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AI Ate Your Index
+ Scott Bessent, Jamie Dimon, Philipp Carlsson-Szlezak, Henry McVey & More
The Idea Farm
August 09, 2026
Sponsored by
“The dollar may be our currency but it's your problem.”
Research
Goldman Sachs examines how AI-led innovation, inflation risk, and benchmark drift are reshaping global multi-asset portfolios.
Meketa argues that the small-company opportunity has migrated rather than disappeared as firms remain private longer.
Barings argues that Korean equities are shifting from a cyclical semiconductor trade toward a broader structural re-rating driven by AI, governance reform, and new export industries. Korea’s 2026 earnings growth is forecast near 240%, yet the market trades at 8.3x forward earnings versus 18.2x globally.
A Brief History of Financial Risk (59 pages)
Sam Hartzmark traces how equity risk evolved from treating stocks as speculation or inflation hedges to measuring volatility and consumption correlation.
Source: Samuel Hartzmark. As of July 2026.
The paper makes the case that diversification improves multifactor investing at three levels: 1) within factor definitions, 2) across factor sleeves and 3) through time.
Sahil Mahtani argues that AI-driven IPOs and megacap issuance may reverse two decades of shrinking US equity supply.
Bonus Content
Broad-market benchmarks have gone all in on the AI theme. Do equity investors really want to make that bet? Link
Dan Lefkovitz walks through 4 ways diversification has paid off in 2026. Link
Treasury Secretary Scott Bessent unveiled a five-pillar framework for "economic statecraft" — tying trade, supply chains, and financial leadership directly to national security (57 minutes). Link
KKR’s Henry McVey shares thoughts from his recent trip to Europe, noting Europe’s modest growth outlook masks widening dispersion across sectors and countries. Link
BCG Chief Economist Philipp Carlsson-Szlezak explains why economically transformative technologies are inherently deflationary, making consumers the real winners. Link
Vanguard's latest Risk Speedometers analyzes flows into and out of asset categories for the 6- and 12-month periods ended June 30, 2026. Link
A Tax-Aware Way Into Global Equity
GEX is coming. The Cambria Global EW 3 ETF (GEX) is Cambria’s sixth 351 ETF conversion, offering core global equity exposure with a total expense ratio of 0.25%.
Prior to the November 10 launch, investors have the opportunity to contribute securities to GEX through a 351 ETF exchange and receive shares of the ETF in return. If certain requirements are met, the contribution can be made without an immediate taxable event.
Join Cambria CIO Meb Faber for a live webinar on Thursday, August 13 at 2:00 PM ET / 11:00 AM PT.
To determine if this Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges and expense before investing. This and other information can be found in the Fund’s full and summary prospectus which may be obtained by calling 855-383-4636 (ETF INFO) or visiting our website at www.cambriafunds.com. Read the prospectus carefully before investing or sending money.
The Cambria ETFs are distributed by ALPS Distributors Inc., 1290 Broadway, Suite 1000, Denver, CO 80203, which is not affiliated with Cambria Investment Management, LP, the Investment Adviser for the Fund.
Podcasts
 7/22/2026 - 65 minutes | David Friedberg discusses America’s fiscal challenges, the widening wealth gap, and policies that could strengthen long-term economic growth. |
 7/21/2026 - 61 minutes | JPMorgan's Jamie Dimon discusses government debt, AI's long-term impact, and the leadership principles behind building enduring organizations. |
Meb’s Corner
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