#375 – Jonathan Fell, Ash Park Capital - People Always Overestimate The Extent To Which Tobacco Is A Dying Business

<p class="p1">In episode 375, we welcome our guest, <a href= "https://www.ashparkcapital.com/our-story/"><span class= "s2">Jonathan Fell</span></a>, founder of Ask Park Capital, where he manages the Global Consumer Franchise funds.</p> <p class="p1">In today’s episode, we’re talking all things consumer staples and tobacco stocks. Jonathan has covered the space for over 30 years and shares the drivers behind successful consumer staples. Then we walk through the evolution of the tobacco industry and why he likes the setup for tobacco stocks today. We touch on the company’s current valuations, factor profile, return drivers, and the impact of ESG.  </p> <p class="p1">As we wind down, Jonathan shares the impact of direct-to-consumer companies on large incumbents.</p> <p class="p1">-----</p> <p class="p3"><span class="s3">Follow Meb on <a href= "https://twitter.com/MebFaber"><span class="s1">Twitter</span></a>, <a href="https://www.linkedin.com/in/mebanefaber/"><span class= "s1">LinkedIn</span></a> and <a href= "https://www.youtube.com/channel/UCKvWzzrVUA_DSCoKXL6GU2w"><span class="s1"> YouTube</span></a></span></p> <p class="p1">For detailed show notes, click <a href= "https://mebfaber.com/2021/12/08/e375-jonathan-fell/"><span class= "s2">here</span></a></p> <p class="p1">To learn more about our funds and follow us, subscribe to our <a href= "https://theideafarm.us1.list-manage.com/subscribe/post?u=6750faf5c6091bc898da154ff&id=7249739cdb"><span class="s2">mailing list</span></a> or visit us at <a href= "http://www.cambriainvestments.com/"><span class= "s2">cambriainvestments.com</span></a></p> <p class="p1">-----</p> <p class="p1">This episode is sponsored by <a href= "https://www.masterworks.io/meb"><span class= "s2">Masterworks</span></a>. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Visit <a href= "http://www.masterworks.io/meb"><span class= "s2">masterworks.io/meb</span></a> to skip their wait list.</p> <p class="p1">-----</p> <p class="p1">Disclaimer: Ash Park Capital LLP