We Study Billionaires - The Investor’s Podcast Network TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor
Mar 21, 2021
Tobias Carlisle, founder of Acquirer's Fund and author of "The Acquirer's Multiple"; Wes Gray, head of Alpha Architect; and Jake Taylor from Farnam Street Investments dive into the intricate dynamics of today’s stock market. They discuss Cathie Wood’s influence on tech valuations and why low-interest rates aren't the sole driver behind rising stock prices. The trio emphasizes the importance of analyzing 13F filings to unlock investment strategies and debates the relevance of metrics like the Schiller P/E in current valuations.
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ARK ETFs and Market Influence
- Cathie Wood's ARK ETFs, focused on illiquid tech stocks, might be influencing market prices.
- Their large holdings and potential redemptions pose a systemic risk, similar to Janus in the dot-com era.
Using 13F Filings
- Use 13F filings as a screening tool, but do your own research to develop conviction.
- Be mindful of portfolio turnover and focus on managers with long-term holding strategies.
13F Conviction and Position Size
- The largest holdings in a 13F filing may not be the most insightful.
- Smaller positions often reflect higher conviction and potential.
