Jonathan Fell, Ash Park Capital - People Always Overestimate The Extent To Which Tobacco Is A Dying Business | #375

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 8 December 2021

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In episode 375, we welcome our guest, Jonathan Fell, founder of Ask Park Capital, where he manages the Global Consumer Franchise funds. In today’s episode, we’re talking all things consumer staples and tobacco stocks. Jonathan has covered the space for over 30 years and shares the drivers behind successful consumer staples. Then we walk through the evolution of the tobacco industry and why he likes the setup for tobacco stocks today. We touch on the company’s current valuations, factor profile, return drivers, and the impact of ESG. As we wind down, Jonathan shares the impact of direct-to-consumer companies on large incumbents. ----- 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 ----- This episode is sponsored by Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Visit masterworks.io/meb to skip their wait list. ----- Disclaimer: Ash Park Capital LLP (“Ash Park”) is authorised and regulated by the Financial Conduct Authority in the United Kingdom (the “FCA”). Ash Park does not offer investment advice or make any recommendations regarding the suitability of its products. This communication does not constitute an offer to buy or sell shares or interest in an Ash Park Fund. Nothing in these materials should be construed as a recommendation to invest in an Ash Park Fund or as legal, regulatory, tax, accounting, investment or other advice. Prospective investors in an Ash Park Fund should seek their own independent financial advice. The offering materials for an Ash Park Fund may only be distributed in accordance with the laws and regulations of each appropriate jurisdiction in which any prospective investor resides. Past performance is not necessarily a guide to future performance. Ash Park has taken all reasonable care to ensure that the information contained in this podcast is accurate, however it does not make any guarantee as to the accuracy of the information provided. While many of the thoughts expressed in this document are presented in a factual manner, the discussion reflects only Ash Park’s beliefs and opinions about the financial markets in which it invests portfolio assets following its investment strategies, and these beliefs and opinions are subject to change at any time. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Medfavor 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	Meeth Faber is the co-founder and chief investment officer at Cambria Investment Management.
0:23.4	Didn't industry regulations, he will not discuss any of Cambra's funds on this podcast.
0:27.1	All opinions expressed by podcast participants are solely their own opinions and do not reflect the opinion
0:31.1	of Cambria Investment Management for its affiliates.
0:33.4	For more information, visit cambria Investments.com.
0:36.4	What's up everybody, another great show today.
0:41.8	Our guest is the founder of Ash Park Capital where he managed the global
0:45.6	consumer franchise funds in today's show we're talking all things consumer staples and
0:51.1	the best performing stock market industry in history
0:54.3	tobacco stocks. Our guest has covered the space for over 30 years and shares the
0:58.8	drivers behind successful consumer staple companies. Then we walked through
1:02.2	the evolution of the tobacco industry and why he likes to
1:04.7	set up for tobacco stocks today. We touch on the company's current valuations, factor profiles, return drivers,
1:10.8	and the impact of ESG.
1:13.0	As we wind down, our guest shares his thoughts on the impact of direct consumer companies
1:17.0	on the large incumbents.
1:19.8	American Farmland is disappearing at an alarming rate.
1:22.8	According to the USDA, the US has lost four acres of farmland
	...

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