Felix Zulauf - The Next Market Reversal Could Be Ugly! | #563

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 23 December 2024

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today’s returning guest is macro-expert Felix Zulauf, founder of Zulauf Consulting. He was previously the global strategist for UBS and later ran his own asset management firm. In today’s episode, Felix explains why he’s concerned about the concentration of global equity markets and why he believes the US stock market is in a bubble. Then he shares his outlook for commodities, Bitcoin, and currencies. As we wind down, he advises investors to shift their focus from managing opportunities to managing risks. (1:30) Market concentration & risks (3:43) Late stage bull market indicators and valuation metrics (7:07) Market fundamentals and market catalysts (16:23) Fixed income and currency outlook (33:02) Gold, Bitcoin and commodities (45:59) Absolute vs. relative performance and investor resolutions ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Medfavor show, where the focus is on helping you grow and preserve your wealth.
0:10.9	Join us as we discuss the craft of investing and uncover new and profitable ideas, all to help you grow wealthier and wiser.
0:16.9	Better investing starts here.
0:19.5	Metfabor is the co-founder and chief investment officer at Cambria Investment Management.
0:22.6	Did it industry regulations, he will not discuss any of Cambri's funds on this podcast.
0:25.8	All opinions expressed by podcast participants are solely their own opinions and do not reflect the opinion of Cambria investment management or its affiliates.
0:31.2	For more information, visit camriainvestments.com.
0:34.3	Welcome back, everybody.
0:35.9	We got an amazing show today. Our returning guest is macro expert, Felix Zulov, founder of Zulov Consulting. He was previously the global strategist for UBS, later ran his own asset management firm. Felix, welcome back to the show.
0:50.8	Thank you, Mab. It's always a pleasure. Thank you for having me.
0:53.7	One of my favorite things about markets is it's always challenging. It's never a dull day.
1:01.5	And we love to talk about how they're the great humiliator. I wrote an article earlier this year called the bare market and diversificationification talking about how the S&P has just
1:12.5	stomped everything in sight. And you and I talked last year, and we were already bemoaning
1:18.8	the concentration and how the S&P is just a locomotive that is just smashing everything. And here we
1:26.4	are a year later. And that sucker's up
1:28.9	another 25%. Give us a few. What do you think is going on in the world today? How do we look?
1:35.7	And the concentration is even getting worse. Seventy-three percent of the world's equity market
1:41.7	cap is now in the US.
1:44.7	And indexing is the way people go these days.
1:48.5	So if everyone, everywhere out in the world,
1:52.1	invest in the world index,
1:54.4	73% of his money goes into the US.
	...

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