Excess Returns After Hours with Tobias Carlisle | Some Much Needed Therapy for Value Investors
Excess ReturnsSeptember 27, 202300:59:07

Excess Returns After Hours with Tobias Carlisle | Some Much Needed Therapy for Value Investors

It has been a painful last decade for value investors. In this episode, our good friend Tobias Carlisle returns to commiserate about the struggles of value and also to talk about the future opportunity it may create. We discuss value spreads, the importance of enduring pain, the comparison with 2000 and a lot more. We also get an update on Toby's new book.

00:00 - Intro
01:36 - Does value need a catalyst to turn around?
04:15 - Value investors have to enjoy pain
05:46 - Comparisons between the current period and 2000
08:23 - David Einhorn's thoughts on the market revaluing companies
12:42 - The challenge with finding the bottom
16:50 - Value investors are always buying companies they don't like
22:02 - Expectations vs. reality
22:38 - META as a value stock
23:51 - Good and bad buybacks
26:49 - The tech companies had too many people
31:55 - The pivot of growth companies from growth to cash flow
36:56 - Janus 20 and ARK
39:19 - The dangers of buy the dip
40:13 - ChatGPT and AI and investing
50:15 - Sun Tzu , Buffett and Toby's new book

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