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 stocks would Bill Gates buy?

(1:06:51) - Mohnish’s most memorable investment

(1:11:57) - Narrow expertise depth, no need to know everything about everything

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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

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Today's episode is sponsored by YCharts. YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. YCharts offers a suite of intuitive tools, including numerous visualizations, comprehensive security screeners, portfolio construction, communication outputs, and market monitoring. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only).

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 | LinkedIn | Instagram | Tik Tok

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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,

Today’s guest is Liz Ann Sonders, the Chief Investment Strategist of Charles Schwab.

In today’s episode, Liz Ann starts off by sharing some timeless lessons from her mentor, the great Marty Zweig! Then she shares her view of the economy and markets. She touches on earnings estimates, expectations for the Fed, market breadth, and where she sees opportunity going forward.

(1:08) - Welcome Liz Ann to the show

(1:28) - How Marty Zweig's sentiment indicators had a lasting impact on Liz Ann Sonders' approach

(5:26) - Marty Zweig’s Investing Rules

(5:42) - Reminiscences of a Stock Operator

(7:30) - Rukeyser's advice to Liz Ann: Explain finance so non-finance parents understand

(10:01) - Understanding rolling recessions: A pandemic-era phenomenon

(12:54) - Unprecedented weakness in leading indicators (LEI) hints at potential recession

(15:49) - Housing market varies between existing/new and single/multifamily homes

(19:27) - Fed's future path unclear

(24:39) - Market's unpredictability and rich multiples require earnings growth for justification

(39:30) - Emphasizing international diversification, especially in Japan

(42:30) - Investors are turning to treasuries for yield

(47:11) - Why this year feels like a "wall of worry" market

(48:11) - Why the "get in, get out" approach to investing is gambling, not disciplined strategy

(51:03) - What investment belief Liz Ann holds that most of her professional peers do not

Learn more about Liz Ann: Charles Schwab; Twitter;

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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

-----

Sponsor: Future Proof, The World’s Largest Wealth Festival, is coming back to Huntington Beach on September 10-13th! Over 3,000 finance professionals and every relevant company in fintech, asset management and wealth management will be there. It’s the one event that every wealth management professional must attend!

Sponsor: 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 | LinkedIn | Instagram | Tik Tok

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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,

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.

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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 | LinkedIn | Instagram | Tik Tok

-----

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.

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

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

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.

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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, get your ticket FREE plus a $750 reimbursement by applying for the hosted meetings program by the August 15th deadline.

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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.

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

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

Today’s guest is Phil Bak, CEO of Armada ETFs, which provides investors broad access to the real estate asset class.

In today’s episode, Phil gives a masterclass on real estate investing. He covers the residential real estate space, the problem investors have come across this year with private REIT strategies, and why he has a solution to their problem. Then he shares how he’s using AI and machine learning to the REIT space through his long-only hedge fund.

(0:39) - Sponsor: Future Proof

(1:14) - Intro

(2:00) - Welcome Phil to the show

(2:25) - Navigating the realms of entrepreneurship and investing

(5:39) - REIT overview

(13:30) - Narratives drive flows, flows drive performance

(15:47) - Challenges for Private REITs

(30:57) - Creating PRVT ETF to replicate private REIT strategies with lower fees and liquidity

(34:18) - Exploring the HAUS ETF

(36:12) - Applying AI & machine learning to REITs

(43:08) - Phil’s most memorable investment

(48:11) - Changing market dynamics due to shifting Fed actions and evolving REIT landscape

(51:37) - Lessons from investing in baseball cards

(54:37) - What investment belief Phil holds that most of his professional peers do not

-----

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

-----

Sponsor: Future Proof, The World’s Largest Wealth Festival, is coming back to Huntington Beach on September 10-13th! Over 3,000 finance professionals and every relevant company in fintech, asset management and wealth management will be there. It’s the one event that every wealth management professional must attend!

Sponsor: 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 | LinkedIn | Instagram | Tik Tok

-----

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,