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The Meb Faber Show

Ready to grow your wealth through smarter investing decisions? With The Meb Faber Show, bestselling author, entrepreneur, and investment fund manager, Meb Faber, brings you insights on today’s markets and the art of investing. Featuring some of the top investment professionals in the world as his guests, Meb will help you interpret global equity, bond, and commodity markets just like the pros. Whether it’s smart beta, trend following, value investing, or any other timely market topic, each week you’ll hear real market wisdom from the smartest minds in investing today. Better investing starts here. For more information on Meb, please visit MebFaber.com. For more on Cambria Investment Management, visit CambriaInvestments.com. And to learn about Cambria’s suite of ETFs and other investment offerings, please visit CambriaFunds.com.
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May 22, 2019

In episode 157, we welcome back our guest from episode 83, Randy Swan. Randy and Meb kick off the conversation by getting into Randy’s new book, and what motivated him to write. Randy talks about having an opportunity to go back and write about how and why Swan operates the Defined Risk Strategy.

In getting into the investing framework outlined in the book, Randy explains why he thinks investors face a “Dual dilemma,” forced to stick with conservative investments, or step out into riskier assets and sacrifice protection from their conservative investments. He goes on to state his thoughts on the evolution of democracy and the role debt has played in decision making in government and central banking.

He then goes deeper into this dilemma by explaining the rationale behind his thinking about this problem, and his expectations for low returns in both equity and fixed income markets going forward.

Meb asks Randy to discuss why it’s so important to focus on avoiding large losses and investor psychology. Randy follows up with thoughts on portfolio construction concepts he feels are important to add to the current thinking to seek return streams that are more in line with investor expectations.

The conversation then shifts into the genesis behind Swan’s flagship, Defined Risk Strategy, the idea that correlation of returns is unreliable, especially in times of crisis, and the difficulty in defining risk in an investment portfolio. He then walks through the portfolio management process and covers some examples of the mechanics during bear markets.

As the conversation begins to wind down, Meb asks in what periods this strategy is expected to shine vs. struggle. Randy walks through the desirable market conditions for Swan’s strategies.

All this and more in episode 157.

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