Meb Faber

💀🎃Monster news!!! 🧌🐈‍⬛ We redesigned @TheIdeaFarm! Now updated every day with the top curated investment research... New features: 1. Rolling tab of all the top professional investor research. 2. Rolling tab of all the top investing podcasts. 3. Each piece has its own page with a summary, charts, and key takeaways. 4. Only the very best content makes it, think 2-4 PDFs and episodes each week. 5. There's soon to be 10 years worth of archives sortable by topic! Skip the MBA and get a Master's in Investing for free... Join over 100,000 investors and sign up here: theideafarm.com

Join in 10 and I'll reveal my tourney pick

Prediction....NOW you'll see them all start to cover it: x.com/MebFaber/statu…

Investing Quote of the Day: “The best investors are not investors at all. They are entrepreneurs who have never sold.” - Nick Sleep

@Aaron_A_Thomas @rinsana Yes, but due to the custodians currently you have to go through a financial advisor. My expectation is that more of the "big boys" will enter as more plumbing gets built.

@rinsana @MebFaber Meb, are you aware of any 351s for small accounts? I have yet to see an on-boarding solicitation that will entertain anyone with holdings less than $1 million. So while it may not technically be limited to the wealthy, de facto it is.

After a big $1.2B launch today that's well over $10B...

@TradeTheSpread Been in the tax code for 100 years

@MebFaber There’s no way this doesn’t end as tax fraud.

@rinsana It's not limited to wealthy, and it's not tax free just a diversification and deferral similar to a 1031. Theoretically makes stock market less prone to market cap weighted bubbles.

@MebFaber Do most people have any idea that this is an increasingly popular tax avoidance scheme among the uber wealthy? Roll your net worth into a 351-tax free ETF and then you can accept investments into it from others … bears much closer scrutiny!

Hoku-Hoku: Japanese term to describe the experience of biting into a hot, densely textured food like a sweet potato or winter squash that fills your mouth with "a starchy steaminess". Via @mental_floss

If grandpappy bought $1 worth of Altria stock 100 years ago and reinvested the dividends, it would be worth $4,421,136 today. (ignoring Uncle Sam's cut) papers.ssrn.com/sol3/papers.cf…

Investing Quote of the Day: “Progress is impossible without change, and those who cannot change their minds cannot change anything.” - George Bernard Shaw

"Based on constituent data from the S&P U.S. Private Stock Top 10 Index, as of the end of February 2025, SpaceX, OpenAI and Anthropic had a collective market cap of USD 1.4 trillion. If they all had a full IPO with all shares trading in the public market, they would represent together a weight of approximately 2.9% in the S&P World Index, a subindex of the S&P Global BMI. This is more than the entire weight of 19 regions in the index, including France, Germany, Australia and others" @DowJones indexologyblog.com/2026/03/17/uni…

This is really great: "shows CAPE on the horizontal axis and net issuance on the vertical axis. Each point represents a calendar month between January 1990 and November 2025. Notice the positive correlation between issuance and CAPE: When CAPE is high, firms sell equity, and when CAPE is low, they repurchase it. In economics, we call that an upward-sloping supply curve: when prices go up, supply goes up."... Now let’s consider the two extreme points, March 2000 and March 2009. In 2000, equity prices were high. How did firms respond? Just as Adam Smith predicted in 1776: “the quantity brought thither will soon be sufficient to supply the effectual demand.” We can describe the events of 2000 as firms bringing supply “thither” to eager purchasers. March 2000 was the worst time to buy equity, when CAPE and issuance were both high. The best time was March 2009, when CAPE was low and the smart money was buying." @AcadianAsset acadian-asset.com/investment-ins…

10 Stats from The Ultimate Guide to Long-Term Investing 1. Long-Term Asset Returns: Equities returned 4.9% real annually over 200 years versus 2.6% bonds and 1.9% bills. 2. Extreme Currency Losses: 25 of 55 currencies depreciated more than 99% against the US dollar. 3. Gold: Gold returned 7.45% real annually in the 21st century. 4. Valuations Matter: Low-P/E portfolios returned 20.2% annually versus 11.4% for high-P/E portfolios. 5. Cash is Trash: Equities underperform cash only 0.8% of the time over 25-year horizons. 6. Equities > Inflation: Equities fail to beat inflation about 25.8% of the time over five-year periods. 7. Bonds > Equities: Bonds outperform equities in roughly 22% of 25-year periods. 8. Top Market: Sweden delivered the strongest real equity returns over the last century at 7.5% annually. 9. US Exception: The US has never experienced equities underperforming bonds over any 25-year period. 10. Bond Losses: Bonds delivered negative nominal returns in about 7.7% of five-year periods.

Value stocks (Tony Gwynn): higher batting average, fewer bankruptcies, fewer grand slams. Growth stocks (Dave Kingman): lower batting average, more bankruptcies, more grand slams. gmo.com/americas/resea…

Investing Quote of the Day: “There are two times when people forget their principles: at the top of the market and at the bottom.” - Phillip A. Lowe

What do you call passive income when it's negative?

Come for the 351 discussion and stay to chat global macro and my new book!

Dividend yields are so low in the US stock market that there are a bunch of mutual funds with names like "rising dividends", "equity income", or "growth and income" that have negative yields. Let me rephrase: your crappy mutual fund charges you more than it yields. Wonder how many investors and advisors know that...

The value trade has already started...did you notice? via @verdadcap

Investing Quote of the Day: “There’s only two kinds of people in the investment business. There are people who are humble and people who are about to get humble.” - Peter Keefe