What Drives Total Shareholder Return?

Together With

“Risk is a healthy respect for the unknown.”

Dan Ivascyn


Michael Mauboussin & Dan Callahan separate fact from fiction about what truly drives total shareholder returns.

Facts & Figures

Prosecutors say Sam Bankman-Fried had over 1,000 calls with reporters this year. Source: The Journal

One-third of the children of the very richest families scored a 1300 or higher on the SAT, while less than 5% of middle-class students did. Just 1 in 5 children from the poorest families even took the test. Source: The New York Times

“Of 225 actively managed strategies in the eVestment database that list the MSCI EAFE index as their preferred benchmark, 184% are underweight Japan by an average of 7.5% as the chart below indicates.” Link

“This is the boldest outperformance by stocks who pay a 0% dividend since the data commenced in 1927.” Link

Past performance is not an indicator of future results.

Torsten Slok, Chief Economist at Apollo, on the US stock market valuation compared to the past 20 years. Link

Source: Apollo

Many investors worry about US debt levels…yet, they still refuse to invest outside the US. Link

Source: The Wall Street Journal. As of 10/23/23

This painting sold for $8 million… and everyday investors profited 

Thanks to Masterworks, a platform for investing in blue-chip art. When the painting was bought for $6.8 million and sold for a cool $8 million 631 days later, investors in the offering received their pro-rata share of the net proceeds

How does it work? Simple, Masterworks does all of the heavy lifting like finding the painting, buying it, storing it, and eventually selling it. It files each offering with the SEC so that nearly anyone can invest in highly coveted artworks for just a fraction of the price of the entire piece.

Shares of every offering are limited, but The Idea Farm readers can skip the waitlist with this exclusive link.

See important disclosures at masterworks.com/cd.


10/11/2023 - 39 minutes

Cliff Asness discusses market bubbles, the combination of value and momentum factors, the parallels between between decision-making in sports and investing, and more.

10/24/23 - 81 minutes

Professor Damodaran covers a range of topics, including Nvidia, macro risks, formulating a personal investing philosophy, and more.

10/12/23 - 88 minutes

Mike Green and Bob Elliott share their thoughts on the late cycle slowdown coming throughout the end of 2023 & into 2024.


Meb Faber recorded a Radio Show with Corey Hoffstein about the current market environment, Roaring Kitty, the Bitcoin ETF & more.

Deal of the Week: BOXT solves the problem of opening a bottle for just one glass. With the equivalent of four bottles in each BOXT, our fine wine on tap stays fresh for 6 weeks and we deliver it to your door, every month, direct from our winery in Napa. Use code Meb20 for $20 off your order.

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