Ben Claremon - Value Investing Will Always Have A Place | #185

The Meb Faber Show - Better Investing

The Idea Farm

Management, Investing, Business

4.8 • 978 Ratings

🗓️ 30 October 2019

⏱️ 80 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In episode 185 we welcome our guest, Ben Claremon. Ben and Meb start the conversation with some background on the blog Ben started in school, The Inoculated Investor. From there, the pair move on to discuss Cove Street and the investment process. Ben gets into investing, and what value investing means to Cove Street Capital, bifurcated between Warren Buffett style investing and Benjamin Graham style investing. Next, Ben discusses the investment and portfolio construction process he and the team undergo at Cove Street, including sell discipline applied to fund positions. Ben and Meb get into the outlook for the investment landscape, covering Value investing to opportunities in China, as well as the auto industry. He also discusses some things to avoid. Ben then gets into the importance of proxy statements, and the role corporate governance plays in the investment process. As the conversation winds down, Meb and Ben get into the bogeyman of buybacks and talk about the idea that the focus should instead be on the short-term nature of the earnings cycle. All this and more in episode 185, including Ben’s most memorable investment. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Mebb Fabor Show, where the focus is on helping you grow and preserve your wealth.
0:12.7	Join us as we discuss the craft of investing
0:15.6	and uncover new and profitable ideas,
0:18.4	all to help you grow wealthier and wiser.
0:20.8	Better investing starts here.
0:23.0	Mepp Faber is the co-founder and chief investment officer at Cambria Investment Management.
0:31.0	Due to industry regulations, he will not discuss any of Cambria's funds on this
0:35.5	podcast.
0:36.8	All opinions expressed by podcast participants are solely their own opinions and do not
0:41.0	reflect the opinion of Cambria Investment Management or its
0:43.6	affiliates. For more information visit cambria Investments.com.
0:49.4	Hey podcast listeners hope you're enjoying your summertime. We have a great show for you today. We got a stock picker in the house.
0:58.0	He's a principal portfolio manager, Cove Street Capital.
1:01.0	Used to be one of our neighbors, still close by, which he joined back in 2011.
1:06.1	Before that, worked as an analyst on both long and short side, hedge funds, Blue Ram,
1:11.0	right wall up in that city, New York.
1:14.0	Also, going back to the early days of investment,
1:20.0	blogging, some of the old school listeners may remember the inoculated investor.
1:24.0	Welcome to the show Ben Clermont.
1:25.4	Thanks for having me.
1:26.4	Ben, what's up man?
1:27.4	It's good to see you.
	...

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