for yield is dangerous

(17:38) The disconnect between GDP growth and equity returns

(23:14) The impact of inflation & deflation on equity valuations

(25:56) Technology doesn't defeat inflation

(30:20) Monetary system changes, gold prices, and American exceptionalism

(37:50) Extrapolation is the opiate of the people

(48:26) Book recommendations

-----

Follow Meb on X, 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

-----

Follow The Idea Farm: X | LinkedIn | Instagram | TikTok

-----

Interested in sponsoring the show? Email us at [email protected]

-----

Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

-----

Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! 

-----

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s guest is Richard Bernstein, Chief Investment Officer of Richard Bernstein Advisors, which he founded in 2009. He was previously the Chief Investment Strategist at Merrill Lynch.

In today’s episode, Richard argues that the market is defined by rampant speculation and extreme narrowness. He explains why he’s bullish on both dividend-paying and international stocks and believes crypto is the first global investment bubble. To close, he warns that corporate credit is priced for perfection, inflation risks aren’t gone, and diversification is the best defense in a bubble-prone market.

(0:00) Starts

(1:20) Richard on market narrowness & speculation

(6:21) The Earnings Expectations Life Cycle

(12:33) Non-US stocks are undervalued

(18:38) Small cap trends and long-term investment themes

(24:14) American Industrialization Renaissance

(27:10) Corporate credit risk

(33:42) Is the Fed independent?

(36:38) Is crypto the first global investment bubble?

(41:11) The importance of financial history

(46:07) Richard's most memorable investment

-----

Follow Meb on X, 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

-----

Sponsor: Join Alpha Architect’s LIVE webinar Feb 3rd to learn if a 351 Exchange may fit your clients’ needs. 

Before the webinar, visit Alpha Architect’s 351 Education Center for use cases, tools, FAQs, upcoming launches, and more.

-----

Follow The Idea Farm: X | LinkedIn | Instagram | TikTok

Interested in sponsoring the show? Email us at [email protected]

-----

Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

-----

Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! 

-----Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Learn more about your ad choices. Visit megaphone.fm/adchoices