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Episode 91 is a radio show format.\nWe bounce around a bit in this one, starting with Meb\u2019s most popular Tweet of all time. It involves a market record that people decided to politicize.\nNext are some \u201csigns of the top.\u201d We discuss various indicators that support the general takeaway that (to no one\u2019s surprise) we\u2019re in a frothy market: US investor stock allocations are approaching the highest levels since 2000\u2026 Stocks as a percentage of household assets adjust for pensions funds are now the 2nd highest ever\u2026 The average expected return of state and local pension funds is 7.5%... The number of days the VIX has spent below \u201c10\u201d in 2017 was 52 (the combined amount for all years dating back to 1999? Less than \u201c10\u201d)\u2026\nWe then discuss Meb\u2019s upcoming personal portfolio rebalance. He publishes this each year, and he gives us the preview. Then there\u2019s a discussion of Bitcoin, and Meb\u2019s thoughts on how an investor might reasonably participate if so desired.\nThen we hop into some listener/Twitter questions:\n\nIs there a broad asset class that appears especially attractive right now? Emerging Markets seems to have gone to a case-by-case situation. Is there an entire asset class you like?\n\nWhy does value investing works?\n\nIf you had to buy one country and hold it for 10 years, which one would it be?\n\nHave you ever done a back-test combining a simple moving average timing strategy overlaid with a value approach? For instance, going long an asset class when it\u2019s above its SMA, but below a historical multiple?\n\nWhat changed in your investing philosophy in the last year?\n\nValue factors been out of favor for a decade or however long. At what point can we say they've been arbed out and not coming back\u2026ever?\n\nWhat is the long term mean or hurdle for real US Treasury rates?\n\nPlus, Meb is about to do some traveling overseas. Where\u2019s he headed this time? Find out in Episode 91.\nLearn more about your ad choices. Visit megaphone.fm/adchoices