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- The Fartcoin Stage of the Market
The Fartcoin Stage of the Market
+ Aswath Damodaran, Jamie Dimon, Louis Vincent Gave, Matthew Ball, Decarbonization & More!
The Idea Farm
February 02, 2025
Together With
“Accounting is astrology, finance is astronomy.”
Research
Goldman doesn’t think that this week was the start of a bear market, but they caution that high valuations, especially in the U.S. tech sector, have left markets vulnerable to disappointments. They also emphasize the importance of diversification, suggesting investors consider broadening their exposure beyond dominant tech companies.
Michael Cembalest covered the impact of President Trump's executive orders during the first 24 hours of his second Presidency.
Matthew Ball - The State of Video Gaming in 2025 (224 slides)
Matthew Ball’s annual presentation on the state of video gaming covers the end of the 2011–2021 growth wave, the mobile marketplace, AR/VR projections, console/PC market growth & more.
Nat Bullard’s annual presentation on the state of decarbonization provides a overview of the factors influencing the energy market today.
Bonus Content
Owen Lamont explains what’s happening now we’re at ‘the fartcoin stage of the market.’ Link
“Karl Marx said that history repeats, first as tragedy, second as farce. He was too optimistic. The truth is that history repeats, first as tragedy, second as farts.”
Jamie Dimon spoke about the changes he’d like to see in Washington, why he’s cautiously pessimistic about the economy, his recent near-death experience and more (10 minutes). Link
Nate Anderson, founder of short-seller Hindenberg Research, wrote a personal note about why he’ decided to disband the firm. Link
Professor Aswath Damodaran analyzes the 2024 performance of U.S. equities and suggests ‘investing and valuation practices based upon historical data and a trust in mean reversion are becoming indefensible’ (29 minutes). Link
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Podcasts
 1/13/25 - 73 minutes | Pishevar does not hold back when sharing the inside story of Uber’s meteoric rise and the fallout from Travis Kalanick's ouster. |
 1/22/25 - 84 minutes | Gave gives an update on China's bond, equity, and real estate markets and explains how China has come to lead in the automative & EV sector. |
 1/11/25 - 142 minutes | Priest talks about his core investing principles & why he believes investors are too complacent in the face of mounting risk & fragility. |
What Else Is Happening
Meb Faber spoke with Venture Capitalist Mike Maples about how to spot founders and companies that can return 100x. Apple | Spotify | YouTube
Meb shared some takeaways from his episode with Bank of America’s Savita Subramanian.
Learn about the basics of ETF taxation and 351 tax-free conversions. Link
Did you miss last week’s email?
Big News in the Faber Household!
Meb’s wife, Jacqueline Faber, is releasing her debut novel on Tuesday. Hailed as “over-the-top brilliant” with a “concussion-grenade conclusion” (Bookreporter), The Department is a suspenseful investment you won’t regret making!