KKR's Henry McVey - Regime Change is Here: Think Differently About Asset Allocation | #592

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 25 July 2025

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today’s guest is Henry McVey, Head of Global Macro & Asset Allocation and Firmwide Market Risk and CIO of the KKR Balance Sheet. In today’s episode, Henry discusses the current macroeconomic landscape, emphasizing the regime change underway. He touches on the implications of a decline in the US dollar, where he sees opportunities in global markets, particularly in Europe and Japan, and asset allocation advice for investors. (0:00) Starts (2:26) Investor appetite and regime change (6:20) The US dollar, AI, and the role of productivity (10:14) Market performance and valuation in the US and Europe (22:56) China's economic transformation (29:12) Private equity opportunities in Japan (35:34) Corporate strategy and the loneliness epidemic (45:57) US bonds and government indebtedness (51:02) Henry's most memorable investment ⁠LinkedIn Mid Year Outlook for 2025 Acceleration in the Global Flywheel Art of Learning ----- 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 ----- Sponsor: YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Download their deck on how to navigate the “Big Beautiful Bill” and get 20% off your initial YCharts Professional subscription when you start your free trial. 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! ----- 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

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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.
0:22.5	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
0:28.9	the opinion of Cambria Investment Management or its affiliates.
0:31.2	For more information, visit cambriainvestments.com.
0:34.7	If you were interested in participating in a 351 ETF exchange, you can find more information at
0:40.9	Cambriafunds.com forward slash 351, or you can email us for more info at 351 at cambriainvestments.com.
0:53.2	Cambria funds are distributed by Alps Distributors, Inc., investing
0:55.1	involves risk, including possible loss of capital. Welcome back, everybody. Our guest today is
1:00.6	KKR's Henry McVeigh, head of global macro and asset allocation, firm-wide market risk, and
1:06.2	CIO of their balance sheet. He's also a fellow University of Virginia alum, Wahua.
1:12.6	I was participating in the UVA investing conference a few years ago,
1:17.3	and I was surprised when the smartest macro panel,
1:21.4	person on the panel that day was from the private equity giant KKR.
1:27.0	And so then I started digging and reading and following
1:30.2	KKR's macro research and quickly said, this is some of the best research out there. And so we're going to
1:37.5	dive into, they just dropped their mid-year outlook today. Henry, welcome the show. Thank you. Wahua.
1:47.0	It's good to be here. Yeah, look,
1:51.2	we're going to dive in and all sorts of stuff today. I thought we'd start with a quote that Colby dug up,
	...

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