Tobias Carlisle - The Way To Get The Best Performance Is To Concentrate Into Industries When They Get Cheap | #158

The Meb Faber Show - Better Investing

The Idea Farm

Management, Investing, Business

4.8 • 978 Ratings

🗓️ 29 May 2019

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode 158, we welcome back our gest from episode #77, founder of the Acquirers Funds, Tobias Carlisle. Toby begins by providing some detail about his new fund, The Acquirers Fund, a long/short deep value U.S. equity fund. He then spends some time talking about the short side of the portfolio, getting into the thoughtful approach he takes in considering positions including sizing, valuation, balance sheet factors, and stock price factors. He explains that the broad opportunity set looks good for short positions right now. Meb and Toby shift to talking about the long period of underperformance for value investing. Toby hits on the fact that French/Fama data shows value has had its worst 10 year period ever based on the price/book ratio, and notes value has underperformed for an extended period based on other valuation metrics as well. Meb then asks Toby about his process. Toby gets into some detail about his valuation process, and why he favors it vs. other valuation approaches. As the conversation winds down, Toby chats about his own podcast, The Acquirers Podcast, some interesting guests he’s hosted recently, and what’s on the horizon for him and Acquirers Funds. All this and more in episode 158. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Mebb Fabor Show, where the focus is on helping you grow and preserve your wealth.
0:12.7	Join us as we discuss the craft of investing
0:15.6	and uncover new and profitable ideas,
0:18.4	all to help you grow wealthier and wiser.
0:20.8	Better investing starts here.
0:23.0	Mepp Faber is the co-founder and chief investment officer at Cambria Investment Management.
0:31.0	Due to industry regulations, he will not discuss any of Cambria's funds on this
0:35.5	podcast.
0:36.8	All opinions expressed by podcast participants are solely their own opinions and do not
0:41.0	reflect the opinion of Cambria Investment Management or its
0:43.6	affiliates. For more information visit cambria Investments.com.
0:48.6	What's up, podcast listeners today we welcome back our guests from episode 77 which also happens to be my favorite number because it's Hall of Fame Carl Mecklenburg Denver Broncos have the jersey hanging somewhere in my closet.
1:04.0	Anyway, our guest is the founder of the acquire funds serves as PM of the deep value
1:10.0	strategy. He's also got a deep voice and he's the author of the website.
1:14.4	Acquires Multiple and Greenback in several books including Deep Value.
1:18.0	Why Activist Investors and other contrarians Battle for control of losing corporations.
1:23.0	Welcome back to the show Toby Carlisle.
1:26.0	Thanks for the great introduction.
1:27.0	That was awesome.
1:28.0	Yeah, Tobes, what's up man?
1:30.0	You're here in LA and congratulations.
1:32.0	You've got some news you just
	...

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