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In episode 179 we welcome our guest, Dan Ferris. Meb begins with a discussion of Dan\u2019s background as a guitarist, and his path into finance.\nDan then provides a high level view of his framework for how he thinks about investing. He discusses bottom-up value investing, and developing a powerful respect for the effect of cycles. When it came to evaluating companies, he took issue with traditional DCF analysis, and focused more on using DCF as a tool to provide guide posts to probabilities of various outcomes.\nNext, Meb asks Dan to walk through the Extreme Value portfolio. Dan discusses there are 17 names with average days held of 1100, reflecting his thinking about equity as \u201cpermanent capital.\u201d He covers names like Altius Minerals, Starbucks, and Dollar General. Dan also touches on his thinking behind the sell decision.\nAs the conversation winds down, Dan discusses some of the most influential books and passages he has read on investing: Chapter 20 of the Intelligent Investor, The Most Important Thing by Howard Marks, The Elements of Investing by Ellis and Malkiel, and more.\nDon\u2019t miss episode 179.\nLearn more about your ad choices. Visit megaphone.fm/adchoices