“I follow very closely Mebane 's papers and highly recommend to put his findings to good use. His research is accessible and actionable for non quants. Although I know him only from his papers I can say that he is very approachable as he answered very promptly to several of my questions. ”
El Segundo, California, United States
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Activity
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2024 is on pace to eclipse the record for single year SPY outperformance over equal weight (1998, around 15%). This is back to early 1970s. If you…
2024 is on pace to eclipse the record for single year SPY outperformance over equal weight (1998, around 15%). This is back to early 1970s. If you…
Posted by Meb Faber
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New episode with Jerry Parker on the launch of the Cambria Chesapeake Pure Trend ETF, MFUT! https://lnkd.in/gZSr4T2z Learn more at…
New episode with Jerry Parker on the launch of the Cambria Chesapeake Pure Trend ETF, MFUT! https://lnkd.in/gZSr4T2z Learn more at…
Shared by Meb Faber
Experience & Education
Publications
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Global Asset Allocation: A Survey of the World's Top Asset Allocation Strategies
The Idea Farm
With all of our focus on assets - and how much and when to allocate them - are we missing the bigger picture?
Our book begins by reviewing the historical performance record of popular assets like stocks, bonds, and cash. We look at the impact inflation has on our money. We then start to examine how diversification through combining assets, in this case a simple stock and bond mix, works to mitigate the extreme drawdowns of risky asset classes.
But we go beyond a limited…With all of our focus on assets - and how much and when to allocate them - are we missing the bigger picture?
Our book begins by reviewing the historical performance record of popular assets like stocks, bonds, and cash. We look at the impact inflation has on our money. We then start to examine how diversification through combining assets, in this case a simple stock and bond mix, works to mitigate the extreme drawdowns of risky asset classes.
But we go beyond a limited stock/bond portfolio to consider a more global allocation that also takes into account real assets. We track 13 assets and their returns since 1973, with particular attention to a number of well-known portfolios, like Ray Dalio’s All Weather portfolio, the Endowment portfolio, Warren Buffett’s suggestion, and others. And what we find is that, with a few notable exceptions, many of the allocations have similar exposures.
And yet, while we are all busy paying close attention to our portfolio’s particular allocation of assets, the greatest impact on our portfolios may be something we fail to notice altogether... -
Global Value: How to Spot Bubbles, Avoid Market Crashes, and Earn Big Returns in the Stock Market
The Idea Farm
Investment bubbles and speculative manias have existed for as long as humans have been involved in markets. Is it possible for investors to identify emerging bubbles and then profit from their inflation? Likewise, can investors avoid the bursting of these bubbles, and the extreme volatility and losses found in their aftermath to survive to invest another day?
Over 70 years ago, Benjamin Graham and David Dodd proposed valuing stocks with earnings smoothed across multiple years. Robert…Investment bubbles and speculative manias have existed for as long as humans have been involved in markets. Is it possible for investors to identify emerging bubbles and then profit from their inflation? Likewise, can investors avoid the bursting of these bubbles, and the extreme volatility and losses found in their aftermath to survive to invest another day?
Over 70 years ago, Benjamin Graham and David Dodd proposed valuing stocks with earnings smoothed across multiple years. Robert Shiller later popularized this method with his version of the cyclically adjusted price-to-earnings (CAPE) ratio in the late 1990s and correctly issued a timely warning of poor stock returns to follow in the coming years. We apply this valuation metric across more than 40 foreign markets and find it both practical and useful. Indeed, we witness even greater examples of bubbles and busts abroad than in the United States. We then create a trading system to build global stock portfolios, and find significant outperformance by selecting markets based on relative and absolute valuation. -
Shareholder Yield: A Better Approach to Dividend Investing
The Idea Farm
Shareholder Yield: A Better Approach to Dividend Investing shows step-by-step how to find returns in a low yield world. Investors have flocked to dividend stocks in search of yield; however, fewer companies are paying out less in dividends due to legal, tax, and structural changes in the US markets. Dividend payments are only one use of a company’s free cash flow; other uses of cash include: share repurchases, debt paydown, reinvestment in the business, and mergers and acquisitions…
Shareholder Yield: A Better Approach to Dividend Investing shows step-by-step how to find returns in a low yield world. Investors have flocked to dividend stocks in search of yield; however, fewer companies are paying out less in dividends due to legal, tax, and structural changes in the US markets. Dividend payments are only one use of a company’s free cash flow; other uses of cash include: share repurchases, debt paydown, reinvestment in the business, and mergers and acquisitions.
Consequently, investors in the 21st century must look to all of the direct and indirect ways in which companies distribute their cash to shareholders, a metric commonly referred to as “Shareholder Yield”. In this book, we analyze portfolios based on the various cash flow metrics and find that portfolios of companies with high shareholder yields outperform both broad market indices and high dividend yield portfolios by a substantial margin.
With all of the uncertainty in the markets today, Shareholder Yield helps the reader answer one of the most often asked question in investing today - "Where do I find yield"? -
The Ivy Portfolio
Wiley
The Ivy Portfolio shows step-by-step how to track and mimic the investment strategies of the highly successful Harvard and Yale endowments. Using the endowment Policy Portfolios as a guide, the authors illustrate how an investor can develop a strategic asset allocation using an ETF-based investment approach.
The Ivy Portfolio also reveals a novel method for investors to reduce their risk through a tactical asset allocation strategy to protect them from bear markets. The book will also…The Ivy Portfolio shows step-by-step how to track and mimic the investment strategies of the highly successful Harvard and Yale endowments. Using the endowment Policy Portfolios as a guide, the authors illustrate how an investor can develop a strategic asset allocation using an ETF-based investment approach.
The Ivy Portfolio also reveals a novel method for investors to reduce their risk through a tactical asset allocation strategy to protect them from bear markets. The book will also showcase a method to follow the smart money and piggyback the top hedge funds and their stock-picking abilities. With readable, straightforward advice, The Ivy Portfolio will show investors exactly how this can be accomplished—and allow them to achieve an unparalleled level of investment success in the process.
With all of the uncertainty in the markets today, The Ivy Portfolio helps the reader answer the most often asked question in investing today - "What do I do"?
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Get emerging markets exposure with companies focused on dividends and buybacks. https://lnkd.in/gV5MtWUS
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New podcast with RBC Capital Markets's Lori Calvasina on the post-COVID era of investing. We covered: -- The concentration of the S&P 500 -- Current…
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United States Sector Breakdown from 1793 to 2023 (via GFD Finaeon)
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New podcast with Eva Shang of Legalist! She gives an overview of litigation finance, using AI to source deals, expanding into other strategies…
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Chicago next week, email me if you wanna say hello! Mf@cambriainvestments.com Monday, June 10th 4:30 pm - 6:30 pm Oak Brook, IL Tuesday, June…
Chicago next week, email me if you wanna say hello! Mf@cambriainvestments.com Monday, June 10th 4:30 pm - 6:30 pm Oak Brook, IL Tuesday, June…
Posted by Meb Faber
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The Bear Market in Diversification Mebisode time! 📺 YouTube: https://lnkd.in/ghnpKeXD 🍎 Apple: https://lnkd.in/gSzDuTrU 🍏 Spotify:…
The Bear Market in Diversification Mebisode time! 📺 YouTube: https://lnkd.in/ghnpKeXD 🍎 Apple: https://lnkd.in/gSzDuTrU 🍏 Spotify:…
Shared by Meb Faber
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🎙️ Top Investing Podcasts of the Week 🎙️ Rachel Martin with the story of "monopoly" and american capitalism https://lnkd.in/gXMQq_Ms Nicolai…
🎙️ Top Investing Podcasts of the Week 🎙️ Rachel Martin with the story of "monopoly" and american capitalism https://lnkd.in/gXMQq_Ms Nicolai…
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