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 E12): 996 Work Ethic and Build Speed in China
During their recent episode, Taylor and Carlisle discussed 996 Work Ethic and Build Speed in China. Here’s an excerpt from the episode: Jake: Yeah. What do you think about this concept of 9-9-6 that we kept hearing about? Tobias: Well, I think the Chinese are real capitalists and they’re very, … Read More
VALUE: After Hours (S07 E12): China: No More Credit Card Payments
During their recent episode, Taylor and Carlisle discussed China: No More Credit Card Payments. Here’s an excerpt from the episode: Tobias: Well, we walked along the river. Jake: The Bund? Tobias: Is that the one? It was the Bund? Jake: Yeah. Yeah. Tobias: And our host said this was a … Read More
VALUE: After Hours (S07 E12): China’s Tech Leap: Phones, TVs, and EVs
During their recent episode, Taylor and Carlisle discussed China’s Tech Leap: Phones, TVs, and EVs. Here’s an excerpt from the episode: Jake: So, we should talk about our why we trip then while we’re getting into this. I think we both came away feeling like China has passed the US … Read More
VALUE: After Hours (S07 E12): Reflections on Japan: Investing Culture & Net-Nets
During their recent episode, Taylor and Carlisle discussed Reflections on Japan: Investing Culture & Net-Nets. Here’s an excerpt from the episode: Tobias: Yeah. So, we were in Tokyo for a week and then Shanghai for a week. And interesting contrast I think between the two cities and the two investment … 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
Stock Market Returns: Five-Factor Analysis and What Lies Ahead
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and John Rotonti Jr discussed Stock Market Returns: Five-Factor Analysis and What Lies Ahead: Tobias: JT, you want to do- John: Veggies. Tobias -veggies? Jake: Veggies time. Absolutely. Tobias: Market boys, six minutes past the hour. … Read More
Berkshire’s Role in America’s Future and Financial Strength
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and John Rotonti Jr discussed, Berkshire’s Role in America’s Future and Financial Strength: John: I’ll just say, I think the messaging was similar to 2023. So, in 2023, he actually said, “Berkshire will remain an asset to … Read More
How Tiny Experiments Can Help You Build Lasting Habits Like Meditation
During their recent episode, Tobias Carlisle and Anne-Laure Le Cunff discussed How Tiny Experiments Can Help You Build Lasting Habits Like Meditation. Here’s an excerpt from the episode: Tobias: Do you think that meditation is important for people? Anne-Laure: Oh, that’s an interesting one, because that was one of my … Read More
EM vs. Developed Markets: Navigating Valuations & Future Opportunities
During their recent episode, Taylor, Carlisle, and Ardal Loh-Gronager discussed EM vs. Developed Markets: Navigating Valuations & Future Opportunities. Here’s an excerpt from the episode: Tobias: One of the points that you made earlier, was that there is this correlation between EM and developed markets on about a rolling five-year … Read More
Spectrography & Investing: Finding Hidden Patterns in Light and Business
During their recent episode, Taylor, Carlisle, and Ardal Loh-Gronager discussed Spectrography & Investing: Finding Hidden Patterns in Light and Business. Here’s an excerpt from the episode: Tobias: That’s very interesting. JT, are you– We’re going to see if we can get JT to do his vegetables. He’s lying in his … Read More
Long-Term Value Investing: Strategy, Moats & Portfolio Management
During their recent episode, Taylor, Carlisle, and Ardal Loh-Gronager discussed Long-Term Value Investing: Strategy, Moats & Portfolio Management. Here’s an excerpt from the episode: Tobias: Tell us a little bit about your investment strategy. What sort of businesses do you like to look at? What’s the geographic range, any industries, … Read More
The Power of Qualitative Analysis in Investing
During their recent episode, Taylor, Carlisle, and Ardal Loh-Gronager discussed The Power of Qualitative Analysis in Investing. Here’s an excerpt from the episode: Ardal: So, taking the question slightly broader. So, on a quantitative analysis, I think we’re all looking at the same information or data set. So, that’s why … Read More
Cyclical Compounders and Market Opportunities
During their recent episode, Taylor, Carlisle, and Gwen Hofmeyr discussed Cyclical Compounders and Market Opportunities. Here’s an excerpt from the episode: Gwen: So, I really love cyclical compounders, just because in the course of business, you’re just going to have these periods where there’s some broad uncertainty related that’s impacting … Read More