Whitney Baker, Totem Macro – Put Down (The Best Investment Writing Volume 6)
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.
Key Points
- Whitney Baker discusses the shift from a risk-on to a risk-off environment, starting from historically high valuations and explains why inflation is likely to persist.
- Emerging markets may offer investment opportunities as they have handled inflationary pressures historically and are currently undervalued compared to developed markets.
- The episode explores the potential consequences of an aging population, challenging the common belief that it is deflationary and suggesting it could be asset deflationary and consumption inflationary instead.
Subscribe here so you get these sent to you each week: https://theideafarm.us1.list-manage.com/subscribe?u=6750faf5c6091bc898da154ff&id=ac58d173d8 Check out the past series of The Best Investment Writing below: Volume 5: https://mebfaber.com/2021/12/27/biw5/ Volume 4: https://mebfaber.com/2021/01/04/the-best-investment-writing-volume-4-selected-writing-from-prominent-investors-and-authors/ Volume 3: https://mebfaber.com/2020/01/06/the-best-investment-writing-volume-3-selected-writing-from-prominent-investors-and-authors/ Volume 2: https://amzn.to/3O4QyY9 Volume 1: https://amzn.to/3z6rcEZ
Follow Whitney:
Twitter: https://twitter.com/TotemMacro Link to piece: https://mebfaber.com/wp-content/uploads/2022/01/TOTEM-MACRO-2021.12.13-Put-Down.pdf
Follow Meb:
Twitter: https://twitter.com/MebFaber LinkedIn: https://www.linkedin.com/in/mebanefaber/ Youtube:https://www.youtube.com/channel/UCKvWzzrVUA_DSCoKXL6GU2w?sub_confirmation=1 Website: http://mebfaber.com/
For detailed show notes, click here: https://mebfaber.com/2022/09/09/biwv6-whitney-baker/
To learn more about our funds and follow us, subscribe to our mailing list at https://theideafarm.us1.list-manage.com/subscribe/post?u=6750faf5c6091bc898da154ff&id=7249739cdb or visit us at: http://www.cambriainvestments.com/
Sponsors:
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: https://mebfaber.com/2017/02/08/10017/ Richard Thaler: https://mebfaber.com/2021/08/04/e337-richard-thaler/ Jeremy Grantham: https://mebfaber.com/2021/02/08/episode-286-jeremy-grantham-gmo-what-day-is-the-highest-level-of-optimism-its-the-day-the-market-hits-the-peak/ Joel Greenblatt: https://mebfaber.com/2020/10/28/episode-260-joel-greenblatt-gotham-asset-management-nine-out-of-ten-families-in-the-top-fifth-of-the-income-chain-have-retirement-savings-nine-in-ten-in-the-bottom-fifth-have-none/ Campbell Harvey: https://mebfaber.com/2019/08/28/episode-172-cam-harvey-this-is-a-time-of-considerable-risk-of-a-drawdown/ Ivy Zelman: https://mebfaber.com/2022/03/30/403-ivy-zelman/ Kathryn Kaminski: https://mebfaber.com/2021/05/12/e310-kathryn-kaminski/ Jason Calacanis: https://mebfaber.com/2017/08/30/episode-69-jason-calacanis-little-secret-way-dark-art-becoming-truly-wealthy-massive-wealth/ Whitney Baker: https://mebfaber.com/2022/01/31/e387-whitney-baker/ Aswath Damodaran: https://mebfaber.com/2019/05/10/episode-155-aswath-damodaran-they-uber-and-the-ride-sharing-companies-collectively-have-disrupted-this-businessthats-the-good-news-the-bad-news-is-i-dont-thin/ Howard Marks: https://mebfaber.com/2018/10/03/episode-124-howard-marks-its-not-what-you-buy-its-what-you-pay-for-it-that-determines-whether-something-is-a-good-investment/ Tom Barton: https://mebfaber.com/2018/10/10/episode-125-tom-barton-the-biggest-problem-investors-have-is-things-changeand-they-dont-change/
… and many more.
Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here: https://mebfaber.com/mebs-deals/
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Transcript
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