Under The Hood Of The World’s Cheapest Pot ETF With Cambria’s Meb Faber (TOKE)


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By Jonathan Liss

Today’s guest is the co-founder, CEO and CIO of Cambria Investment Management, Meb Faber. He has authored numerous white papers and books on factor-based portfolio construction and favors value- and momentum-tilted strategies in Cambria’s 12 ETFs, as well as in the firm’s separately managed accounts. The Cambria Cannabis ETF (TOKE) is currently Cambria’s only foray into thematic investing – which says a lot about Faber’s strong belief in the Cannabis sector’s long-term prospects.

At 42 basis points, TOKE is the cheapest way to gain exposure to the growing Cannabis sector. Meb shares his outlook on the Cannabis sector’s current valuations and why he believes the sector currently offers investors a once-in-a-generation opportunity to capture sustained outperformance.

Show Notes

  • 1:45 – Covid-19 and Meb’s work/life balance
  • 5:45 – Why Meb decided to start his own ETF firm; General philosophy on launching ETFs
  • 11:15 – Given how saturated the Cannabis fund space is, why make that Cambria’s first thematic ETF?
  • 18:30 – As a value guy, are Cannabis sector valuations currently reasonable?
  • 24:00 – How important is U.S. federal legalization to the long case for cannabis stocks?

Disclosure: I am/we are long TOKE. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: Meb Faber is long TOKE.

Jonathan Liss doesn’t have positions in any stocks or funds discussed in today’s show.

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