Liz Ann Sonders on The State of the Markets | #498

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 6 September 2023

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today’s guest is Liz Ann Sonders, the Chief Investment Strategist of Charles Schwab. In today’s episode, Liz Ann starts off by sharing some timeless lessons from her mentor, the great Marty Zweig! Then she shares her view of the economy and markets. She touches on earnings estimates, expectations for the Fed, market breadth, and where she sees opportunity going forward. (1:08) - Welcome Liz Ann to the show (1:28) - How Marty Zweig's sentiment indicators had a lasting impact on Liz Ann Sonders' approach (5:26) - Marty Zweig’s Investing Rules (5:42) - Reminiscences of a Stock Operator (7:30) - Rukeyser's advice to Liz Ann: Explain finance so non-finance parents understand (10:01) - Understanding rolling recessions: A pandemic-era phenomenon (12:54) - Unprecedented weakness in leading indicators (LEI) hints at potential recession (15:49) - Housing market varies between existing/new and single/multifamily homes (19:27) - Fed's future path unclear (24:39) - Market's unpredictability and rich multiples require earnings growth for justification (39:30) - Emphasizing international diversification, especially in Japan (42:30) - Investors are turning to treasuries for yield (47:11) - Why this year feels like a "wall of worry" market (48:11) - Why the "get in, get out" approach to investing is gambling, not disciplined strategy (51:03) - What investment belief Liz Ann holds that most of her professional peers do not Learn more about Liz Ann: Charles Schwab; Twitter; ----- 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 ----- Sponsor: Future Proof, The World’s Largest Wealth Festival, is coming back to Huntington Beach on September 10-13th! Over 3,000 finance professionals and every relevant company in fintech, asset management and wealth management will be there. It’s the one event that every wealth management professional must attend! Sponsor: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- 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 Med Faber Show, where the focus is on helping you grow and preserve your wealth.
0:09.0	Join us as we discuss the craft of investing and uncover new and profitable ideas, all to help you grow wealthier and wiser. the at Cambria Investment Management. Did industry regulations, he will not discuss any of Cambria's funds
0:24.1	on this podcast.
0:25.2	All opinions expressed by podcast participants
0:27.0	are solely their own opinions and do not reflect the opinion of Cambria
0:29.4	investment management or its affiliates.
0:31.2	For more information, visit Cambria Investments.
0:33.2	com.
0:34.2	Welcome, podcast friends. We have a special episode today. I've been looking forward to
0:40.8	for a long, long time.
0:42.6	Our guest is Liz Ann Saunders,
0:44.3	the chief investment strategist of Charles Schwab.
0:47.1	In today's episode, Liz Ann starts off
0:49.1	by sharing some timeless lessons from her mentor,
0:51.5	the great Marty Zweig.
0:53.0	Then she shares her view of the economy and markets.
0:55.5	She touches on earnings estimates, expectations for the Fed, market breath,
0:59.0	and where she sees opportunity going forward.
1:03.0	This episode is brought to you by 10 East.
1:06.0	Long time listeners know I've invested in private markets quite a bit myself,
1:10.0	but with access to these markets broadening,
1:12.0	it can be hard to know where to find vetted high quality offerings.
	...

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