#13: “What Country (and What State) You’re Born in Influences Your Allocation” – Meb Faber Research

Most of us like to think we’re independent, logical thinkers. Silly inputs like where, or when we’re born shouldn’t affect our investment process…right? 

Right?

We’ve talked a lot about home country bias over the years, but it also turns out there is state bias and birth bias (not sure those are real phrases)…

Instead of narrating all the below charts we’ll just let the pictures tell the story…

Historically, making these huge, concentrated, regional bets is a terrible no good idea!