49. Tobias Carlisle - What is Money?
Mutiny Investing Podcast
The Role of Behavior in Value Investing
The big risk for value investors is that the future doesn't look like the past. So you take advantage of the behavioral thinking that you'll get the quantitative return on the other side. But ultimately, it is the underlying economics of the business that determines what you earn. You can make money in businesses that are in decline, provided that you pay a cheap price for them.
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