Tax Strategies, Exchange Funds, and Portfolio Optimization with Wes Gray & Srikanth Narayan | #591

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 18 July 2025

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today’s guests are Wes Gray, founder, CEO and Co-CIO of Alpha Architect, and Srikanth Narayan, founder and CEO of Cache, which he started in 2022 after experiencing concentrated stock positions in his own portfolio. Previously, he served in engineering and product leadership positions at Uber and Alphabet. In today’s episode, Meb, Wes & Srikanth share some big news about a new idea involving both exchange funds and 351 ETF conversions. Srikanth explains the mechanics of exchange funds, the risks associated with stock concentration, and the launch of his newest initiative. The discussion also touches on tax efficiency, fees, the competitive landscape of asset management, and more. Learn more about 351 ETF Exchanges or email us to chat! (0:00) Starts (1:10) Discussion on Section 351 (4:33) Explanation of exchange funds and stock concentration risk (16:25) Case study of the new exchange fund model (20:06) Onboarding and cost structure of the new exchange fund (23:13) Qualifying illiquid assets and cost in tax strategies (31:03) Use cases and investor education on ETF tax benefits (34:11) FAQs and the importance of tax alpha (45:23) Reflections on SPACs and speculative markets ----- 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! ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠). ----- To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expense before investing. This and other information can be found in the Fund's full or summary prospectus which may be obtained by calling 855-383-4636 (ETF INFO) or visiting our website at www.cambriafunds.com. Read the prospectus carefully before investing or sending money. The Cambria ETFs are distributed by ALPS Distributors Inc., 1290 Broadway, Suite 1000, Denver, CO 80203, which is not affiliated with Cambria Investment Management, LP, the Investment Adviser for the Fund. Investing involves risk, including potential loss of capital. 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
0:28.9	the opinion of Cambria Investment Management or its affiliates.
0:31.2	For more information, visit camriainvestments.com.
0:34.4	If you were interested in participating in a 351 ETF exchange, you can find more information at
0:40.7	Cambriafunds.com forward slash 351, or you can email us for more info at 351 at cambriainvestments.com.
0:52.9	Cambria funds are distributed by Alps Distributors, Inc. Invest in Bals Risk, including possible loss of capital. Welcome back, everybody. It's summertime. I'm joined for the sixth time. He's basically a co-host at this point with my buddy, Wes Gray. Wes is the founder, CEO, co-CIO of Alpha Architect who leads the ETF Architect team.
1:11.4	Wes always brings a friend.
1:12.7	This time he's joined by Sri Kahnth and Orion, founder in CEO of Cash, which he started
1:17.5	in 2022, after experiencing concentrated stock positions on his own portfolio.
1:23.2	Previously, he served in engineering, product leadership positions at Uber, Alphabet.
1:28.7	Gents, welcome the show.
1:30.3	Thanks for having us, Mab.
1:31.8	Thank you so much for having us.
1:34.0	All right.
1:34.4	This is going to be a lot of fun.
1:35.5	Long-term listeners, you know, you've probably heard me talk about a certain number a lot in the last year, 351.
1:43.9	No one else in the world besides the Mb Faber Show listeners, I think,
	...

Please login to see the full transcript.

Previous episode | Next episode

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.