Episode 81 is a radio show format. Meb starts with a note of thanks to listeners. It involves a milestone Cambria just passed as a company.

Next, Meb walks us through the common themes he’s hearing from his office hours. In short, all listeners are generally making the same investing mistakes (though everyone seems to believe his/her situation is unique). Meb tells us what everyone is doing.

Then, it’s on to listener Q&A. Some of the questions and topics you’ll hear are:

• What’s the latest on global CAPE values? Which countries are cheapest?
• Buffett was on CNBC the other day opining that stocks were cheap because you have to view them in relation to competing investment opportunities, and interest rates are still quite low. Thoughts?
• Is it possible to construct a CAPE index for other asset classes besides stocks?
• How do you recommend getting exposure to commodities? Aside from the physical metals, it’s hard to get good exposure because most of the ETFs invest in futures which get hurt by contract rolls. What’s the answer?
• In the typical asset allocation, would muni bonds produce more alpha than Treasuries? What different risk would it introduce, and is it worth it?
• Trend following is primarily a binary thing: You are in if your signal has triggered, otherwise out. But is it better to be in a market that is trading, say, 10% above your trigger than a market that is 1% above?
• Is low volatility a valid and sustainable outperforming factor?

As usual with the radio show formats, there are plenty of rabbit holes. Plus, Meb is about to do some travelling overseas. Where’s he headed? Find out in Episode 81.