Whitney Baker, Totem Macro – Put Down (The Best Investment Writing Volume 6)

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 9 September 2022

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today’s episode features Whitney Baker reading her piece, Put Down. Whitney is the founder of Totem Macro, which leverages extensive prior buyside experience to create unique research insights for an exclusive client-base of some of the world’s preeminent investors. Previously, Whitney worked for Bridgewater Associates as Head of Emerging Markets and for Soros Fund Management, co-managing an internal allocation with a dual Global Macro (cross-asset) and Global Long/Short Financial Equity mandate. The Best Investment Writing series features top research pieces that we’ve shared via The Idea Farm in the past year. Subscribe here so you get these sent to you each week. Check out the past series of The Best Investment Writing below: Volume 5 Volume 4 Volume 3 Volume 2 Volume 1 ----- 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 Stream by AlphaSense. Stream is an expert transcript library used by people just like you to quickly perform preliminary diligence on new ideas related to their target companies in the tech, media, telecom, healthcare, consumer and industrial sectors; avoiding the time, hassle, and cost of traditional expert network calls. With over 15,000 on-demand expert call interviews, 100+ new transcripts added each day, AI smart search technology, and 70% of our experts unique to our network, it's no wonder the world's leading financial firms choose Stream. Sponsor dollars for the entire Best Investment Writing series are being donated to the charity of the guest’s choice. Today’s sponsor dollars are being donated to the American Society for the Prevention of Cruelty to Animals (ASPCA) on behalf of Whitney Baker. ----- 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 Fabor 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.
0:17.2	Better investing starts here.
0:20.0	Matt Faber is the co-founder and chief investment officer at Cambria Investment Management.
0:23.3	Did it industry regulations, he will not discuss any of Cambria's funds on this podcast.
0:27.1	All opinions expressed by podcast participants are solely their own opinions and do not reflect the opinion
0:31.1	of Cambria Investment Management for its affiliates.
0:33.4	For more information, visit cambria Investments.com.
0:39.7	Welcome, podcast listeners.
0:40.9	We got a special show for you today. Our returning guest is
0:44.0	Whitney Baker, founder of Toto Macro and previously worked at shops like
0:48.1	Bridgewater and Soros. If you missed our first episode back in January 2022, please feel free to pause this.
0:55.0	Click the link in the show notes and listen to that first.
0:57.4	It was one of the most talked about episodes of the year.
1:00.3	Today's episode, Whitney shares where she sees opportunity at a time when she says we're going from risk on cubed to risk off cubed starting from some of the highest valuations in history.
1:12.0	She touches on why she believes inflation is here to stay, the opportunity
1:15.6	she sees in emerging markets, and the dangers of using heuristics learned in past market
1:20.4	cycles to analyze the current market environment.
1:23.4	This episode is brought to you by 10 East.
1:26.6	Long time listeners know I've invested in private markets quite a bit myself,
1:30.8	but with access to these markets broadening it can be hard to know where to find
	...

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