Pods & Recs: No. 173
Today we have March Andreessen on the impact of COVID, Tobias Carlisle on the underperformance of value, an episode on why bourbon should be thought of as an asset class, and Conan O’Brien and Bill Burr to make you laugh out of your seat.
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Investing
Flirting with Models: Tobias Carlisle — Realism Over Idealism in Value. Carlisle is an author, podcast host, and founder of Acquirers Funds, and joins Corey Hoffstein to talk about the woes of value investing. They talk about relative versus absolute cheapness of value and the ‘definitions’ of growth and value, and whether the definition of value has contributed to its underperformance as of late. In the latter part of the episode, Toby takes an introspective look into both of his funds (large-cap long/short and a small/micro long-only) and both the difficulties of shorting and the unique landscape of the microcap space. As they wrap, Toby gives a preview of the book he’s currently working on. [June 28, 2021–77 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
“I think there are a million ways you can blow yourself up as an investor. The name of the game is just to survive for as long as you possibly can.”
My First Million: SPECIAL: A Breakdown On Why Most Startups Take Longer Than You Think To Build (with examples). This episode shares the stories of companies that took a long time to reach their goal. Parr covers what the founders thought along the way while diving into what makes these people tick and able to achieve such audacious goals. There are stories about Pandora, Uber, Marc Cuban, Chamath, and more! The story of Uber founder Travis Kalanick at 24:04 is a must-listen. [June 28, 2021–39 minutes] iTunes Podcast | Spotify | Google | Breaker
“You have to enjoy, not necessarily the work, but the act of going through that work.”
“They are willing to put up through hell for a long period of time because they have a bigger purpose and a bigger journey.”
Invest Like The Best: Marc Andreessen — Making the Future. a16z’s Marc Andreessen spends the first half of the episode discussing the hollowing out of the middle class through expensive education, housing and health care and what technology can do to lower the cost of each. Then he explains why he hopes the future of a16z is similar to how H.P. was years ago — a firm that allows high performing individuals to perform a job in any department they want. As they wrap up the episode, he elaborates on his piece from 2020 titled It’s Time To Build. [June 29, 2021–79 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
“Every company I know of that has knowledge work and knowledge workers, they all had good experiences with remote work.”
Excess Returns: Rob Arnott on Inflation, Bubbles and the Future of Value Investing. Research Affiliates founder Rob Arnott provides a rational view of the current market and economy. He explains why he thinks MMT won’t provide an adequate return on investment and why data doesn’t support the idea that low interest rates leads to value’s underperformance relative to growth. He also provides a framework to use for assessing whether an asset is in a bubble and uses Tesla as an example. [June 24, 2021–55 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
Wealth, Actually: EP.86 BOURBON as an INVESTMENT with MARK GARBIN. Garbin is an investment management executive focusing on fiduciary duty issues in investment vehicles for public and private funds and author of Whiskey Glory, which is about the rise of the Dewars famous lineup. He does a deep dive into bourbon as an asset class (literally owning the liquid) and everything that it requires, including insuring it over time and deriving yield from the barrels. He also walks through what an ideal investment in a bourbon company would look like and some of the interesting technology he’s seen developed to enhance bar experiences. [June 30, 2021–54 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
“It in and of itself (bourbon) is liquid, the investment itself is illiquid.”
The Meb Faber Show
The Meb Faber Show: #324 — Edward McQuarrie, Santa Clara University — Sometimes Stocks Beat Bonds, Sometimes Bonds Beat Stocks. Dr. Edward McQuarrie is the Professor Emeritus at Santa Clara University and author of a recent paper that explains why the ‘stocks for the long-run’ thesis may not be so true. Dr. McQuarrie found digital archives and older data that gives a different conclusion than what Professor Jeremy Siegel found. He walks through how stock and bond returns have changed over time and learned that bonds have outperformed stocks for decades in countries like France and Japan. We hear about Dr. McQuarrie’s ‘regime thesis,’ which says the risk/return profile of both stocks and bonds depends on what regime we’re in, both capable of outperforming or underperforming over any time horizon. [June 28, 2021–1 hour, 16 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
The Meb Faber Show: #325 — Bhu Srinivasan, Author, Americana — Is The Entrepreneur More Important Or Is The Movement And Moment More Important? Bhu Srinivasan is the author of AMERICANA: A 400-Year History of American Capitalism, which is the focus of the episode. He starts by going all the way back to the 1400s to share how venture capital was behind the discovery of America. Bhu talks about some of the most successful entrepreneurs in American history, including Vanderbilt, Carnegie and Rockefeller. He also talks about the role the government has played in helping American capitalism thrive, and the history of booms and busts and the role they serve over time. At the end, he discusses the future of capitalism in the U.S. and around the globe, and his current venture around crypto and sports gambling. [June 30, 2021–1 hour, 17 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
The Rest
***Must Listen*** EconTalk: Sebastian Junger on Freedom. This is the best podcast Junger’s been on to promote his new book by far. The book, Freedom, is based on a 400-mile walk Junger took with buddies along railroad rights-of-way, evading police, railroad security, and other wanderers. Junger discusses the tension between the human desire to be free and the desire to be interconnected and part of something. He also is introspective about the limit of human endurance, the joy of walking, and finding his inner happiness. [June 28, 2021–61 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
“Thinking you owe nothing to society is infantile.”
Conan O’Brien Needs A Friend: Bill Burr Returns. Conan & Burr have a hilarious back and forth with each other about their careers, the art of roasting, handling with dogs, and Burr’s shortcomings as an actor. Not much else to say besides it’s absolutely hilarious. [June 28, 2021–48 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
BOOK RECOMMENDATIONS
Jason Zweig (WSJ):
Steve Romick (First Pacific Advisors):
- Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy by Matthew Simmons
- The Warburgs: The Twentieth-Century Odyssey of a Remarkable Jewish Family by Ron Chernow
- The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success by William Thorndike
- The Code Breaker: Jennifer Doudna, Gene Editing, and the Future of the Human Race by Walter Isaacson
