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Invest with the House Paperback – 2 Jan 2016
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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 five books: Shareholder Yield, The Ivy Portfolio, Invest with the House, Global Asset Allocation, 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.
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The central theme is that investing in the stock market is a mug's game unless you have the capital and resources to compete with the best hedge funds. Why hedge funds? Because they pay better than anyone else, and so attract the best stock pickers. In the US any fund with more than $100 million in US-listed stocks, must report their stock holdings to the SEC every quarter; the resulting database can be accessed free of charge by anyone. So we can emulate their portfolios by querying that SEC database. Now that idea is worthless if the hedge fund is trading rapidly, or is following a strategy like merger arbitrage; but if the hedge fund is following a value strategy, their holdings are likely to be held for the long term, and so a three-month delay before we are able to copy them is unimportant.
Faber has backtested a strategy of cloning twenty hedge fund portfolios, by investing like them as and when their SEC filings were done. He simply allocated 10% of the clone portfolio to each of the fund's top ten holdings, from 2000-2014. His results show that each clone portfolio beat the S&P 500 by at least 5% a year, and often much more.
Each of the twenty hedge funds is profiled in its own chapter. How were the twenty funds chosen? From the author's own knowledge of the hedge fund industry.
It seems to me that this is a realistic strategy, and the book is a good read.