Tobias Carlisle: Thinking Like An Acquirer (Podcast)

Johnny HopkinsTobias Carlisle4 Comments

Here’s a great interview with our Commander-in-Chief here at The Acquirer’s Multiple Tobias Carlisle speaking to Corey Hoffstein at Flirting With Models:

This episode I chat with Toby Carlisle, a managing member at Carbon Beach Asset Management and author of popular value investing books such as Deep Value and The Acquirer’s Multiple. Toby’s approach to value investing evolved from his observations as a corporate lawyer in Australia during the burst of the dot-com bubble. Watching investors target cash-rich, business poor dot-com companies confused his traditional, discounted-cash flow mentality. But after watching these activists get their hands dirty, Toby realized that even bad companies can be attractive if they’re trading at a deep discount to liquidation value.

We navigate a wide range of topics, including uses and limits of quantitative investing in the realm of special situations, how Apple can be a deep value stock, and why using the opposite of your signal to build a short book might be a bad idea.

You can listen to the interview here:

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4 Comments on “Tobias Carlisle: Thinking Like An Acquirer (Podcast)”

  1. Based on your results of the entire 350 or so group of net-nets in 2008 that gave returns of 750% in about 1 year, beating your portfolio with 30 or so stocks, is it correct to say that the greater the exposure to these net-nets the better? If so, is it plausible to create a portfolio with 100+ of these net-nets when they are available?

      1. Are there hedge funds or any other investment firms that invest using such a strategy with net nets?

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