06/06/2026
Omaha Value Investing Dinner - CFA Session
A warm-up dinner before the BRK shareholders' meeting.
Attendees were mostly family office managers/capital allocators with a long-term perspective, seasoned individuals who have achieved wealth growth through the power of compound interest. The exchange was highly valuable.
Cambria founder Meb Faber shared his views on the current market:
Expensive assets will see worse long-term returns. US stocks are in a high-CAPE ratio range and cannot be compared to the past 10-year bull market.
Diversification is an offensive strategy, not a defensive one. This includes allocating to non-US assets, emerging markets, AI, and new asset classes.
The essence of investing is doing things against human nature and intuition, such as buying the cheapest assets, selling the hottest assets, and diversifying rather than going all in, because the market ultimately rewards "unpleasant decisions."