Ignore the Mega-Bubble Mania and Prioritize Shareholder Yield

Stansberry Investor Hour

Stansberry Research

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4.4 • 677 Ratings

🗓️ 8 April 2024

⏱️ 77 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dan and Corey kick off the show by discussing inflation staying persistently higher, rampant government spending and money-printing, and the repercussions of the Federal Reserve's decade-plus of low interest rates. (0:41)

Next, Cambria Investment Management's Meb Faber joins the conversation to talk about the exchange-traded funds ("ETFs") at Cambria and why the team focuses on shareholder yield when picking stocks for these ETFs. He breaks down the importance of shareholder yield in mega-bubble markets like today's and urges investors to pay more attention to it. (24:25)

Meb then discusses managing risk on a portfolio level, including focusing on quality and value. He also covers why emerging and foreign markets are so attractive today, the opportunity in fixed-income investments like bonds and Treasury bills, and how higher interest rates have changed the game. (38:21)

Finally, Meb describes himself as a value investor and shares which areas of the economy he's most concerned about. He talks about inflation driving commodities sharply higher, gold hitting new highs, and why investing at all-time highs can still be a smart choice. (56:43)

Transcript

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0:00.0	Hello and welcome to the Stansbury Investor Hour.
0:07.2	I'm Dan Ferris.
0:08.1	I'm the editor of Extreme Value and the Ferris Report, both published by Stansberry Research.
0:13.7	And I'm Corey McLaughlin, editor of the Stansberry Daily Digest.
0:17.5	Today we're going to talk with our friend Meb Faber of Camrya Asset Management.
0:21.3	And Corey and I will talk about inflation. Is there inflation or isn't there inflation? I think there
0:25.4	is. And remember if you want to ask us a question, tell us what's on your mind. Email us at
0:29.5	Feedback at InvestorHour.com. That and more right now on the Stansberry Investor Hour.
0:38.8	So a recent article in the Wall Street Journal got me thinking about inflation again
0:43.6	because we haven't heard a whole terrible lot about it.
0:47.6	The narrative is strictly disinflation.
0:50.7	It's over.
0:51.7	It's done with.
0:53.2	And the Fed's going to cut because they think they have to.
0:56.8	And the article in the Wall Street Journal calculated a grocery bill that would have been $100
1:03.7	in 2019 and is approximately $137 today.
1:12.6	And my first thought, as soon as I saw this article, I wonder how much of CPI is up since then.
1:18.6	Of course, it's a lot less.
1:19.5	It's 23%.
1:20.6	So, I mean, there are other things in the CPI.
1:25.4	I get it, right?
1:26.1	I didn't check the grocery numbers in the CPI.
	...

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