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TIP243: Tobias Carlisle - Creating an ETF (Business Podcast)

May 19, 2019

Guest

Tobias Carlisle

Tobias Carlisle, bestselling author and founder of Acquirer's Multiple, discusses his newly launched ETF. He explains the concept of the value spread and how to spot undervalued stocks. The conversation contrasts ETFs with mutual funds, highlighting their advantages in a volatile market. Carlisle also shares insights on navigating investment strategies, including the potential of shorting Tesla while favoring Fiat Chrysler. He provides valuable advice for new investors, recommending essential books and resources for mastering value investing.

45:20

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insights

INSIGHT

Deep Value Philosophy

Tobias Carlisle prefers "fair companies at wonderful prices" over Buffett's "wonderful companies at fair prices".
He prioritizes deeply undervalued companies, even if they aren't high-quality businesses.

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ADVICE

Shorting Overvalued Stocks

Consider shorting overvalued stocks in expensive markets, especially those with wide value spreads.
Tobias Carlisle's new ETF 'ZIG' aims to do this with a focus on the Acquirer's Multiple.

insights

INSIGHT

ETFs and Market Dislocation

Passive indexing in ETFs causes inflated prices in large companies regardless of valuation.
Tobias Carlisle's ETF 'ZIG' actively bets against the passive index.

Get the Snipd Podcast app to discover more snips from this episode

Navigating Value Investment Strategies

05:20 • 7min

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Market Trends and the Superiority of ETFs over Mutual Funds

12:38 • 6min

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Navigating ETF Strategies in a Volatile Market

18:27 • 10min

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Navigating the ETF Landscape: Shorting and Value Investing

28:12 • 12min

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Essential Resources for New Value Investors

40:09 • 5min

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Foundations of Value Investing and Learning Accounting

45:04 • 4min

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The Little Book That Beats the Market

Joel Greenblatt

In this book, Joel Greenblatt provides a straightforward and accessible guide to value investing. He introduces a 'magic formula' that helps investors identify and purchase good businesses at below-average prices. The formula, explained using simple math and humor, has been extensively tested and proven to be effective in beating the market and professional managers. The book also explores why success often eludes individual and professional investors and why the formula remains viable even after widespread knowledge of it. Updated editions include data and analysis from the recent financial crisis and model performance through 2009.

The education of a value investor

Guy Spier

In this book, Guy Spier narrates his early career struggles in investment banking on Wall Street and his transformation into a value investor. The book covers his experiences working at D.H. Blair, his education at Oxford and Harvard Business School, and the significant influences of Warren Buffett and Charlie Munger on his investment philosophy. It also emphasizes the importance of authenticity, continuous learning, and ethical considerations in investing. The book has been translated into several languages and has sold over 175,000 copies in English.

Quantitative Value

Wesley R. Gray

Tobias Carlisle

The essays of Warren Buffett

Lessons for Corporate America

Warren Buffett

This book is a comprehensive collection of Warren Buffett's annual letters to Berkshire Hathaway shareholders, edited by Lawrence A. Cunningham. It provides valuable insights into Buffett's investment philosophy, corporate management, and business strategies. The letters are organized into thematic chapters, making it easier for readers to understand Buffett's views on various topics such as value investing, executive compensation, and market fluctuations. The book is praised for its clarity, wisdom, and practical advice, making it a definitive source for understanding Buffett's approach to business and investing.

Financial statements

Thomas R. Ittelson

Financial Statements by Thomas R. Ittelson provides a clear and accessible introduction to financial accounting, focusing on the balance sheet, income statement, and cash flow statement. Ittelson explains these concepts in simple language, using straightforward transaction examples and a visual approach to help readers understand how each statement contributes to a company's financial health. The book is ideal for non-financial managers, investors, business students, and entrepreneurs.

On this week's show, Tobias Carlisle talks about his new Exchange-Traded Fund or ETF.

IN THIS EPISODE YOU’LL LEARN:

What the value spread is and how to do identify it?
What the difference is between a mutual fund and an ETF
What will happen to the cheapest value stocks if the market crashed
What you might want to be long Fiat Chrysler and short Tesla
Ask The Investors: What the best value investing curriculum?

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Read the prospectus to Tobias Carlisle's ETF: ZIG
Tobias Carlisle's new podcast, The Acquires Podcast
Tobias Carlisle's book, The Acquirer's Multiple - read reviews of this book
Tobias Carlisle's Acquirer's Multiple stock screener: AcquirersMultiple.com
Tweet directly to Tobias Carlisle
Guy Spier's book, The Education of a Value Investor - read reviews of this book
Preston's free course, Warren Buffett Investing Course
Larry Cunningham's book, The Essay's of Warren Buffett - read reviews of this book
Thomas Ittelson's book, Financial Statements - read reviews of this book

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