In today’s radio show, Meb breaks down why market-cap–weighted investing may be nearing its limits after an extraordinary run in U.S. stocks. He explores CAPE ratios near historic extremes, the quiet resurgence of gold and commodities, and why equal weight, value, and global markets are suddenly back in the conversation.

To close, Meb explains how trend following and real assets can help investors navigate regime shifts.

Note: this was recorded on January 29, 2026.

(0:00) Starts

(3:03) US stock market update

(11:24) Global stock performance

(18:03) The role of gold in asset allocation

(27:52) Demographics of gold investors

(35:47) One-fund portfolios & 351 conversions

(42:07) Meb's travel plans

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For detailed show notes, click here

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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.

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Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

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