meta_pixel
Tapesearch Logo
Log in
The Meb Faber Show - Better Investing

Innovative Tax Strategies in Bond Investing [Alex Morris] | #596

The Meb Faber Show - Better Investing

The Idea Farm

Management, Investing, Business

4.8978 Ratings

🗓️ 5 September 2025

⏱️ 58 minutes

🧾️ Download transcript

Summary

Today’s guest is Alex Morris, the CEO & CIO of F/m Investments, a $19 billion investment firm. In today’s episode, Alex & Meb walk through the evolution of investment strategies and what led Alex to launch a series of bond-centric ETFs, with TBIL emerging as the breakout success. He also highlights his new “Compoundr” series, seeks to convert bond ETF income into price appreciation by rotating exposures around dividend dates. Be sure to stick around for a bold prediction about dual share classes. (0:00) Starts (1:16) Alex's path to launching ETFs (4:27) TBIL ETF (7:50) Evolution in bond ETFs (17:22) Investor behavior in fixed income ETFs (24:49) Compoundr series and tax efficiency in bond ETFs (34:12) Securities lending (39:19) Long-term investing & tax decisions (46:54) Alex's thoughts on dual share class (51:15) Alex's most memorable investment ----- 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 Feedback@TheMebFaberShow.com ----- 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!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

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.

0:22.5

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.

0:34.5

If you were interested in participating in a 351 ETF Exchange, you can find more information at

0:40.8

CambriaF funds.com forward slash 351, or you can email us for more info at 351 at cambriainvestments.com.

0:53.0

Cambria funds are distributed by Alps Distributors, Inc., investing in

0:55.1

Bals Risk, including possible loss of capital. Welcome back, everybody. Got an awesome show today.

1:01.3

Today we're joined by Alex Moore, CEO, CIO of FM Investments, which is 19 billion, darn near

1:07.5

20 billion, darn near 50, $100 billion boutique investment firm.

1:11.0

I don't know if you can call it boutique anymore when you're 20 billion. Alex and company entered the ETF Terradone just a few years ago, and it's kind of burst on the scene, made a name for themselves. Alex has keyed into everything going on with bonds and fixed income. We'll talk about that a bit today. Alex, welcome the show. Matt, thanks for having me. And for that intro, I'm worried it's all downhill from here now.

1:30.0

Could be.

1:30.4

Last time we were going downhill on a bus in Utah, drinking some wine or whiskey together, which was a lot of fun. We weren't driving for anyone visiting, just so we're clear. Good point. By the time this publishes, I will have seen you in person in Washington, D.C., which is where you're located, and then probably seeing you in person again coming up, listeners, come see us at Future Proof. As always, we will be hosting a free surf lesson Monday morning. You can email us for the forum, the invite. We can commiserate over happy hour. I think this year it is the Bears Vikings Monday Night Football at HQ Gastropub, also free. But again, you got an RSVP. So hit me up if you want to attend. Ox, you're going to be there? You're going to come surf with us? You know, I might have to just give it a shot. I mean, you have the problem is not to laugh too much.

2:18.5

We're going to talk about a bunch of market stuff. This is your first time in the show. So let's give the listeners a quick background. You started out like me as an engineer. Give me your investment journey because you've been all over the place. Been all over the world doing stuff. my journey was supposed to actually take me to medicine and decided I didn't want to do that.

2:38.8

I had a best friend who was in economics and econometrics major, and I was good at math, and

2:43.6

he was good at the theory.

2:44.6

So I learned a lot of the math of this stuff.

2:46.8

Ended up at a hedge fund in London in 2005 and six when things were really rollicking and taking off.

2:53.8

We built a great business with the group

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from The Idea Farm, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of The Idea Farm and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.