The Perfect Storm of Value and Volatility

Published on
February 27th, 2020
Duration
52 minutes


The Perfect Storm of Value and Volatility

The Interview ·
Featuring Tobias Carlisle and Chris Cole

Published on: February 27th, 2020 • Duration: 52 minutes

Tobias Carlisle, principal and founder of Acquirer's Fund, sits down with Chris Cole of Artemis Capital Management to discuss how to find pockets of deep value in a world saturated with liquidity. Carlisle outlines the various valuation metrics (price-to-book, price-to-sales, price-to-earnings, etc.) and describes which metrics he thinks have the most predictive power in today's market. Surveying the mediocre performance of value over the past two decades, Carlisle argues that value is due for a bounce. Cole and Carlisle conclude by constructing the framework for investors to combine the "long-val" play with "long-vol" play. Filmed on February 7, 2020, in Austin, Texas.

Comments

Transcript

  • AP
    AJ P.
    1 March 2020 @ 07:49
    I clicked for listening to the criteria. All I heard was price to book and free cash flows. Did I miss something?
    • JW
      JW2 W.
      2 March 2020 @ 21:11
      you did :-) - I think you ought to listen again and this time to the whole thing - what do you have to lose :-) - he specifically mentioned that price to book is for academics mostly :-)
  • JW
    JW2 W.
    2 March 2020 @ 12:20
    Fascinating interview ! I am going to investigate ZIG.
  • NR
    Nic R.
    1 March 2020 @ 03:54
    This was an incredible talk. I really enjoyed hearing from two young great minds. I would really like to see more content like this. Chris Cole was great as an interviewer and interviewee.
  • BN
    Barrett N.
    1 March 2020 @ 02:55
    Great interview Tobi! Learned a ton from you & your books over the years! I think this interview is going to age very well over the next 1-3 years. Thanks you very much for the interview. Best, Barrett N.
  • RY
    Roy Y.
    28 February 2020 @ 19:17
    Great chemistry ... Engaging interview ...
  • JP
    John P.
    28 February 2020 @ 18:49
    Great discussion. Great abilities to the nifty fifties. I have believed for the past 3 or so years that the analogue of this bubble where history rhymes is not 1929, 1987, 2000, or 2006 but the lesser cited 1969. Demographic backdrop, sector shifting, and especially the political and generational tension backdrop is very similar. Without any allocation of capital to commodities and over allocation to fluff sets up a future of stagflation.
    • JP
      John P.
      28 February 2020 @ 18:50
      *analogy to the nifty*
  • TS
    Thomas S.
    28 February 2020 @ 03:48
    Excellent job on both parts. Great content!
  • DD
    Daniel D.
    27 February 2020 @ 20:09
    Well done! Very thoughtful, well articulated discussion.
  • JB
    Jon B.
    27 February 2020 @ 13:32
    I have books on the shelf about value investing. I think I had better dust them off again....
  • BD
    Ben D.
    27 February 2020 @ 07:41
    definitely was a pleasant surprise to see Tobias on Real Vision from a sneak peek twitter post. Chris Cole during the interview was great at keeping the conversation at a brisk pace while still maintaining interest and a steady flow of interest. interview was great. I was originally thinking of eating this a 8.5/10 Mungers but as soon as tobias said "Value investing" the review went to a full 10/10 Mungers for me. I've personally been watching the acquirer multiple podcast for a long time and it's a great place to watch the character ark of tobias develop trying to resist the urge to turn from a deep value investor into a GARP investor at all (GAAP) cost. hopefully one day we will also find out if Chris would rather fight 3 Warren B sized Tobias's or 10 Tobias sized Warren B's.
    • BD
      Ben D.
      27 February 2020 @ 07:43
      eating this... ---->Rating this a 8.5/10 Mungers*