(Ep.19) The Acquirers Podcast: Adrian Saville – SuperDogs, Deep Value Investing In South Africa

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Summary In this episode of The Acquirer’s Podcast Tobias chats with Adrian Saville, who is the CEO and founder of Cannon Asset Managers in South Africa. Since the mid-1990’s Adrian has been running portfolios full of unloved but good businesses which have returned an average of 19.8%. During the interview he provided some great insights into: – What Are The Four … Read More

How To Find Great Investment Opportunities In Closely Held Micro-Caps

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During his recent interview with Tobias, small cap value manager Eric Cinnamond discusses how investors can find great investment opportunities in closely held micro-caps. Here’s an excerpt from the interview: Tobias Carlisle: What sort of industries are you finding opportunities in? What sort of companies, can you talk about names? Eric Cinnamond: They’re just so odd ball companies. I mean, … Read More

There’s A Lot Of Value In Cyclical Commodity Stocks, But You Have To Use A Different Valuation Method

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During his recent interview with Tobias, small cap value manager Eric Cinnamond discusses how value investors can find opportunites in cyclical commodity stocks but it’s important to use a different valuation method. Here’s an excerpt from the interview: Eric Cinnamond: Why do you think cyclicals are not appreciated by most value investors? Tobias Carlisle: Hard to model. Extremely hard to … Read More

Great Value Investors Have A Willingness To Look Stupid

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During his recent interview with Tobias, small cap value manager Eric Cinnamond discusses how great value investors have a willingness to look stupid. Here’s an excerpt from the interview: Tobias Carlisle: It’s been a very rough five years for valuations just because it’s been such a long cycle where value hasn’t worked. I think it’s the longest that I can … Read More

(Ep.18) The Acquirers Podcast: Eric Cinnamond – Small Value, Absolute Return Small Cap Value Management

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Summary In this episode of The Acquirer’s Podcast Tobias chats with Eric Cinnamond, Founder and Co-Chief Executive Officer at Palm Valley Capital. In 2016 he closed down a $400 million fund and returned money to investors because he believed he couldn’t find value for his clients. During the interview he provided some great insights into: – What Is An Absolute … Read More

The Small Investor Advantage – Being Able To Make One’s Own Investing Decisions

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During his recent interview with Tobias legendary Australian fund manager Peter Simpson-Morgan, who ran Perpetual, discusses the small investor advantage and the importance for investors to be able to make their own investing decisions saying: Tobias Carlisle: How was that period of time? Peter Simpson-Morgan: Well, it’s…again, sorry to do this, but let’s go back one step before that. There … Read More

Activism, Done Correctly, Protects Shareholders From Stupid Management Decisions

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During his recent interview with Tobias legendary Australian fund manager Peter Simpson-Morgan, who ran Perpetual, discusses his approach to activism and the importance of protected shareholders from stupid management decisions saying: Peter Simpson-Morgan: It was entrepreneurial sort of start. And as we grew, I…again, not trying to be arrogant with it, one of the things that we learnt when we … Read More

(Ep.17) The Acquirers Podcast: Peter Simpson-Morgan – Aussie Lynch, Peter Lynch-Style Investing In Australia

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Summary In this episode of The Acquirer’s Podcast Tobias chats with Peter Simpson-Morgan, a legendary Australian fund manager who ran Perpetual managing $13 billion dollars until he started his own firm 452 Capital. Peter provided some great insights into: – The Differences In The Australian Market vs The US – What It Was Like Surviving The 1987 Crash – The … Read More

Investors Don’t Need Benchmark Comparisons, The Starting Point Is Not To Lose Money

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During his recent interview with Tobias legendary Australian fund manager Peter Simpson-Morgan, who ran Perpetual, discusses why investors shouldn’t use benchmark comparisons, sharpe ratios, and the like saying: Tobias Carlisle: So, you no longer have multi-billions of dollars that you have to get into the companies, and you don’t have a board telling you to buy News Corp at the … Read More

Investor Biases Can Cause You To Miss Some Of The Best Opportunities

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During his recent interview with Tobias, Peter Rabover, who is the Portfolio Manager at Artko Capital LP, discusses how investor biases can cause you to miss some of the best opportunities. Here’s an excerpt from the interview: Tobias Carlisle: So let’s talk a little bit about how you identify opportunities. What’s your screening process or the funnel that you have … Read More

How Can Investors Find Opportunities In The Small & Micro-Cap Universe

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During his recent interview with Tobias, Peter Rabover, who is the Portfolio Manager at Artko Capital LP, discusses how investors can find opportunities in the small & micro-cap universe saying: Tobias Carlisle: When you’re looking at your opportunity set, I see in your presentation you divided into, you’ve got sort of three buckets, there’s an enhanced value strategy, core value … Read More

Micro-Cap Investing Is Like Quasi Private Equity Investing Which Provides Significant ‘Early’ Investment Opportunities

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During his recent interview with Tobias, Peter Rabover, who is the Portfolio Manager at Artko Capital LP, discusses how micro-cap investing is like quasi private equity investing and how that provides significant ‘early’ investment opportunities. Here’s an excerpt from the interview: Tobias Carlisle: So, you said before you … Did you start in private equity or you spent some time … Read More

(Ep.16) The Acquirers Podcast: Peter Rabover – Russian Bear, Concentrated Microcaps And Special Situations

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Summary In this episode of The Acquirer’s Podcast Tobias chats with Peter Rabover, who is the Portfolio Manager at Artko Capital LP. Peter invests in small/micro cap companies and special situations within a concentrated portfolio. He provided some great insights into: – Why I Have A Bear In The Background Of This Podcast – Try To Find Companies That Can … Read More

What Can Investors Learn From Buffett’s Pivot On Airlines As An Investment

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During his recent interview with Tobias, Bill Brewster who runs Sullimar Capital Group says, investors can learn a lot from Warren Buffett’s pivot on airlines as an investment. Here’s an excerpt from the interview: Tobias Carlisle: That’s where I spend my time. Let’s talk about airlines a little bit, because you follow Berkshire very closely. You’re following the foray into … Read More

If There’s A Wall Street Analyst Hammering A Company, Investors Really Need To Know Why Before Taking The Other Side

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During his recent interview with Tobias, Bill Brewster who runs Sullimar Capital Group says, if there’s a Wall Street analyst hammering a company, investors really need to know why, before taking the other side. Here’s an excerpt from the interview: Tobias Carlisle: Well, let’s change gears again. I don’t mean to beat you up about this one, but we did … Read More

Phil Fisher’s Scuttlebutt Can Still Be Used To Find Great Opportunities Today

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During his recent interview with Tobias, Bill Brewster, who runs Sullimar Capital Group demonstrates how Phil Fisher’s scuttlebutt can still be used to find great opportunities today. Here’s an excerpt from the interview: Tobias Carlisle: Let’s talk about Ubiquiti. What’s the story there and how did you find it? How did you value it? How do you think- Bill Brewster: … Read More

(Ep.15) The Acquirers Podcast: Bill Brewster – Brewster’s Millions, A Masterclass In Business Analysis

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Summary In this episode of The Acquirer’s Podcast Tobias chats with Bill Brewster, who runs Sullimar Capital Group. During the interview Bill provided some great business analysis into a number of companies including AB InBev, GE, Netflix, and Ubiquiti. He also discusses: – How He Went From The Flooring Business To The Investment Business – Why I Don’t Steer Away … Read More

What Are The 20 Best And Worst Countries To Invest In According To The Human Freedom Index

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During her recent interview with Tobias, Perth Tolle who is the Founder of Life + Liberty Indexes discusses some of the best and worst countries to invest in according to the ‘human freedom index’. Here’s an excerpt from the interview: Tobias Carlisle: You may be not allowed to say this but Alpha Architect, they’re going to be providing the underlying … Read More

Investing In ‘Freer’ Countries Helps Avoid Taleb’s Absorption Barrier Risk

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During her recent interview with Tobias, Perth Tolle who is the Founder of Life + Liberty Indexes discusses how investing in ‘freer’ countries helps avoid Taleb’s absorption barrier risk. Here’s an excerpt from the interview: Tobias Carlisle: Let me just play devil’s advocate for a moment. You and I had lunch with Larry Swedroe who’s the factor king, and I … Read More

Emerging Markets Provide Investors With Opportunities To Capture A ‘Freedom Premium’

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During her recent interview with Tobias, Perth Tolle who is the Founder of Life + Liberty Indexes discusses how emerging markets provide investors with opportunities to capture a ‘freedom premium’. Here’s an excerpt from the interview: Tobias Carlisle: So I saw that you retweeted something by Meb Faber which I found really interesting. Meb puts all of his 401K money … Read More