Laurens Swinkels, Robeco – The Global Market Portfolio, (Realistic) Expected Returns & Global Factor Premiums | #392

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 21 February 2022

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today’s guest is Laurens Swinkels, Robeco’s Head of Quant Strategy and one of my favorite authors. In today’s episode, we walk through some of Laurens’ favorite research. We begin with the global market portfolio, how it’s evolved over time and where crypto fits in today. Then we talk about his research on factor performance dating back to the 19th century. We also cover his framework for determining expected returns for all major asset classes and why he and his team decided to include climate change in that analysis for the first time this year. Be sure to stick around until the end when we touch on sin stocks, ESG, and even the tokenization of real estate and other assets. ----- Follow Meb on Twitter, 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 ----- Today’s episode is sponsored by MUD\WTR. MUD/WTR is a coffee alternative that supports your morning ritual without all the anxiety and jitters of coffee. Get your starter kit and free frother at mudwtr.com/meb and use code FABER for 15% off. ----- (1:35) – Intro (2:20) – Welcome to our guest, Laurens Swinkels (3:57) – Laurens' research on the global market portfolio (papers here and here) (11:15) – Link to Laurens’ research (15:00) – Where does crypto fit in the global market portfolio? (21:22) – Laurens’ research on global factor premiums since 1800 (link) (28:09) – How investors should think about factor investing (31:15) – Laurens’ research into sustainable investing, ESG and sin stocks (42:38) – Robeco’s huge report on expected returns (52:18) – Other areas Laurens is researching (55:37) – Laurens' most memorable investment over his career Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Mebb Faver 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. Better
0:17.4	investing starts here.
0:19.4	Meeth Faber is the co-founder and chief investment officer at Cambria Investment Management.
0:23.4	Didn't industry regulations, he will now discuss any of Cambra's funds on this podcast.
0:27.1	All opinions expressed by podcast participants are solely their own opinions and do not reflect the
0:30.8	opinion of Cambria Investment Management or its affiliates.
0:33.4	For more information, visit cambria Investments.com.
0:36.3	Hey friends, we got a really amazing show for you today. Our guest is on Robocos Quant Equity Research team
0:45.0	and one of my favorite authors.
0:47.0	On today's show, we walked through some of our guest's favorite research,
0:50.0	including the global market portfolio,
0:52.0	how it's evolved over time, the performance, and where
0:54.4	crypto fits in today.
0:55.8	Then we talk about his research on factor performance dating back to not the 20th, but
0:59.7	the 19th century.
1:01.6	We also cover his framework for determining expected returns for all major asset
1:05.0	classes, what he's seeing today, and why he and his team decided to include climate change and
1:09.7	that analysis for the first time this year. Be sure to stick around until the end when we touch on send stocks, ESG,
1:16.0	and even the tokenization of real estate and other assets.
1:19.0	American Farmland is disappearing at an alarming rate.
	...

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