Dan Ferris - What We Do In The Markets, It’s An Unnatural Act…You’ve Got To Have Some Discipline | #179

The Meb Faber Show - Better Investing

The Idea Farm

Management, Investing, Business

4.8 • 978 Ratings

🗓️ 2 October 2019

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In episode 179 we welcome our guest, Dan Ferris. Meb begins with a discussion of Dan’s background as a guitarist, and his path into finance. Dan then provides a high level view of his framework for how he thinks about investing. He discusses bottom-up value investing, and developing a powerful respect for the effect of cycles. When it came to evaluating companies, he took issue with traditional DCF analysis, and focused more on using DCF as a tool to provide guide posts to probabilities of various outcomes. Next, Meb asks Dan to walk through the Extreme Value portfolio. Dan discusses there are 17 names with average days held of 1100, reflecting his thinking about equity as “permanent capital.” He covers names like Altius Minerals, Starbucks, and Dollar General. Dan also touches on his thinking behind the sell decision. As the conversation winds down, Dan discusses some of the most influential books and passages he has read on investing: Chapter 20 of the Intelligent Investor, The Most Important Thing by Howard Marks, The Elements of Investing by Ellis and Malkiel, and more. Don’t miss episode 179. 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.
0:48.6	Hey podcast listeners what's up happy summer time. We've had a lot of great guests lately and we've got another awesome show for you today
0:58.6	Today's guest is one of my favorite writers editor of the Extreme Value Letter.
1:04.0	He's also a host of the podcast, Stansberry Investor Hour.
1:08.7	I gotta listen to him just for his melodic voice.
1:11.1	You'll hear it in a minute. Welcome to the show, Dan Ferris.
1:15.0	Thank you. I've never heard anyone say I had a melodic voice, but I appreciate the compliment.
1:19.0	You know, I mean, even if I listen to you at 2X, which is my normal for podcasts,
1:23.8	I was actually this morning while at the gym listening to you.
1:28.0	And another favorite writer and analyst, Mike Malbuson,
1:31.7	I always mask her his last name, but that was a fun
1:34.2	podcast you guys just did, a really highly recommended one. He's a bright mind.
	...

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