MI311: Quantitative Wisdom: Lessons for Qualitative Investors w/ Tobias Carlisle
The Intrinsic Value Podcast - The Investor’s Podcast Network
The Investor's Podcast Network
4.6 • 592 Ratings
🗓️ 12 December 2023
⏱️ 71 minutes
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| 0:00.0 | You're listening to TIP. |
| 0:02.7 | You're not trying to find the best quality company. You're trying to find the best handicap odds. So you're trying to find the thing that, you know, you go to the racetrack. You're not trying to find the winner. You want to find the show or the place at good value. And that's how, I don't know, I don't want to say that's how professional. And racetrack betters do it. but that's what I would do if I was a professional race trip better. |
| 0:22.4 | You're trying to find the best return for the unit of risk that you're taking on or the best return. I think that's right. The best return for the unit of risk that you're taking on. I do think that it's certainly the case that the underlying business can do very well. But as an investor, that's only half of the equation. The other |
| 0:37.7 | half is trying to find good value and good risk-adjusted return. |
| 0:44.7 | In this episode, I chat with Tobias Carlisle about the key findings from his book on value |
| 0:49.2 | in concentrated investing, the power of mean reversion and its role in providing value in |
| 0:53.7 | undervalued stocks, conclusions from academic mean reversion and its role in providing value and undervalued |
| 0:54.2 | stocks, conclusions from academic research on concentration and diversification, the role |
| 0:59.3 | of courage in investing, some excellent points on concentration from investing legends |
| 1:03.8 | like Warren Buffett and John Maynard Keynes, and a whole lot more. |
| 1:07.1 | I first heard of Tobias Carlisle in 2020 and read his book, The Acquires Multiple, as it came |
| 1:11.5 | recommended by many investors that I highly respected. At that point in my investing life, I was looking |
| 1:16.4 | closely at value and it helped me to understand the importance that value has in generating |
| 1:20.2 | excellent returns. Toby recently came on to the TIP community and did an excellent Q&A with the |
| 1:25.3 | community, which helped stoke my interest in learning |
| 1:27.5 | more from him about the quantitative side of investing. So I reread the acquires multiple, and then also |
| 1:32.7 | checked out concentrated investing. I enjoyed them so much that I decided I wanted to pick his brain |
| 1:37.0 | on a few topics about quantitative analysis, portfolio concentration, and a few other key questions |
| 1:41.7 | I had after reading his books and listening to him talk with |
| 1:44.2 | the community. Concentrated investing was a very informative read and did a great job of looking |
| 1:48.6 | at concentrated investors with tenure. He and his co-authors highlighted concentrated investors |
| 1:53.9 | who stood the test of time and did a great job of showing the evolution of a few investing |
... |
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