The Meb Faber Show - Better Investing

In the latest podcast episode, I discuss the Cambria Global Value ETF (GVAL).

I share my perspective on the gap between U.S. and international valuations, why I believe concentrated, U.S.-heavy portfolios may carry underappreciated risks, and walk through how GVAL's process screens developed and emerging markets using long-term valuation metrics.

Learn More:

Cambria Global Value ETF (GVAL): https://cambriafunds.com/gval

Contact us at info@cambriainvestments.com, 310-683-5500

TO DETERMINE IF THE FUND IS AN APPROPRIATE INVESTMENT FOR YOU, CAREFULLY CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISK FACTORS, CHARGES AND EXPENSES BEFORE INVESTING. THIS AND OTHER INFORMATION CAN BE FOUND IN THE FUND'S PROSPECTUS WHICH MAY BE OBTAINED BY CALLING 855-383-4636 (ETF INFO) OR VISITING OUR WEBSITE AT WWW.CAMBRIAFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING OR SENDING MONEY.

The Cambria ETFs are distributed by ALPS Distributors Inc., 1290
Broadway, Suite 1000, Denver, CO 80203, which is not affiliated with Cambria Investment Management, LP, the Investment Adviser for the Fund.

Investing involves risk, including potential loss of capital.

GVAL: There is no guarantee that a Fund will achieve its investment goal. Investing involves risk, including the possible loss of principal. High yielding stocks are often speculative, high-risk investments. The underlying holdings of the Funds may be leveraged, which will expose the holding to higher volatility and may accelerate the impact of any losses. These companies can be paying out more than they can support and may reduce their dividends or stop paying dividends at any time, which could have a material adverse effect on the stock price of these companies and the Fund’s performance. International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same actors as well as increased volatility and lower trading volume. Investments in smaller companies typically exhibit higher volatility. Narrowly focused funds typically exhibit higher volatility.

GVAL is actively managed.
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Today’s guest is Liaquat Ahamed, the Pulitzer Prize–winning author of Lords of Finance: The Bankers Who Broke the World, one of the greatest financial history books ever written. His new book is called 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World.

In today’s episode, Liaquat shares the story of the world’s first truly global financial crisis. He walks through the Rothschild-led bond boom that funded railroads on three continents, the German IPO mania sparked by French war reparations, and the monetary blunder of abandoning silver that turned a crash into twenty years of deflation.

(0:00) Starts

(1:03) The 1873 financial crisis: causes and global impact

(3:25) Railroads and the rise of the Rothschilds

(6:37) Stock market mania and bubbles in Germany

(10:58) The role of precious metals

(15:20) The economic, political, and societal effects of deflation

(26:05) Comparisons to modern financial crises and populist movements

(32:48) Lessons from history: Lords of Finance

(36:46) Modern currency systems

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

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Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com

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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).

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

Today’s guest is Bob Robotti, founder and CIO of Robotti and Company Advisors, which he’s been running the firm since 1983.

In today’s episode, Bob explains why volatile markets driven by passive flows keep handing opportunities to stock pickers. He makes the case for offshore oil services and homebuilders, shows why zombie companies can be dollars trading for 20 cents, and argues 2% inflation is a pipe dream.

To close, Bob shares the biggest loss of his career, selling a winner too early.

(0:00) Starts

(1:23) Bob Robotti's investment framework and value traps

(3:01) Evolution of investment strategies and market consistency

(5:22) Sector opportunities in energy and homebuilding

(14:13) Managing cyclical and long-term investments

(17:05) Housing policies, build-to-rent, and affordability

(20:19) Homebuilding outlook, Airbnb, and commercial real estate

(22:32) Small cap opportunities

(27:40) Distressed investing and zombie companies

(37:35) Inflation and interest rates

(45:47) Building a lasting investment firm and Bob's most memorable investment

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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

-----

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

-----

Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com

-----

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 Carson Block, founder of Muddy Waters Research & Muddy Waters Capital and one of the last short sellers still standing.

In today’s episode, Carson Block explains why he thinks AI could displace 15% of knowledge workers and unwind the market’s biggest stocks. He breaks down his short of SoFi’s aggressive loan accounting, why record-tight credit spreads worry him, and how he trades that risk with put spreads.

To close, Carson explains why he still calls China uninvestable and recounts his hardest battles.

(0:00) Starts

(1:02) Carson Block on the evolution of short selling

(3:03) The impact of AI on jobs, economy, and markets

(9:43) Evolving Muddy Waters' business model beyond short-selling

(13:32) Investing in momentum and junior gold miners

(17:52) Navigating markets amid AI disruption and labor market impact

(25:21) Thoughts on historically low corporate yield spreads

(30:25) Carson's short call on SoFi

(38:10) Carson'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

-----

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

-----

Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com

-----

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 Joseph Moore, a historian and former professor who spent over a decade in the archives studying 300 years of American financial advice, which he explains in his new book, How to Get Rich in American History: 300 Years of Financial Advice That Worked (& Didn’t).

In today’s episode, Joseph explains what 300 years of American financial advice reveals about getting rich. He shares why real estate barely appreciated for a century, why bonds beat stocks for decades, and how modern investing advice was born chasing inflation and taxes. To close, Joseph reveals the five timeless principles that built wealth in every era.

(0:00) Starts

(1:34) Joseph Moore shares a historical perspective on money

(13:04) Real estate investment strategies

(20:59) Stocks vs. bonds debate

(25:45) Should you try to beat the market?

(33:32) Key financial lessons from history

(39:54) Joseph's most memorable investments

(42:10) Surprising historical financial statistics

-----

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 Feedback@TheMebFaberShow.com

-----

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