Ben Mackovak on The Secret Sauce of Investing in Banks | #519

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 2 February 2024

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today’s guest is Ben Mackovak, Co-Founder of Strategic Value Bank Partners, an investment partnership specializing in community banks. Ben also sits on the board for several banks, giving him unique insight into what’s going on in this area. It's been a wild ride lately for the banks. 2023 was the biggest year ever for bank failures. There are concerns about commercial real estate risk in the banking system, the Federal Reserve has raised interest rates at an incredible pace, and valuations for the entire sector are at a steep discount to the market. So, we had Ben join us to talk about all of this and share if these concerns are justified or if there is still opportunity in the space. (1:22) - Welcome Ben to the show (2:08) - Overview of Strategic Value Bank Partners back in 2015 (5:40) - Distinguishing between community and regional banks (7:42) - Discussing bank failures and reforms (28:49) - The state of banks today (33:13) - Banks exposure to commercial real estate risk (35:58) - Engaging with banks (40:13) - The impact of fintech (49:35) - Revealing Ben’s most controversial viewpoint (54:02) - Ben’s most memorable investment Learn more about Ben: Strategic Value Bank Partners ----- Follow Meb on Twitter, 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: Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Med Faber Show, where the focus is on helping you grow and preserve your wealth.
0:09.0	Join us as we discuss the craft of investing and uncover new and profitable ideas all to help you grow
0:13.9	wealthier and wiser. Better investing starts here.
0:17.0	Matt Baber is the co-founder and chief investment officer at Cambury Investment Management
0:21.0	due to industry regulations he will not discuss any of Cambry's funds on this podcast.
0:25.1	All opinions expressed by podcast participants are solely their own opinions and do not reflect
0:28.6	the opinion of Cambria Investment Management or its affiliates.
0:31.2	For more information, visit Cambria Investments.com.
0:33.4	Hello my friends. Today, our guest is Ben Macovac, co-founder of Strategic
0:42.2	Value Bank Partners, and Investment Partnership specializing in community
0:46.3	banks.
0:47.3	Ben also sits on the board for several banks, giving him unique insight into what's going
0:50.9	on in this area.
0:52.3	It's been a wild ride lately for the banks.
0:54.4	2023 was the biggest year ever for bank failures.
0:58.4	There are concerns about commercial real estate risk in the banking system.
1:01.7	The Federal Reserve has raised interest rates at an incredible pace
1:05.4	and valuations for the entire sector
1:07.2	at its steep discount to the market.
1:09.2	So we had Ben joined us to talk about all this
1:11.3	and share if the concerns are justified or if there's still opportunity in the space.
1:18.7	This episode is brought to you by 10 East. Long time listeners know I've invested in private markets quite a bit
	...

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