Millennial Investing - The Investor’s Podcast Network

MI Rewind: A Rational Approach to Investing w/ Tobias Carlisle

Sep 27, 2024

01:00:17

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Tobias Carlisle, founder of The Acquirer’s Multiple® and Acquirers Funds®, shares his journey from law to value investing, heavily influenced by legends like Warren Buffett. He discusses mean reversion, explaining its significance in investment strategies, and the importance of the Shiller PE ratio. Tobias dives into how inflation shapes his investment decisions and offers insights on an appropriate discount rate, including how it relates to Buffett's methodology. His approach emphasizes seeking deeply undervalued stocks to navigate today's market effectively.

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Quick takeaways

Tobias Carlisle's journey into value investing was influenced by Warren Buffett's writings, which ignited his interest in business valuation rather than trading.

His investment strategy is rooted in mean reversion, suggesting that undervalued stocks often rebound after disproportionate negative news reactions.

Carlisle emphasizes the significance of monitoring the Shiller PE ratio as a macro indicator while focusing on individual stock fundamentals for investment decisions.

Deep dives

Journey to Value Investing

Toby Carlisle's journey to becoming a value investor began during his university years in Australia, where he was first introduced to Warren Buffett's writings. Initially skeptical of Buffett's approach, his curiosity was piqued by the depth of Buffett's insights into business and investing. Attracted by the idea of studying businesses for value rather than engaging in frequent trading, he found that value investing allowed for a more patient and analytical approach to investment. This foundational understanding of business valuation led him to eventually work in mergers and acquisitions, honing his skills and building the expertise necessary to create his own investment strategy.

Intro

3min

The Journey to Value Investing: From Law to Fund Management

5min

Navigating the Landscape of Investment Philosophy

4min

Navigating Market Strategies: Value vs Growth

7min

Understanding Market Psychology and Value Investing

12min

Navigating Inflation and Airbnb Hosting

7min

Navigating Inflation and Investment Strategies

13min

Exploring Value Investing and Audience Engagement

4min

Clay Finck chats with Tobias Carlisle about what led him to becoming a value investor, what mean reversion is and how it relates to his overall investment strategy, how inflation impacts his investment process, what the shiller PE is and why it’s something to be mindful of, what his thoughts are on determining an appropriate discount rate, and much, much more!

Tobias Carlisle is the founder of The Acquirer’s Multiple®. He is also the founder of Acquirers Funds® which manages ZIG, the Acquirers Fund, and DEEP, the Roundhill Acquirers Deep Value Fund.

IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro

02:00 - How Tobias ended up becoming a value investor.

07:43 - What investors had a big impact on Tobias’s own development?

12:02 - What mean reversion is from an investment standpoint, and how it relates to his overall investment strategy.

21:44 - What the shiller PE is, and why it is something to be mindful of.

32:20 - How inflation impacts his overall thought process for stock investing.

44:03 - Tobias’s thoughts on an appropriate discount rate, and what discount rate Warren Buffett might be using in his valuation process.

47:19 - The two funds the Acquirer’s Fund manages - ZIG and DEEP.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Tobias Carlisle’s book The Acquirer’s Multiple.
Tobias Carlisle’s book Deep Value.
Tobias Carlisle’s book Quantitative Value.
Bruce Greenwald’s book Value Investing.
Benjamin Graham’s book, The Intelligent Investor.
The Acquirer’s Podcast.
The Acquirer’s Multiple.
The Acquirer’s Fund.
Related Episode: Listen to MI025: Deep Value Investing w/ Tobias Carlisle, or watch the video.
Related Episode: MI084: Warren Buffett, Charlie Munger, And Berkshire Hathaway w/ Adam Mead, or watch the video.
Check out the books mentioned in the podcast here.
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