Tobias Carlisle - Searching For Deep Value
On this episode of AUM, we are joined by Tobias Carlisle, the Founder and Managing Director of Acquirers Funds. The discussion delves deep into Tobias' journey from corporate law in Australia to becoming a prominent figure in value investing. Tobias explains his investment strategy, including the development of the Acquirer's Multiple, and explores concepts such as mean reversion, value traps, and the challenges faced by management teams of undervalued companies. The conversation also touches on the historical performance of growth vs. value stocks and the potential catalysts for a shift in market trends.01:44 Tobias Carlisle's Career Journey08:57 The Acquirer's Multiple Explained14:42 Mean Reversion in Deep Value Investing17:49 Identifying and Avoiding Value Traps21:01 Management Missteps in Undervalued Companies26:23 Tobias'a Investment Process29:34 Economic Sensitivity of Small Companies32:04 Valuation and Market Sentiment37:24 Concentration vs. Diversification in Portfolios43:08 Historical Performance of Growth vs. Value47:36 The Magnificent Seven and Market Trends54:21 Advice for Aspiring InvestorsIf you enjoyed this interview with Tobias, you can find more of his work at https://acquirersfunds.com/