Five Good Questions Podcast

Meb Faber is a co-founder and the Chief Investment Officer of Cambria Investment Management.  Faber is the manager of Cambria’s ETFs, separate accounts and private investment funds.  Mr. Faber has authored numerous white papers and several books: Global Asset Allocation, Shareholder Yield, The Ivy Portfolio, Global Value, and Invest with the House.   He is a frequent speaker and writer on investment strategies and has been featured in Barron’s, The New York Times, and The New Yorker. Mr. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology.    It seems like a basket composed of each gurus’ highest conviction pick would be a smart strategy.  Yet you found their top pick was the worst performer of their top 10!  How is that possible?  And what can we do to benefit from that information? If I believed in following a copycat 13F strategy, how would I go about doing that in an intelligent, systematic manner? Only 25% of stocks are responsible for all of the marke