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In Episode 80, we welcome commodities and gold expert, Claude Erb.\nAs usual, we start with Claude\u2019s back-story, but it\u2019s not long before the guys jump into investing, with Meb asking about Claude\u2019s general framework and view of the markets.\nClaude tells us there are three concepts that guide his broad investing thinking: first, framing investment opportunities in terms of price/value relationships; second, the concept that no one gives away anything of value for free; and third, the idea that there really is no difference between a successful traditional fundamental approach to investing and a successful quantitative approach to investing.\nThis leads into a quick conversation about how market wisdom compounds over the years, but it\u2019s not long before the guys jump into the topic of \u201cgold.\u201d Claude and his writing partner, Campbell Harvey, wrote the seminal paper, \u201cThe Golden Constant\u201d, which explored the possible relationship between the real, inflation-adjusted price of gold and future real gold returns. Meb mentions how gold elicits far more emotion in investors than nearly any other asset, with different investors having an array of reasons or themes as to why they own gold.\nClause gives us some great commentary on the link between fear and gold, touching upon VIX contracts, volatility, and even Buffett\u2019s and Dalio\u2019s take on gold. The guys continue with the gold discussion, with Claude referencing some of the concepts from \u201cThe Golden Constant\u201d. All you gold bugs (and historians, for that matter) won\u2019t want to miss this.\nThere\u2019s way more in this episode, including a discussion of commodities, various practical takeaways, and Claude\u2019s thoughts on something called \u201cthe sequence of returns.\u201d And of course, there\u2019s Claude\u2019s most memorable trade.\xa0What are the details? Find out in Episode 80.\nLearn more about your ad choices. Visit megaphone.fm/adchoices