Is value investing — the investment strategy made famous by Warren Buffet — obsolete? Tobias Carlisle, principal and founder of Acquirers Funds, reviews 70 years of value investing data — and argues that value investing still has a significant role to play. In Carlisle’s view, however, there’s a catch: The returns of value investing strategies are closely tied to market cycles; while there are periods of overperformance, there are also periods where value stocks underperform the market. In this conversation for Real Vision, Carlisle unpacks what you need to know to understand the key market cycle elements that make the difference. Chris Cole, founder and CIO of Artemis Capital Management, joins Tobias Carlisle in this peer-to-peer conversation.