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Best of the Week
Real Vision: Finance, Business & The Global Economy: Jeremy Grantham’s Big Calls: Emerging Markets, Venture Capital, and the Green Revolution. Grantham is the co-founder of GMO and widely respected for his ability to remain sane amid market bubbles. He argues we are currently in a period of elevated prices across almost all asset classes besides emerging markets. He talks about the U.S. slipping in most categories as a world leader (as shown by the poor response to COVID-19 and declining fertility and increasing morbidity) and how China is catching up in most areas, including venture capital, which he thinks will be very important going forward. He also talks about climate change and the global coordinated effort that it will take to combat the issues the world is facing. [January 1, 2021–1 hour, 25 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
Emerging markets are absolutely cheap; they are relatively as cheap as they have ever been.
The Meb Faber Show
The Meb Faber Show: #275 — David Lau, DPL Financial Partners — The Root Of All Evil When It Comes To Annuities Are Commissions. Lau is the Founder and Chief Executive Officer of DPL Financial Partners, a firm focused on the distribution of financial products geared toward the Registered Investment Advisor (RIA) and fee-based advisory channels. The episode is a deep dive into annuity products and how his firm is able to provide annuities at a lower cost by removing the commissions (which he says lowers the cost by ~80%). He explains why they make sense for RIA’s to offer clients and what the benefits are, and why people will need to rely upon them more with rates so low and stocks around all-time highs. He also talks about some use cases from RIA’s and what the future of the firm is. [December 28, 2020–54 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
The Meb Faber Show: #276 — Craig Wichner, Farmland LP — There’s $2.7T Worth Of Farmland In The U.S…And That’s The Same Economic Value As All The Apartment Buildings In The U.S Or All The Office Buildings In The U.S. Wichner is the founder of Farmland LP, a leading investment fund that generates returns by converting conventional commercial farmland to sustainable farmland. The episode is all about farmland investing and what the asset class offers to investors. He talks about how the company is able to increase the value of farms by converting them to organic, the ability to make money via both capital appreciation and income generation, and why owning an organic farm can serve as a hedge against a weaker dollar. He also talks about policy decisions that politicians could instill to help the industry and encourage environmentally friendly practices for farmers.[December 30, 2020–1 hour, 5 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
