In this week’s Excess Returns, we are trying something new. In addition to our regular episodes, we have decided to periodically talk to some of the people we respect most in the investment community to get their insights on the issues facing investors today. For our first conversation, we talk to our friend Tobias Carlisle about value investing. Toby is probably the smartest value investor we know. He is the author of four books on value, including the Acquirer’s Multiple. He is also the founder of Acquirer’s Funds.
In the interview, we discuss:
- What got Toby into value investing
- The differences between the current bear market and the dotcom bubble
- The role that quality should play in a value strategy
- The impact of the COVID 19 crisis on value stocks
- Whether value is broken on a long-term basis.
We hope you enjoy the interview.