Really great interview of one of my favorite money managers. Bill Smead is a true contrarian and value investor. In this interview with Meb Faber (another guy I suggest you follow) they discuss:
Why he believes the market is undergoing a tide change. He starts with a look back on the 2000 tech bubble and uses Cisco as an example of why it’s important to separate a good business from a good stock. After talking about parts of the market he doesn’t like, we move on to the parts he finds attractive, including home-builders, energy, suburban mall REITs, and financials.
I believe that demographics are destiny. Bill has a great read on the 90 million strong millenal cohort that is finally moving out of their parents house and starting their own families.
This a huge investment theme that virtually no one else is discussing.