MI241: The Acquirer’s Multiple Strategy w/ Tobias Carlisle
The Intrinsic Value Podcast - The Investor’s Podcast Network
The Investor's Podcast Network
4.6 • 592 Ratings
🗓️ 13 December 2022
⏱️ 60 minutes
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| 0:00.0 | You're listening to TIP. So what we're saying is if we have no ability to predict what the future is going to look like, and if you don't know what's going to happen, then you want to get as many factors on your side. If you have a good outcome and you've paid modestly for a business, you tend to have an outsized return in the market. If you have a bad outcome for a company that you've paid up for, you have an outsized |
| 0:23.0 | return in the other direction. |
| 0:24.4 | So basically what my approach is just to say, let's be honest about what we do know and |
| 0:28.8 | what we don't know, how do we protect ourselves in those circumstances? |
| 0:31.5 | And the way that I say that you can protect yourself is by paying as little as possible |
| 0:35.7 | and not trying to work out which really are the |
| 0:38.0 | better businesses. |
| 0:42.2 | On today's episode, I bring back Toby Carlyle, who's the founder of the Acquires Multiple |
| 0:48.1 | and the Acquires Funds, which manages tickers ZIG and D-E-E-P. |
| 0:57.3 | Toby has extensive experience in investment management, |
| 1:02.8 | business valuation, corporate law, and he's the author of several books, including Deep Value and the Acquires Multiple. In this episode, Toby and I chat all about his book, The Acquires Multiple, |
| 1:10.0 | where Toby has conducted extensive research |
| 1:12.4 | on Warren Buffett and Joel Greenblatt's magic formula of buying wonderful companies at a fair |
| 1:17.9 | price, and he walks us through an approach that has shown to capture even better returns than this |
| 1:23.4 | based on back testing of historical market results. He takes us through his acquires multiple strategy, the different ways we can apply it, |
| 1:31.9 | and the benefits of using this strategy compared to other value investing strategies, |
| 1:37.1 | and so much more. |
| 1:39.1 | It was such a pleasure having Toby on again. |
| 1:41.7 | He always provides such great insights insights and I hope that you guys |
| 1:45.5 | take away as much from today's episode as I did. You're listening to Millennial Investing |
| 1:51.8 | by the Investors Podcast Network, where your hosts Robert Leonard and Rebecca Hotsko, interview |
| 1:57.5 | successful entrepreneurs, business leaders and investors to help educate and inspire the millennial generation. |
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