In this episode, Jack and Matt dive deep into the state of value investing with special guest Tobias Carlisle, founder of the Acquirers Funds and author of multiple books on value investing. In this insightful conversation, they look at some of the most insightful clips from our guests including Cliff Asness, Aswath Damodaran, Kai Wu, Scott McBride, Larry Swedroe and Dan Rasmussen.
They explore why value investing has struggled in recent years, examine value spreads, and discuss whether this time is truly different. Tobias offers a compelling case for why value investors might finally see their patience rewarded.
Topics covered:
• Value spreads and how they’ve evolved from historically consistent ranges to unprecedented widths in recent years
• Why value doesn’t necessarily need catalysts or multiple expansion to generate returns
• The impact of intangible assets on value metrics and whether traditional valuation methods need updating
• How indexing and passive investing have affected market dynamics and created potential opportunities
• The underperformance of international stocks compared to US markets and whether that trend might reverse
• Why the “Magnificent 7” tech stocks have defied mean reversion and if that can continue • How to maintain conviction as a value investor during extended periods of underperformance
