Whitney Baker on The Death of (Upside) American Exceptionalism | #523

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 1 March 2024

⏱️ 85 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today’s guest is Whitney Baker, founder of Totem Macro. She previously worked at shops like Bridgewater and Soros. In today’s episode, Whitney explains what led to $500 billion in money expansion last year and why that’s driven recent performance in asset prices. She discusses the challenge the Federal Reserve faces as they try to balance inflation concerns with the need to support asset prices. Finally, Whitney talks about the huge opportunity she sees in emerging markets today and which countries have attractive valuations and troughing conditions. Listen to Whitney’s appearances in episodes 387 and 453. (1:37) - Welcome to our guest, Whitney Baker (1:55) - Whitney’s view of the macro landscape (4:48) - What led to the money expansion the past few months (14:57) - The challenge the Fed faces (30:58) - Opportunity in emerging markets (40:46) - Interesting markets to keep an eye on (48:03) - What leads to Whitney seeing an investment opportunity (58:57) - Update from Whitney on launching a new fund (1:04:11) - Whitney’s view on gold (1:07:17) - Larry Summers Tweet (1:10:53) - Whitney’s most controversial viewpoint (1:14:44) - Using useful resources from history Learn more about Whitney: Twitter; LinkedIn ----- 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: 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 Mebb Faver Show, where the focus is on helping you grow and
0:08.0	preserve your wealth. Join us as we discuss the craft of investing and
0:11.3	uncover new and profitable ideas all to help you grow
0:13.9	wealthier and wiser. Better investing starts here.
0:17.0	Meck Baber is the co-founder and chief investment officer at Cambria Investment
0:20.7	Management. Due to industry regulations he will not discuss any of Cambry's funds on this podcast.
0:25.1	All opinions expressed by podcast participants are solely their own opinions and do not
0:28.3	reflect the opinion of Cambria Investment Management or its affiliates.
0:31.2	For more information, visit Cambria Investments.com.
0:33.3	What's up, my friends? We've got an extra special show today with our many time
0:41.4	returning guest Whitney Baker.
0:43.0	She's the founder of Toto Macro and previously worked at shops like
0:46.9	Bridgewater and Soros. Today's episode Whitney explains what led to all that
0:51.8	money expansion last year and why that's driven
0:54.4	recent performance in asset prices.
0:56.9	She discusses the challenge the Federal Reserve faces they try to balance inflation concerns
1:01.9	with the need to support asset prices.
1:04.5	Finally, Whitney talks about the huge opportunities she sees in emerging markets today and what
1:09.0	countries have attractive valuations and tro troughing economic conditions.
1:14.7	If you want to listen to Whitney's other appearances on the show,
1:17.0	click the links in the show notes or search for episodes
1:19.3	number 387 and 453.
	...

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