Mebisode – Shareholder Yield: Does it Work Within Sectors and Industries? | #423

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 15 June 2022

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this Mebisode, Meb reads his post from January 2022, which looks to see if a shareholder yield strategy works within different sectors. To read the entire post, click here. ----- 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 ----- 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. Join today and get access to quarterly CAPE ratios, top podcasts and the entire research library. Subscribe for free here. ----- 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 Mebb Faver 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. Better
0:17.4	investing starts here.
0:19.4	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
0:30.8	opinion of Cambria Investment Management or its affiliates.
0:33.4	For more information, visit cambria Investments.com.
0:37.0	Today's episode is titled Shareholder Yield. Does it work within sectors and
0:44.7	industries? Let's begin. I was chatting with a friend the other day and asked him
0:50.4	why the gold stocks have gone nowhere for about 15 years despite gold performing okay.
0:56.2	I think my phrasing was why are gold stocks such a dumpster fire?
1:00.9	He remarked that many gold companies are huge cash and generators and you really want to own the companies with producing mines where the CEOs are thoughtful with capital allocation and treat shareholders kindly.
1:11.0	Sort of reminds me when Mark Twain supposedly said, quote, a goal mine is a hole
1:16.0	in the ground owned by a liar, end of quote.
1:19.4	So to which I responded, well I know a certain investment philosophy that likes to invest in companies that oo's cash flow
1:25.2	where management returns cash to shareholders and are not serial diluters.
1:29.3	Shareholder yield. I wonder if the strategy works to screen for miners too.
1:34.0	That simple conversation set my mind down the wandering path towards the question of whether
1:38.8	the shareholder yield approach works to select stocks in various sectors and industries.
1:43.2	For those unfamiliar, we wrote a book on the broad shareholder yield topic,
	...

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