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Global Value: How to Spot Bubbles, Avoid Market Crashes, and Earn Big Returns in the Stock Market Paperback – March 17, 2014


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Product Details

  • Paperback: 80 pages
  • Publisher: Mebane Faber; 1 edition (March 17, 2014)
  • Language: English
  • ISBN-10: 0988679914
  • ISBN-13: 978-0988679917
  • Product Dimensions: 11 x 8.5 x 0.3 inches
  • Shipping Weight: 9.6 ounces (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (80 customer reviews)
  • Amazon Best Sellers Rank: #158,711 in Books (See Top 100 in Books)

More About the Author

Mr. 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 three books: Shareholder Yield, The Ivy Portfolio, and Global Value. 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.

www.cambriafunds.com

www.mebfaber.com

Customer Reviews

I highly recommend this book for investors, but especially novices.
D. DeWees
In Global Value, Faber extends the use of the cyclically adjusted PE as a basis for comparing global stock markets, ie. buying cheap and avoiding dear markets.
HuonPine
This short book reads well, concepts are clearly explained and well illustrated, this is an easy read for investors with a modicum of experience.
Jerome Moisand

Most Helpful Customer Reviews

19 of 20 people found the following review helpful By Charles Lewis Sizemore, CFA on March 20, 2014
Format: Kindle Edition
If you’ve never heard of Cambria Investment Management’s Meb Faber, then you have some serious catching up to do. I consider Faber one of the most innovative strategists in the business today, and I found his research on shareholder yield to be compelling enough to make the Cambria Shareholder Yield ETF (SYLD) a core, long-term holding in multiple ETF portfolios I manage. (For readers unfamiliar with the term, “shareholder yield” is a holistic measure of shareholder friendliness that includes dividends paid, shares repurchased, and debt repaid.)

Faber’s latest book, Global Value: How to Spot Bubbles, Avoid Market Crashes, and Earn Big Returns in the Stock Market, provides the research underpinnings for Cambria’s latest ETF offering, the Cambria Global Value ETF (GVAL).

Faber is a “quant” who ignores the news of the day and instead focuses on the raw numbers. At its core, Global Value is a roadmap for implementing the value investing concepts originally espoused by Benjamin Graham and David Dodd in their 1934 classic Security Analysis in a systematic, quantitative manner.

Specifically, Faber uses the cyclically-adjusted price/earnings ratio (CAPE), a metric popularized by Yale economist Robert Shiller, as a valuation tool to rank countries. In Faber’s model, an investor buys the stocks of the cheapest countries as ranked by the CAPE.

The CAPE divides the current market price by the average of annual earnings across the economic cycle, with 10 years being the most popular time interval.

Why? Because using a single year’s earnings can massively skew the results based on where you are in the economic cycle.
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11 of 12 people found the following review helpful By @myersbradley on March 28, 2014
Format: Kindle Edition Verified Purchase
The book, Global Value, couldn’t have come at a better time. U.S. investors are currently up over 250% since 2009 as measured using broad-based market indexes. And as a result, the U.S. Market has gone from approximately fair market value to considerably high valuations when measured by almost all popularly used valuation metrics including, but by no means limited to, the CAPE ratio.

My take on Cambria, and Meb individually, is that they are an investment company that is constantly striving for optimum, risk-adjusted value. With the Global Value strategy in particular, Meb explores the most reliable valuation metrics, such as CAPE (or P/E 10), and applies that metric across the globe, so the study includes both domestic and foreign markets, and emerging markets as well. What Meb found, using back-testing analysis, is that more cheaply valued, single-country markets exhibit significantly higher growth when measured from a multi-year perspective – so at least 3-5 years out. From a scientific point of view, this is hardly a surprise. I suspected this is exactly what Cambria expected to see and, as it turned out, there was an approximately 50% increase (~ 15% vs 10% for EAFE) in return over periods longer than 20 years (1980-2013) when comparing the cheapest 25% countries vs. a total world index based on the back-tested analysis.

You might be thinking, well that sounds reasonable enough, but from an application standpoint, how would the individual investor be able to afford, let alone manage, buying 100 or so stocks in only the cheapest 25% countries of the world? On your own, such a feat would probably range somewhere between very cost prohibitive to outright unfeasible. But again, this is where Cambria has you covered.
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9 of 10 people found the following review helpful By Artist on May 27, 2014
Format: Kindle Edition Verified Purchase
I look at the 11 bucks I spent on this as a contribution to Mr. Faber, whose blog I regularly I enjoy. I think he's sharp and balanced in his outlook, generally, and don't get me wrong, the wisdom here is useful. Trouble is, the "book" is realistically about the length (and worth) of five decent blog posts. It's 82 pages, with large charts, big type and widely spaced, so I'd guess it's 3-5 thousand words or so? Would love to see more on international valuations, and accounting methodologies. That would I'm sure be a useful book.
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6 of 6 people found the following review helpful By David Gonzalez on March 27, 2014
Format: Kindle Edition Verified Purchase
A lot of useful information plus many interesting references.
I found the data on the correlation between the predictive value of various value metrics particulary interesting.
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3 of 3 people found the following review helpful By warren moy on April 3, 2014
Format: Kindle Edition
Sound advice easy to understand and applied. It is based on reliable, historical and verifiable data. Besides, the book is inexpensive.
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3 of 3 people found the following review helpful By Matthew M. Wilbert on March 22, 2014
Format: Kindle Edition
A concise discussion of the use of global valuation metrics, particularly CAPE, to find markets which are likely to under- or outperform in the mid- to long-term. It is easy and quick to read. Unsurprisingly, it doesn't really provide any new spin if you are already familiar with Meb Faber's ideas, but I think it would be worthwhile for most people who aren't.
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2 of 2 people found the following review helpful By fred k. bowers on March 30, 2014
Format: Kindle Edition Verified Purchase
Absolutely loved the book and could not put it down
Studies and facts supporting cheap valuations win the day
You make your money in the buying and this book shows the risk/reward in what to buy
First book I've finished in 48 hours in many years
Great job!
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6 of 8 people found the following review helpful By Patrick O'Shaughnessy on March 19, 2014
Format: Kindle Edition
This is an approachable, succinct guide to global investing using well-established and proven concepts. It is the first complete study I've seen that applies the CAPE value ratio to so many countries and then builds an actual trading strategy from the results. Well researched, entertaining, and perfectly timed given the expensive valuations here in the U.S. Hopefully Meb's book will convince U.S. investors to leave their home bias behind and take advantage of very cheap prices in international markets.

Awesome read.
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