During their recent episode, Taylor, Carlisle, and Rich Pzena discussed Surviving 10 Straight Quarters of Massive Underperformance. Here’s an excerpt from the episode: Rich: So, I’ll tell you my story from 1999. We had started our business in 1996, and we had a good first couple years, and got to … Read More
VALUE: After Hours (S07 E15): How To Value A Company
During their recent episode, Taylor, Carlisle, and Rich Pzena discussed How To Value A Company. Here’s an excerpt from the episode: Tobias: Yeah. I’ve run a firm, got it to break even and then run into the buzzer of the last few years. But Rich, your strategies, how do you … Read More
VALUE: After Hours (S07 E15): Avoiding Value Traps
During their recent episode, Taylor, Carlisle, and Rich Pzena discussed Avoiding Value Traps. Here’s an excerpt from the episode: Rich: Well, I think that trying to avoid value traps pretty much ensures that you’re going to avoid value. [Jake laughs] I think the answer is you don’t know which are … Read More
VALUE: After Hours (S07 E15): Warren Buffett – Balance Sheets Before Income Statements
During their recent episode, Taylor, Carlisle, and Rich Pzena discussed Warren Buffett – Balance Sheets Before Income Statements. Here’s an excerpt from the episode: Jake: I don’t know though, because he gets monthly basically financial statements from, I think it was 49 companies he said that are internally and that … Read More
VALUE: After Hours (S07 E15): Legendary Value Investor Rich Pzena on His 30-Year Career and the Opportunity Today
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and Rich Pzena discuss: Warren Buffett – Balance Sheets Before Income Statements Avoiding Value Traps How To Value A Company Surviving 10 Straight Quarters of Massive Underperformance Betting on GE Revisiting Graham & Dodd AI: Finding … Read More
VALUE: After Hours (S07 E14): Energy Prices, Oil Politics, and Strategic Manufacturing
During their recent episode, Taylor, Carlisle, and Bill Brewster discussed Energy Prices, Oil Politics, and Strategic Manufacturing. Here’s an excerpt from the episode: Tobias: But to be fair, it’s actually 90 bucks in the States to get it out of the ground. It’s not 22 bucks. This is one of … Read More
VALUE: After Hours (S07 E14): Gödel’s Theorem, AI Limits, and Machine Logic
During their recent episode, Taylor, Carlisle, and Bill Brewster discussed Gödel’s Theorem, AI Limits, and Machine Logic. Here’s an excerpt from the episode: Jake: All right. So, for today’s veggies, we’re traveling back in time to 1931 to meet a quiet genius who reshaped how we understand certainty itself. His … Read More
VALUE: After Hours (S07 E14): Intellectual Property, AI, and the S-Curve Debate
During their recent episode, Taylor, Carlisle, and Bill Brewster discussed Intellectual Property, AI, and the S-Curve Debate. Here’s an excerpt from the episode: Jake: I did think it was a little funny about the– Oh, sorry, Toby, go ahead. Tobias: I was just going to say, and then is it … Read More
VALUE: After Hours (S07 E14): China vs US: Tech Race and Consumer Edge
During their recent episode, Taylor, Carlisle, and Bill Brewster discussed China vs US: Tech Race and Consumer Edge. Here’s an excerpt from the episode: Tobias: Yeah. Oh, yeah, for sure. For sure. I’ve thought about this a little bit more. I’ve talked to more people since– I think in terms … Read More
VALUE: After Hours (S07 E14): Markets in Turmoil: Tariffs and China with Bill Brewster
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and Bill Brewster discuss: China vs US: Tech Race and Consumer Edge Intellectual Property, AI, and the S-Curve Debate Hong Kong, Malls, and the Global Sameness of Wealth Market Volatility, Tail Risks, and Trend Funds Energy … Read More
VALUE: After Hours (S07 E13): How *Not* to Invest with Barry Ritholtz
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and Barry Ritholz discuss: Barry Ritholtz: From Blogfather to Podcast Pro How Not to Invest: The Making of Barry’s New Book The Belfer Family Tragedy: Enron, Madoff, FTX The Real Cost of Bernie Madoff: It Wasn’t … Read More
Most Investors Sell at the Worst Time—Here’s Why It Hurts Return
During their recent episode, Taylor, Carlisle, and Chris Bloomstran discussed Most Investors Sell at the Worst Time—Here’s Why It Hurts Return. Here’s an excerpt from the episode: Jake: The unfortunate thing, is there’s a catch too there where in order to fully believe in why you should expect to get … Read More
Mag Seven Drove 88% of Profit Growth—The Rest of the Market Is Stagnant
During their recent episode, Taylor, Carlisle, and Chris Bloomstran discussed Mag Seven Drove 88% of Profit Growth—The Rest of the Market Is Stagnant. Here’s an excerpt from the episode: Tobias: Yeah. If that’s the backdrop, what do you think about the earnings growth in those largest companies? Christopher: Well, you … Read More
Neoteny: How Evolutionary Flexibility Applies to Investing
During their recent episode, Taylor, Carlisle, and Chris Bloomstran discussed Neoteny: How Evolutionary Flexibility Applies to Investing. Here’s an excerpt from the episode: Tobias: JT, do you want to do veggies? You got veggies? Jake: Of course. Always have veggies. All right. So, this week we are exploring this biological … Read More
Buffett’s Trust Strategy Makes Sense—But Not for Active Capital Allocators
During their recent episode, Taylor, Carlisle, and Chris Bloomstran discussed Buffett’s Trust Strategy Makes Sense—But Not for Active Capital Allocators. Here’s an excerpt from the episode: Christopher: Yeah. There’s an eclecticism to capital. You need to be opportunistic. Yeah, pigeonholing yourself doesn’t make a lot of sense. You’re always trying … Read More
VALUE: After Hours (S07 E11): Christopher Bloomstran on Warren Buffett, $BRK Berkshire, $SPY Valuation and Debt
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and Chris Bloomstran discuss: Buffett’s Trust Strategy Makes Sense—But Not for Active Capital Allocators Neoteny: How Evolutionary Flexibility Applies to Investing Mag Seven Drove 88% of Profit Growth—The Rest of the Market Is Stagnant Most Investors … Read More
10 Philosophical Razors to Sharpen Your Thinking and Cut Through the Noise
During their recent episode, Taylor, Carlisle, and Joshua Young discussed 10 Philosophical Razors to Sharpen Your Thinking and Cut Through the Noise. Here’s an excerpt from the episode: Jake: Yes, sir. Today, we’re going to be discussing philosophical razors. And so, we’ll start out by saying– Tobias: Occam’s.? Jake: So, … Read More
Investing as a Game of Chicken: Valuation vs. Patience in Market Cycles
During their recent episode, Taylor, Carlisle, and Joshua Young discussed Investing as a Game of Chicken: Valuation vs. Patience in Market Cycles. Here’s an excerpt from the episode: Jake: Yeah. So, that’s still north of here as well. One thing I have been thinking about that is kind of, I … Read More
Oil & Gas Cycles: Market Trends, Innovation, and Investment Opportunities
During their recent episode, Taylor, Carlisle, and Joshua Young discussed Oil & Gas Cycles: Market Trends, Innovation, and Investment Opportunities. Here’s an excerpt from the episode: Tobias: Yeah, I think small and micro– More generally, not just oil and gas, although there’s a big oil and gas component to the … Read More
Oil vs. Human Ingenuity: Can Innovation Prevent an Energy Crisis?
During their recent episode, Taylor, Carlisle, and Joshua Young discussed Oil vs. Human Ingenuity: Can Innovation Prevent an Energy Crisis?. Here’s an excerpt from the episode: Jake: Josh, what would be the counterargument to the thesis that being long-term long oil and gas is being short human ingenuity? Joshua: I … Read More