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The Meb Faber Show

Ready to grow your wealth through smarter investing decisions? With The Meb Faber Show, bestselling author, entrepreneur, and investment fund manager, Meb Faber, brings you insights on today’s markets and the art of investing. Featuring some of the top investment professionals in the world as his guests, Meb will help you interpret global equity, bond, and commodity markets just like the pros. Whether it’s smart beta, trend following, value investing, or any other timely market topic, each week you’ll hear real market wisdom from the smartest minds in investing today. Better investing starts here. For more information on Meb, please visit MebFaber.com. For more on Cambria Investment Management, visit CambriaInvestments.com. And to learn about Cambria’s suite of ETFs and other investment offerings, please visit CambriaFunds.com.
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Apr 10, 2019

In episode 150 we welcome Bill Smead. Bill begins with how he came to be a value investor, describing himself as someone who came from a family of educated gamblers, and as a boy, going to greyhound races, learning to put probabilities in his favor, and even developing a criteria system for selecting greyhounds.

Next, Bill talks about his beginnings in the investment business, starting out in an era of high interest rates, and reading about Buffett, Lynch, and some of investing’s great minds. He describes his 8 criteria for selecting investments: 1) Does it meet an economic need 2) Does it have a long history of profitability 3) Does it have a wide moat 4) Does it generate high and consistent cash flow 5) Can the company be purchased at a discount 6) Business must be shareholder friendly 7) The company must have a strong balance sheet 8) The company must have strong insider ownership.

Meb then asks Bill to elaborate on the investment landscape, and what he’s seeing in a specific pocket of the market. Bill discusses the parabolic move in e-commerce companies, and issues he sees in the strategies and valuations of companies like Amazon.

As the conversation winds down, Bill lays out the thesis that the Millennials are in position to drive the economy in the future.

All this and more in episode 150, including Bill’s most memorable investment.

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