Chris Brightman - Here We Are With Emerging Markets Again Trading At A Shiller PE Multiple Less Than Half Of The US Stock Market | #193

The Meb Faber Show - Better Investing

The Idea Farm

Management, Investing, Business

4.8 • 978 Ratings

🗓️ 18 December 2019

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode 193 we welcome our guest, Chris Brightman. Meb and Chris start the conversation with an evolution of economic and monetary theory over the past decades, and some detail behind Modern Monetary Theory. Chris then expands on inflation, the idea that high inflation is associated with volatile inflation, as well as some ways to protect from high inflation. The pair then get into Research Affiliates’ forward looking asset class return expectations, including, the expectation of a 3.5% real return for the US stock market before any adjustments to valuations and the reality of low and even negative return prospects from fixed income. Chris talks about emerging markets as a potential bright spot. As the conversation winds down, Chris reveals some ways investors can think about implementing the ideas he discusses in the episode, including the literature that shows investors engage in performance chasing, and they’d be far better off taking a buy-and-hold approach to a diversified set of passive instruments. All this and more in episode 193, including a couple of Chris’s most memorable investments. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Mebb favor show, where the focus is on helping you grow and preserve your wealth.
0:11.0	Join us as we discuss the craft of investing and
0:13.5	uncover new and profitable ideas all to help you grow wealthier and wiser.
0:17.2	Better investing starts here.
0:18.8	Matt Faber is the co-founder and chief investment officer at Cambria Investment Management.
0:23.3	Did it industry regulations, he will not discuss any of Cambria's funds on this podcast.
0:27.2	All opinions expressed by podcast participants are solely their own opinions and do not reflect the opinion of
0:31.2	Cambria Investment Management or its affiliates.
0:33.4	For more information, visit Cambria Investments.com.
0:39.6	Welcome, podcast listener.
0:40.6	There's another great show for you today.
0:42.1	Our guest is the CIO and member of the Board of Research Affiliates.
0:46.2	We've had a few of those good folks on before, Rob or not, Jason Zoo, and Cam Harvey.
0:50.7	Three awesome episodes we'll link to in the show notes.
0:53.0	As CIO, he leads the investment teams and supervisors research and development activities,
0:57.6	provision of index strategies, management of client portfolios.
1:01.0	With Rob, he's also the co-portfolio manager of the PIMCO All Asset All Authority funds before joining research affiliates.
1:07.6	And this is sort of complicated because he used to be a Virginia Tech Hokie.
1:10.8	He was also the CEO of the University of Virginia Investment Management Company Endowment, as well as the Strategic Investment Group.
1:18.0	This episode is brought to you by 10 East. Long time listeners know I've invested in private markets
1:24.3	quite a bit myself but with access to these markets broadening it can be hard to
1:28.3	know where to find vetted high-quality offerings. That's where 10 East comes in.
	...

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