Investing by the Books #54 Tobias Carlisle: The Acquirer's Multiple
Tobias Carlisle is a former lawyer and the author of several books, including The Acquirer’s Multiple. Tobias is the manager of two funds based on the book’s ideas, which are trading as ETFs under the tickers ZIG and DEEP. In the episode, we discuss how strictly he follows the deep value methodology, reflect on patience among investors, and investigate if there is a difference between managing your own or other people’s money.
For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team
This episode was recorded on Dec 6, 2023.
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Episode Chapters
(00:00) Introduction by Eddie & Niklas
(01:12) Welcoming Tobias
(07:41) The Acquirer’s Multiple
(15:07) The Acquirer’s multiple strategy
(27:07) How Greenblatt influenced Carlisle
(36:14) Similarities with activist investors
(44:25) Is it possible for regular investors to know if a moat is sustainable?
(50:10) Musings on patience
(58:22) Investing your own vs other people’s money
(59:26) How strict is the formula?
(01:07:20) Tobias’ current writing and reading habits
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Books Mentioned
- The Acquirer’s Multiple - Tobias Carlisle
- Security Analysis - Benjamin Graham
- The Intelligent Investor - Benjamin Graham
- Deep Value - Tobias Carlisle
- Concentrated Investing - Allen Benello
- Quantitative Value - Wesley Gray and Tobias Carlisle
- The Rebel Allocator - Jacob Taylor
- The Art of War - Sun Tzu
- The Aubrey-Mautin series - Patrick O’Brian
- The Richard Sharpe series - Bernard Cornwell
- The Saxon Series - Bernard Cornwell
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Companies Mentioned
- Coca Cola
- LVMH
- Berkshire
- Meta
- Kodak
- Apple
- Nvidia
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More on Tobias
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About the Podcast
Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books
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What is Investing by the Books?
Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.
Visit the website: http://www.investingbythebooks.com/
Follow on Twitter/X: https://twitter.com/Investbythebook
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What is Redeye?
Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.
Visit the website: https://www.redeye.se/
Follow on Twitter/X: https://twitter.com/Redeye_
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Disclaimer
Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se