# Richard Bernstein - The Case for Dividends in a Bubble Era | #614

Page: https://stenobird.com/podcast/the-meb-faber-show-better-investing-743157/richard-bernstein-the-case-for-dividends-in-a-bubble-era-614
Text version: https://stenobird.com/podcast/the-meb-faber-show-better-investing-743157/richard-bernstein-the-case-for-dividends-in-a-bubble-era-614.md
Podcast: [The Meb Faber Show - Better Investing](https://stenobird.com/podcast/the-meb-faber-show-better-investing-743157)
Published: 2026-01-26T09:30:00+00:00
Episode link: https://traffic.megaphone.fm/TIFM7134086287.mp3?updated=1775779842
Audio file: https://traffic.megaphone.fm/TIFM7134086287.mp3?updated=1775779842
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JSON: https://stenobird.com/v1/public/podcasts/the-meb-faber-show-better-investing-743157/episodes/richard-bernstein-the-case-for-dividends-in-a-bubble-era-614
Duration seconds: 3281

## Resource

Today’s guest is Richard Bernstein, Chief Investment Officer of Richard Bernstein Advisors, which he founded in 2009. He was previously the Chief Investment Strategist at Merrill Lynch. In today’s episode, Richard argues that the market is defined by rampant speculation and extreme narrowness. He explains why he’s bullish on both dividend-paying and international stocks and believes crypto is the first global investment bubble. To close, he warns that corporate credit is priced for perfection, inflation risks aren’t gone, and diversification is the best defense in a bubble-prone market. (0:00) Starts (1:20) Richard on market narrowness & speculation (6:21) The Earnings Expectations Life Cycle (12:33) Non-US stocks are undervalued (18:38) Small cap trends and long-term investment themes (24:14) American Industrialization Renaissance (27:10) Corporate credit risk (33:42) Is the Fed independent? (36:38) Is crypto the first global investment bubble? (41:11) The importance of financial history (46:07) Richard's most memorable investment ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Join Alpha Architect’s LIVE webinar Feb 3rd to learn if a 351 Exchange may fit your clients’ needs. Before the webinar, visit Alpha Architect’s 351 Education Center for use cases, tools, FAQs, upcoming launches, and more. ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran,…

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