Remember: "On a 4 cycle motor there are two 0's."
After going through the cam degreeing exercise and reading the confusion on this board, I drew this graph to help understand what the degree wheel is telling you.
I plotted both my stock (measured at .040) cams and 264/272 combo.
Hope this helps you on your degreeing adventure.
The lines in the bars represent the 0.040" lift marks.