Whitney Baker on the End of ‘Buy the Dip’ & the American Bubble | #586

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 13 June 2025

⏱️ 104 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today we’re joined by Whitney Baker, founder of Totem Macro and one of the sharpest minds in macro investing. Whitney was previously the head of Emerging Markets at Bridgewater Associates and worked at Soros Fund Management under current Treasury Secretary Scott Bessent. In today’s episode, Whitney discusses the current macroeconomic landscape, emphasizing the end of the ‘buy the dip’ mentality and the unique challenges the U.S. faces as the bubble finally comes to an end. She touches on the challenges and opportunities in emerging markets, the impact of tariffs & AI on global growth dynamics, and ‘The Triple Yasu’ phenomenon. Finally, Whitney addresses the role of gold in investment portfolios, advocating for its inclusion as a hedge against currency debasement and economic uncertainty. (0:00) Starts (1:21) Introduction of Whitney Baker (3:05) Global macro landscape (10:12) US debt dynamics (18:26) Market shifts, potential solutions, and foreign investment dynamics (23:31) AI's impact on productivity (30:31) US fiscal policies (38:29) The "Triple Yasu" (43:33) Opportunities in foreign and emerging markets (47:12) Historical debt solutions and modern financial strategies (53:23) How tariffs help national security (59:07) Emerging market bonds (1:06:08) Chinese industrial capacity (1:18:08) China and India's financial challenges and opportunities (1:32:31) Role of gold in portfolios ----- 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. 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

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 Cambria'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 cambrainvestments.com.
0:34.4	This episode is sponsored by our friends at Whitecharts.
0:37.4	If you're still piercing together data from spreadsheets and Fed websites, it's time for an upgrade.
0:43.4	Whitecharts just rolled out a powerful new yield curve tool, and it's built for serious macro analysis.
0:49.1	You can visualize real-time treasury yields from one week to 30-year, overlay historical curves,
0:55.2	track key spreads, and even spot intraday shifts, all-in-one clean, interactive view.
1:01.1	This is the kind of tool that helps you move beyond gut feel and end a data-backed macro
1:05.1	strategy, whether you're forecasting recession risk, building fixed-income strategies,
1:09.4	or you just need to explain
1:10.8	curve dynamics to clients, this tool delivers clarity fast. No more wrangling with Excel or hopping
1:16.8	between data sources. Why chart springs everything into one streamlined view, making it easy to
1:22.0	export visuals directly into your reports or client presentations. Click on the link in the show notes
1:27.3	to level up your macro outlook with a new yield
1:30.2	curve tool and get 20% off your initial Y charts professional subscription when you start
1:35.4	your free Y charts trial and tell them that MEB sent you for new customers only.
	...

Transcript will be available on the free plan in 26 days. Upgrade to see the full transcript now.

Previous 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.