“Trend Following, Market Volatility, and Portfolio Strategy: Meb Faber’s Guide for Financial Advisors”
The Advisor's Fuel Podcast with Adam Koos
Release Date: 12/04/2025
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info_outlineIn this episode, Adam sits down with Cambria CIO and renowned researcher Meb Faber for a candid, high-impact conversation on what advisors consistently misunderstand about markets. They dig into trend following, global diversification, performance chasing, drawdowns, investor behavior, and the uncomfortable truths that shape real-world outcomes for clients.
Whether you're building portfolios, coaching clients through volatility, or refining your own advisory process, this episode will sharpen how you think about risk, return, and discipline in an industry full of noise.
Episode Timestamps
00:00 – Intro & welcome
01:00 – Meb’s path to quant investing
03:30 – Lessons from bubbles & early losses
06:00 – Challenging widely accepted beliefs
09:00 – Trend following & the 10-month rule
12:00 – Power laws and outlier returns
15:30 – Generational investing biases
18:00 – Buffett, Bogle & misunderstood market quotes
21:00 – The “worst days” myth
24:00 – Performance chasing in advisors
27:00 – Cambria’s rules-based approach
30:00 – Concentration, diversification & recency bias
34:00 – Global value investing & patience
38:00 – Dividend misunderstandings
42:00 – Bonds, regimes & yield spreads
46:00 – Gold’s role in portfolios
50:00 – Trend following vs prediction
53:00 – Biggest mistakes advisors make
57:00 – Buy & hold limitations
01:00:00 – Behavior traps & panic selling
01:10:00 – Closing thoughts (end of Part 1)
Key Takeaways
💡 Trend following is about discipline, not prediction.
Price reflects reality, and ignoring drawdowns is what leads clients to panic.
💡 Time horizon misunderstandings are one of advisors’ biggest blind spots.
Strategies can take decades — not quarters — to demonstrate edge.
💡 Performance chasing destroys more wealth than bad strategies.
Most investors buy after periods of strength and sell after weakness.
💡 Dividends, bonds, and gold are misunderstood.
Advisors must reframe expectations and explain trade-offs.
💡 Clients only want two things in a downturn:
- Am I going to be okay?
- Do you have a plan?
If you can answer yes to both, retention skyrockets.
Key Quotes
🗣 “Every trade makes you richer or wiser — but never both.” — Meb Faber
🗣 “People anchor to the all-time high. It’s one thing to know a portfolio could fall 40%… it’s another thing to live through it.” — Meb Faber
🗣 “If you sell without a re-entry plan, it becomes permanent.” — Meb Faber
🗣 “Clients want to know two things: Am I going to be okay? And do you have a plan?” — Adam Koós
Connect With Meb Faber:
Website:
https://www.cambriainvestments.com/
https://mebfaber.com/
https://www.themebfabershow.com/
LinkedIn:
https://www.linkedin.com/in/mebanefaber/
X (Twitter):
https://x.com/MebFaber
YouTube:
https://www.youtube.com/channel/UCKvWzzrVUA_DSCoKXL6GU2w?sub_confirmation=1
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email: info@adrenalineadvisor.com
Website: www.adrenalineadvisor.com
Connect with Adam Koós:
LinkedIn: https://www.linkedin.com/in/adamkoos
Website: https://www.adrenalineadvisor.com