The Meb Faber Show - Better Investing

My guest today is Kristin Olson, Global Head of Alternatives for Wealth at Goldman Sachs. Last year she was named one of the 100 Most Influential Women in US Finance by Barron’s.

In today’s episode, Kristin discusses the explosive growth of the alternatives market over the past decade. She explains what has driven interest from individual investors, particularly millennials, and touches on recent volatility within software and private credit BDCs. Finally, she shares her expectations for the 2026 IPO market, the potential for renewed interest in hedge funds, and how AI is set to reshape sourcing, underwriting, and portfolio construction.

(0:00) Starts

(1:31) Introduction of Kristin Olson

(3:16) Evolution of alternative investments

(10:19) Secondary strategies

(13:05) Private equity alpha and liquidity concerns

(19:13) Private credit market concerns

(22:29) Manager selection and due diligence

(24:17) Non-traditional investments and hedge fund interest

(27:17) Millennial interest in alternatives

(31:40) Infrastructure and global opportunities

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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: Register for Alpha Architect’s LIVE HIDE webinar on March 26th ⁠here⁠. Want to Learn More about Alpha Architect? Visit ⁠www.funds.alphaarchitect.com

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

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

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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! -----

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
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In today’s episode, Meb reads a recent email sent to Cambria subscribers examining how to evaluate a strategy hitting a rough patch, using the
Cambria Shareholder Yield ETF (SYLD) as a case study.

Learn more:

Cambria Shareholder Yield ETF (SYLD) https://cambriafunds.com/syld

SYLD Fact Sheet https://cambriafunds.com/assets/docs/SYLD-FactSheet.pdf

SYLD Investment Case https://cambriafunds.com/assets/docs/SYLD_Investment_Case.pdf

Contact us at [email protected], 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.

SYLD: 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 factors as well as increased volatility and lower trading volume. Investments in smaller companies typically exhibit higher volatility. Narrowly focused funds typically exhibit higher volatility.
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My guest today is Aswath Damodaran, a professor at NYU, where he teaches corporate finance and equity valuation.

In today’s episode, Professor Damodaran explains why he trimmed two Magnificent Seven stocks. He digs into AI’s real impact on valuations and moats, why big software incumbents face an Innovator’s Dilemma, and why the biggest risk isn’t tech spending itself, but overconfidence and debt-fueled capex that could ripple beyond tech. 

He also weighs in on corporate Bitcoin balance sheets, sports franchises as “trophy assets” driven by billionaire demand rather than cash flows, and the rise of prediction markets.

(0:00) Starts

(0:34) Professor Damodaran on the Magnificent Seven

(7:26) OpenAI's growth, AI's impact on valuations, and software industries

(16:07) High capex investment risks

(23:10) Market timing

(33:43) Trust and the rise of gold and silver

(45:12) Cryptocurrencies on company balance sheets

(47:42) Sports franchises

(52:27) Prediction markets

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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 [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 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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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: Register for Alpha Architect’s LIVE HIDE webinar on March 26th ⁠here⁠. Want to Learn More about Alpha Architect?

Visit ⁠www.funds.alphaarchitect.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

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