Dive deep in value investing with Tobias Carlisle

Tobias Carlisle is a well-known value investor focusing on the quantitative aspects of investing. He is the author of books such as 'Quantitative Value', 'Deep Value', 'Concentrated Investing', and 'The Acquirer's Multiple'. Carlisle is also the founder and principal manager of Acquirers Funds. In a podcast with 'Millenial Investing', he discusses Warren Buffett's value investing style from a unique perspective and compares it with the Acquirer's Multiple strategy. Flaw in the Warren Buffett way Carlisle starts with an overview of Buffett's investment strategy - picking companies with high returns on invested capital (ROIC) trading below their intrinsic value. He says, "What Buffett is looking for is a company that grows over time. You're getting the improvement in intrinsic value; at the same time, you're hoping for the discount between the price you pay and intrinsic value to close". Carlisle points out a flaw with the method. Markets efficiently identify

This article was originally published on September 07, 2023.