My guest this episode is Tobias Carlisle, author, podcast host, and founder of Acquirers Funds.

Toby joined me in Season 1 where we discussed his background and overall investment philosophy. In this episode, we dive right into the well-documented woes of value investing.

Rather than rehash the usual narratives, however, I wanted to get Toby’s views as to how this environment is unique. We spend time discussing relative versus absolute cheapness, the potentially arbitrary constraints of value and growth definitions, and whether value can ever be effective for investing in the right tail.

In the latter part of the episode, we discuss the two funds Toby manages, including a large-cap long/short and a small/micro long-only. We cover performance in 2020, the practical difficulties of shorting, and how investing considerations are unique in the microcap space.

I hope you enjoy my conversation with Tobias Carlisle.