The Meb Faber Show

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Cullen Roche, Discipline Funds - QE Is Not As Powerful As A Lot Of People Like To Think It Is | #378

E378 • Dec 21, 2021 • 74 mins

In episode 378, we welcome our guest, Cullen Roche, founder and Chief Investment Officer of Discipline Funds, a low fee financial advisory firm with a focus on helping people be more disciplined with their finances. In today’s episode, Cullen begins by sharing his framework for thinking about inflation and the impact of both monetary and fiscal policy. He explains the difference between the response to the Great Financial Crisis and what we’re experiencing today and then shares what he expects inflation to look like over the next few years.

Key Points

Cullen Roche shares his framework for thinking about inflation and the impact of monetary and fiscal policy, explaining the difference between the response to the great financial crisis and the current economic situation.
Roche introduces the Discipline Funds ETF (DSCF) and walks through why he chose to start the fund, highlighting the tax benefits of holding low-cost index funds in the ETF wrapper and his experience with the process of launching an ETF.
He discusses common misconceptions about quantitative easing and government spending, emphasizing the importance of understanding these macro concepts to avoid emotional investment decisions based on fear-mongering or misunderstandings.

Follow Cullen: Website; X; LinkedIn

Resources: Discipline Funds ETF The Agony & The Ecstasy (JP Morgan)

Speakers

Meb Faber

Host • 26%

Cullen Roche

Guest • 74%

Chapters

0:00	Introduction to the Meb Faber Show and guest, Colin Roche
1:22	Sponsor: Y Charts
3:20	Discussion on macro concepts, government policies, and their effects on the economy
6:41	Reflections on the financial crisis, government spending, and inflation
13:01	Understanding the expansion of government balance sheets and quantitative easing
19:01	The impact of macroeconomic concepts on investment behaviors and market narratives
26:19	Introduction to Discipline ETF (DSCF) and the growth of the fund to fund space
32:22	Behavioral importance in investing, rebalancing in ETFs, and countercyclically rebalancing
41:02	The challenge of discipline in investing and the rise of indexing
44:23	Addressing misconceptions about all-in-one funds and balancing risk in your investment portfolio
46:55	The active vs passive debate and the blurred lines in portfolio management
55:26	The trend towards launching ETF and Cullen Roche's personal investing strategy
1:02:13	Cullen Roche shares his thoughts on cryptocurrency and potential ways of investing in it
1:07:08	Cullen Roche shares his most memorable investment - building a house and the challenges faced
1:13:30	Where to follow Cullen Roche and closing remarks by Meb Faber

Transcript

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