Deep Value Investing w/ Tobias Carlisle (MI126)

Clay Finck chats with Tobias Carlisle about what led him to becoming a value investor, what mean reversion is and how it relates to his overall investment strategy, how inflation impacts his investment process, what the shiller PE is and why it’s something to be mindful of, what his thoughts are on determining an appropriate discount rate, and much, much more!
Tobias Carlisle is the founder of The Acquirer’s Multiple®. He is also the founder of Acquirers Funds® which manages ZIG, the Acquirers Fund, and DEEP, the Roundhill Acquirers Deep Value Fund. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
00:49 - How Tobias ended up becoming a value investor
06:48 - Investors that made a big impact on Tobias
11:53 - What is Mean Reversion? How does it relate to your investment strategy?
18:35 - What the Shiller PE Ratio is, and why it is something to be mindful of
31:32 - How inflation impacts overall thought process for stock investing
40:37 - Appropriate discount rate, and what discount rate Warren Buffett might be using in his valuation process
44:38 - The two funds the Acquirer’s Fund manages - ZIG and DEEP
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📖 BOOKS MENTIONED:
- The Acquirer’s Multiple by Tobias Carlisle: amzn.to/34Rgyj9
- Deep Value by Tobias Carlisle: amzn.to/2Mo3QBW
- Quantitative Value by Tobias Carlisle: amzn.to/2MqMyUX
- Value Investing by Bruce Greenwald: amzn.to/3srhhak
- The Intelligent Investor by Benjamin Graham: amzn.to/3egrtdq
- Buffett: The Making of an American Capitalist by Roger Lowenstein: amzn.to/3qgEnh3
- Security Analysis by Benjamin Graham: amzn.to/3ebzWyy
- King Icahn by Mark Stevens: amzn.to/3suGGjg
Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀
▶️ RELATED EPISODES:
- Deep Value Investing and the Acquirer’s Multiple w/ Tobias Carlisle (MI025): • Deep Value Investing a...
- Warren Buffett, Charlie Munger, & Berkshire Hathaway w/ Adam Mead (MI084): • Warren Buffett, Charli...
💡 OTHER RESOURCES
- The Acquirer’s Podcast: acquirersmultiple.com/podcast/
- The Acquirer’s Multiple: acquirersmultiple.com/
- The Acquirer’s Fund: acquirersfund.com/
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[@TheInvestorsPodcastNetwork]

On Millennial Investing, I chat with Tobias Carlisle about what led him to becoming a value investor, what mean reversion is and how it relates to his overall investment strategy, how inflation impacts his investment process, what the shiller PE is and why it’s something to be mindful of, what his thoughts are on determining an appropriate discount rate, and more! What are your thoughts on this episode?💭 - Clay IMPORTANT: Please beware of cyber scams & phishing attacks. We have received reports of fake accounts claiming to be affiliated with The Investor's Podcast Network or posing as one of our hosts. Please help us report those suspicious accounts. We will never reach out to you for any business or investment opportunity. Stay vigilant!

[@susymay7831]

The Twitter account of Tobias is a great source of value!

[@MeetJarred]

Great Cast, I'm always lurking in the background lol. However just wanted to comment today and say thank you and the guests for all the great content!

[@clayfinck431]

Thank you for listening! I really really appreciate it!

[@TheInvestorsPodcastNetwork]

Our pleasure!

[@MetalBum]

What’s a solid Value index stock. He mentioned value being good during stagflation etc. I am a passive investor looking for index or ETFs

[@timtravis2181]

Excellent interview!

[@ryanbaileyboxing]

🔥

[@benhallo1553]

What a valuable man

[@susymay7831]

Great interview! What do you think of unique investment bank Jeffries (JEF)?

[@LasVegasImp]

Useful.

[@susymay7831]

Great interview!

[@clayfinck431]

Thank you so much for listening!

[@TheInvestorsPodcastNetwork]

Thanks for watching! :)

[@macfin4862]

Love that the shorts are gone from ZIG. Value After Hours is great

[@batufreedom2759]

2014-2021,my annualized yield 34%.welcome discuss with me.

[@roccosiffredi5463]

Great interview! Terrible advertisement at 25:54. Really disappointing that you promote this for money... it's contrary to the content of these talks here.