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The Meb Faber Show - Better Investing

Bill Smead, Smead Capital Management - There’s Less Respect For Stock Picking Experts Right At This Moment Than There Has Been Since The Peak Of The Dot-Com Bubble | #290

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7938 Ratings

🗓️ 24 February 2021

⏱️ 51 minutes

🧾️ Download transcript

Summary

In episode 290, we welcome our guest, Bill Smead, the Chief Investment Officer for Smead Capital Management. In today’s episode, Bill explains why he believes the market is undergoing a tide change. He starts with a look back on the 2000 tech bubble and uses Cisco as an example of why it’s important to separate a good business from a good stock. After talking about parts of the market he doesn’t like, we move on to the parts he finds attractive, including home-builders, energy, suburban mall REITs, and financials. As we wind down, Bill touches on the antitrust case for big tech and what the investment implications may be. Please enjoy this episode with Smead Capital Management’s Bill Smead. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Mepp Faber Show, where the focus is on helping you grow and preserve your wealth.

0:11.0

Join us as we discuss the craft of investing and

0:13.5

uncover new and profitable ideas all to help you grow wealthier and wiser.

0:17.2

Better investing starts here.

0:18.8

Matt Faber is the co-founder and chief investment officer at Cambria Investment Management.

0:23.3

Did it industry regulations, he will not discuss any of Cambry's funds on this podcast.

0:27.2

All opinions expressed by podcast participants are solely their own opinions and do not reflect the opinion of

0:31.2

Cambria Investment Management or its affiliates.

0:33.4

For more information, visit Cambria Investments.com.

0:39.6

Howdy friends. We got another great show for you today.

0:42.0

Our guest is the chief investment officer for Smead Capital Management, one of our favorite guests from all of 2019.

0:49.0

In today's episode, we invite our guests back to explain why he believes the market is undergoing a

0:53.8

tied change. He starts with a look back on the 2000 tech bubble and uses Cisco as an example of

0:59.8

why it's important to separate a good business from a good stock. After talking about the

1:04.4

parts of the market he doesn't like, we move on the parts he finds attractive,

1:07.8

including home builders, energy, suburban mall reets, and financials.

1:12.5

As we wind down, our guest touches on the antitrust case

1:15.5

for big tech and what the investment implications may be.

1:19.6

American Farmland is disappearing at an alarming rate. According to the USDA, the US has lost four acres of

1:26.3

farmland per minute since 2000. That's a landmass larger than the state of Florida,

1:30.9

lost a real estate development and soil burnout.

1:34.4

All the while the demand for food, especially healthy, organic food, continues to rise as

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