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