8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
1/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Hkvistlikt Ljkjeilikt
gar Mhem Kit Uartm
Hkdhvhdujcs jkd Hksthtuthaks
Ecabjc Vtaf` Wjcujthak
Uhki Fauktry Fakgirikfi, Ljy 2>:4
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
2/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Dhsfcjhlir
Tmhs prisiktjthak hs gar hkgarljthakjc purpasis jkd hs kat jk aggir ta sicc. Jky hkvistlikt hkvacvis shekhghfjkt rhs`s, jkd
pjst ljr`it fakdhthaks ljy kat risilbci guturi ljr`it fakdhthaks.
MX^ATMITHFJC ^IRGARLJKFI RIVYCTV MJWI LJKX HKMIRIKT CHLHTJTHAKV, VALI AG UMHFM JRI
DIVFRHBID BICAU. TMIX JRI EIKIRJCCX ^RI^JRID UHTM TMI BIKIGHT AG MHKDVHEMT, DA KAT
HKWACWI GHKJKFHJC RHV@ AR RIGCIFT JFTYJC TRJDHKE BX JKX JFFAYKT YKDIR JFTYJC LJR@IT
FAKDHTHAKV JKD TMIRIGARI DA KAT RIGCIFT TMI HL^JFT TMJT IFAKALHF JKD LJR@IT GJFTARV
LJX MJWI MJD AK TMI JDWHVARV HKWIVTLIKT DIFHVHAKV GAR TMJT JFFAYKT. KA
RI^RIVIKTJTHAK HV LJDI TMJT FHLH'V ^IRGARLJKFI UAYCD MJWI BIIK TMI VJLI JV VYFM
VHLYCJTID MJD FHLH BIIK HK I]HVTIKFI DYRHKE VYFM THLI. JKATMIR CHLHTJTHAK HV TMJT
HKWIVTLIKT DIFHVHAKV RIGCIFTID HK TMI VHLYCJTID RIVYCTV FJKKAT FAL^CITICX JFFAYKT
GAR TMI HL^JFT AG GHKJKFHJC RHV@ AK TMI LJKKIR HK UMHFM JK JFFAYKT UAYCD MJWI BIIK
LJKJEID. GAR I]JL^CI, TMI JBHCHTX TA UHTMVTJKD CAVVIV AR TA JDMIRI TA J ^JRTHFYCJR
TRJDHKE ^RAERJL HK V^HTI AG TRJDHKE CAVVIV JRI LJTIRHJC ^AHKTV UMHFM FJK JCVA JGGIFT
JFTYJC TRJDHKE RIVYCTV. HK GJFT, TMIRI JRI GRIZYIKTCX VMJR^ DHGGIRIKFIV BITUIIK
MX^ATMITHFJC RIVYCTV JKD TMI JFTYJC RIFARD VYBVIZYIKTCX JFMHIWID. TMI VHLYCJTID
RIVYCTV DA KAT TJ@I HKTA JFFAYKT IKMJKFILIKTV TMJT LJX BI LJDI TA TMI ^RA^RHITJRXFAL^YTIR LADICV AWIR THLI. TMIRI JRI KYLIRAYV ATMIR GJFTARV RICJTID TA TMI LJR@IT
HK EIKIRJC, AR TA TMI HL^CILIKTJTHAK AG JKX V^IFHGHF TRJDHKE ^RAERJL UMHFM FJKKAT BI
GYCCX BI JFFAYKTID GAR HK TMI ^RI^JRJTHAK AG MX^ATMITHFJC VHLYCJTID ^IRGARLJKFI
RIVYCTV JKD JCC AG UMHFM FJK JDWIRVICX JGGIFT JFTYJC TRJDHKE RIVYCTV. JCC RIVYCTV JRI
ERAVV AG JCC TRJDHKE JKD LJKJEILIKT GIIV
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
3/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
4/59
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
5/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Grii Baa`s!
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
6/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Lavhi Gaccaw Yp
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
7/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Tjc`hke jbaut Hkvisthke
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
8/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
:886-2>:2
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
9/59
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
10/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
11/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Fjk wi da jkytmhke ta
rilavi ilathakjcdifhshak lj`hke1
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
12/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
13/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Fyfchfjccy Jdoustid ^rhfi Ijrkhkes Rjtha
Vaurfi? Vmhccir
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
14/59
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
15/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Vaurfi? Vmhccir
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
16/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
17/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
RIJC RITYRK FJ^I
:> BIVT :7.:% ::
:> UARVT -6.6% 26
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
18/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Vaurfi? Vmhccir
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
19/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Fallak Frhthfhsls
Lijsurilikt pirhad hs taa cake
Hekaris diprisshaks (ar bubbcis)
Ripartid vs. Apirjthke Ijrkhkes
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
20/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
21/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
22/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Ihtmir yau ukdirstjkd yaur rhs` ar yau dakt pcjy tmi ejli.
- Jrtmur Jsmi
Vaurfi? Ecabjc Ghkjkfhjc Djtj
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
23/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Va, tmi YV hs ixpikshvi
jkd bakds yhicd virychttci, wmiri ta caa`1
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
24/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
25/59
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
26/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
aurfi? Ecabjc Ghkjkfhjc Djtj, LVFH, Bcaalbire
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
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8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
28/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Bcaadjkd Bubbci.
: Xijr 6 Xijr 9 Xijr
Bcaad 35 6:% :=% 2:%
Bubbci ;49 -8% -4% -:%
Vaurfi? Ecabjc Ghkjkfhjc Djtj, LVFH, Bcaalbire
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
29/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Umiri jri wi kaw1
Eriifi 4
Jreikthkj 7
Russhj 7Mukejry =
Hricjkd 8
Htjcy 8
Ljcjyshj 2>
Facalbhj 22
^mhchpphkis 24YVJ 29
Hkdakishj 2=
Dikljr` 28
Vaurfi? Ecabjc Ghkjkfhjc Djtj, LVFH, Bcaalbire
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
30/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
31/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
32/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
33/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Umy Tmhs Ljttirs (ta Xau!)
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
34/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
35/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
36/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
37/59
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
38/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
FAKTJFT
UIBVHTI
www.fjlbrhjgukds.fal
^MAKI
(6:>) 7>7-9999
BCAE
www.libjkigjbir.fal
ILJHC
lgNfjlbrhjhkvistlikts.fal
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
39/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Atmir Wjcui Gjftars Uar`, :859-2>::
Vaurfi? Grikfm Gjlj
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
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8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
41/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Gral Ljfra ta Lhfra
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
42/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Vaurfi Vmhccir
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
43/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Vaurfi Vmhccir
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
44/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Vaurfi Erjy, Vmhcccir
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
45/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Vaurfi Vmhccir
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
46/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Vaurfi Vmhccir
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
47/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Umik tmi gjfts
fmjkei, H fmjkei lylhkd. Umjt da yau
da shr1 - Oamk
Ljykjrd @iykis
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
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8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
49/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
:. Fjsm Dhvhdikd
2. Buybjf` Vtaf`
6. ^jy Dawk Dibt
4. Jfquhshthak
9. Rihkvist hk Bushkiss
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
50/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Vaurfi Gjlj
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
51/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Vaurfi Djladjrjk
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
52/59
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
53/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
Vaurfi Vfmwjrtz
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
54/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
8/12/2019 Mebane Faber Global Stock Valuation Wine Country Conference May 2014
55/59
Fchf` ta idht Ljstir thtcistyci
Fchf` ta idht Ljstir subthtci styci
:. Fjsm Dhvhdikd + Kit Buybjf`s
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