Tobias carlisle presents an insiders perspective on valuation and activism in a format that is accessible to both professional and general investors. Deep value by tobias carlisle is an excellent book on contrarian value investing. Tobias carlisle principal acquirers funds llc linkedin. Tobias carlisle on deep value and special situations. Here is a presentation toby gave at last years deep value summit it not only includes an idea but also an overview of his deep value approach. Its an incredibly smart, dense, 2 pages on how to not lose money in the market.
Deep value wiley online books wiley online library. Deep value investing and unexplained returns by jeffrey oxman. Jul 28, 2016 a prominent example of a strategy that supplements a pure value ranking by a quality measure is joel greenblatts magic formula. The strategy of buying and holding net nets has been advocated by deep value investors for decades, but systematic studies of the returns to such a strategy a. Greenbackd deep value, contrarian, and grahamite investment. At its heart, deep value investing is simply the methodical application of timeless principles proven by over 80 years of. Both of toby carlisles books are superb, and he is always someone i enjoy listening to as well. Aug 29, 2014 both of toby carlisle s books are superb, and he is always someone i enjoy listening to as well. The book combines engaging anecdotes with industry research to illustrate. Carlisle, the enterprise multiple or the acquirers multiple, is discussed. Following up on his previous emphasis on simple rules for investors, tobias carlisle turned in chapter 12 to the basics. Use features like bookmarks, note taking and highlighting while reading the acquirers multiple. Seventyfive years old and outperforming abstract the strategy of buying and holding net nets has been advocated by deep value investors for decades, but systematic studies of the returns to such a strategy are few.
Todays conversation is with tobias carlisle, a professional investor and the author of the acquirers multiple, deep value, concentrated investing, and quantitative value which happens to. In the concluding chapter of the acquirers multiple. How the billionaire contrarians of deep value beat the market by tobias e. The incredible insight is that even if valuation ratios are practically the same, stocks that rank low on quality past sales growth perform better than highquality stocks. Today we have a chance to pick the brain of the other coauthor tobias carlisle who has a new book out deep value. Written by tobias carlislean active value investor and the wellknown blogger at this important resource describes the evolution of the various theories of intrinsic value and activist investment from benjamin graham to warren buffett to carl icahn.
How the billionaire contrarians of deep value beat the market is an easytoread account of deep value investing. In their outstanding book quantitative value, wesley gray and tobias carlisle show that the quality component actually decreases the performance of a portfolio based on a value ranking alone. This site is like a library, use search box in the widget to get ebook that you want. An explanation of the acquirers multiple by tobias carlisle. Deep value investing by tobias carlisle animated book. Use of the formula does not guarantee performance or investment success. Tobias carlisle has hit a home run deep over left field. Todays conversation is with tobias carlisle, a professional investor and the author of the acquirers multiple, deep value, concentrated investing, and quantitative value which happens to be one of my favorite books on investing. Quantitative value, margin of safety klarman value investing montier and for. Like the convertible arbitrage strategy, the closedend fund arbitrage was indifferent to the direction of the market, generating profits as the gap between the unit price and the underlying value narrowed. Why activist investors and other contrarians battle for control of losing corporations. Deep value by tobias carlisle is one of my favorite books. The economic climate is ripe for another golden age of shareholder activism deep value. Aug 06, 2017 deep value by tobias carlisle is one of my favorite books.
Sep 19, 2014 deep value offers investors an authoritative exploration of the philosophy of deep value investment. In deep value and in his first book, quantitative value, tobias demonstrates that the enterprise multiple or acquirers multiple, defined as enterprise valueebit outperforms all other value ratios. Maybe it was because i thought the price was high given the size of the book. Tobias carlisle, the managing director of eyquem investment management llc, also serves as a portfolio manager for eyquem fund lp and other accounts that are managed separately. Carbon beach pursues a deep value, contrarian, grahamite investment strategy. This outperformance is attributed to the phenomenon of mean reversion. The economic climate is ripe for another golden age of shareholder activism. Carlisle is the founder and managing director of eyquem investment management llc and serves as portfolio manager of the firms fund and managed accounts. Written by tobias carlisle an active value investor and the wellknown blogger at this important resource describes the evolution of the various theories of intrinsic value and activist investment from benjamin graham to warren buffett to carl icahn and beyond. A practitioners guide to automating intelligent investment and eliminating. How the billionaire contrarians of deep value beat the market kindle edition by carlisle, tobias. Written by an active value investor, the acquirers multiple provides an insiders view on deep value investing.
The book suggests buying cheap stocks with fairly poor fundamentals such as declining sales, profits and return ratios than buying stocks with improving fundamentals. The price of the book is expensive, but it is well worth it. Midwest finance association 2012 annual meetings paper. In the first half of the book, tobias carlisle compares various metrics used to identify deeply undervalued stocks and presents cases from empirical research that show deep value stocks in general outperform growthquality stocks. He is definitely in the minority of investors who do indepth and rigorous research. In his excellent book deep value, tobias carlisle shows insightful statistics for these portfolios. Deep value investing jeroen later became a broker to peter cundill, the legendary canadian value investor who generated north of a 17% return annualized over the course of his 33 years career. Oct 02, 2011 the strategy of buying and holding net nets has been advocated by deep value investors for decades, but systematic studies of the returns to such a strategy are few.
One likely reason is mean reversion in fundamentals. Outlined below is an introduction of tobias carlisle, and the questions and answers from preston and stigsinterview with him. Why activist investors and other contrarians battle for control of losing corporations is an exploration of the philosophy of deep value investment. In order to find something genuinely undervaluedtheres always something that you dont like guest. Toby has extensive experience in activist investment, company valuation. The book shows how investors warren buffett, carl icahn, david einhorn and dan loeb got started and how they do it. In the great book, deep value, written by tobias e. Why activist investors and other contrarians battle for control of losing corporations is a mustread exploration of deep value investment strategy, describing the evolution of the theories of valuation and shareholder activism from graham to icahn and beyond. Why activists investors and other contrarians battle for control of losing corporations wiley. Why activist investors and other contrarians battle for control of losing corporations wiley finance series by tobias e. Deep value why activist investors and other contrarians battle for control of losing corporations tobias e. Why activists investors and other contrarians battle for control of losing corporations. After hours podcast taylor, brewster, and carlisle discuss restoration hardware and some reasons why warren buffett bought 1. Download for offline reading, highlight, bookmark or take notes while you read deep value.
The deep value investment philosophy as described by graham initially identified targets by their discount to liquidation value. The talk is about 60 minutes, and its well worth the time. View tobias carlisles profile on linkedin, the worlds largest professional community. Why activist investors and other contrarians battle for control of losing corporations ebook written by tobias e. How the billionaire contrarians of deep value beat the market is an. Deep value investing and unexplained returns by jeffrey. It describes the evolution of the various theories of intrinsic value and activist investment from benjamin graham to warren buffett to carl icahn and beyond. Market from the intelligent investor, preface from the book, deep value by tobias carlisle, and behavioral portfolio management. May 24, 2018 todays conversation is with tobias carlisle, a professional investor and the author of the acquirers multiple, deep value, concentrated investing, and quantitative value which happens to. The icahn manifesto corporate raider to activist investor in chapter one the groundwork is laid by describing how carl icahn evolved as an activist. Hi, im tobias carlisle, investor and author of deep value. See the complete profile on linkedin and discover tobias. We detail the returns generated from a net nets strategy implemented from 1984 2008, and then. A look at market cycles and valuations with the acquirers multiple in context.
Tobias is a cofounder and managing partner at carbon beach asset management, a value investing firm that manages. A prominent example of a strategy that supplements a pure value ranking by a quality measure is joel greenblatts magic formula. Why activist investors and other contrarians battle for control of losing corporations 2014, wiley finance. Author tobias carlisle combines engaging stories with research and data to show how you can do it too. Why activist investors and other contrarians battle for control of losing corporations hardcover, 240 pages, wiley finance is an exploration of the philosophy of deep value investment. Aug, 2014 the economic climate is ripe for another golden age of shareholder activism. Peter was a personal friend of mine as well and a member of the board of advisors of my firm. Why activist investors and other contrarians battle for control of losing corporations wiley finance full pages by tobias e. Toby is the founder and portfolio manager of carbon beach asset management.
Carlisle combines engaging stories with research and data to show how you can do it too. Having worked most of my working life in australia with ron brierley and subsequently as an analyst in canada focused on value oriented investing, i believe that tobias has produced an excellent assessment of the investment analysis methodology used by some of the finest minds, supported it with quantitative data and highlighted the proven record of using. Tobias carlisle is the founder and managing director. Why activist investors and other contrarians battle for control of losing corporations wiley finance full pages by tobias. Written by tobias carlislean active deep value investor and the wellknown blogger at. The acquirers multiple is a term used to describe the strategy explained in the book the acquirers multiple. For years, ive believed that value investing works. How the billionaire contrarians of deep value beat the market, he codified his thinking about deepvalue investing into eight simple rules. Funds, llc is a deepvalue investment firm managed by tobias carlisle. Written by an active value investor, deep value provides an insiders perspective on shareholder activist strategies in a format accessible to both professional investors and laypeople. Download it once and read it on your kindle device, pc, phones or tablets. How the billionaire contrarians of deep value beat the market, he codified his thinking about deep value investing into eight simple rules. He is best known as the author of the wellregarded website greenbackd.
This counterintuitive view is well supported by research by various researchers. I must admit i was underwhelmed with my initial viewing of the book. Sep 23, 2014 like the convertible arbitrage strategy, the closedend fund arbitrage was indifferent to the direction of the market, generating profits as the gap between the unit price and the underlying value narrowed. He is best known as the author of the wellregarded website and as coauthor of quantitative value.
Click download or read online button to get deep value book now. Why activist investors and other contrarians battle for control of. The acquirers multiple is an easytoread account of deep value investing. A practitioners guide to automating intelligent investment and eliminating behavioral errors. We detail the returns generated from a net nets strategy implemented from 1984 2008, and then attempt to explain the excess returns alpha generated by the net nets strategy. Read deep value why activist investors and other contrarians battle for control of losing corporations by tobias e. Jan 01, 2014 in the first half of the book, tobias carlisle compares various metrics used to identify deeply undervalued stocks and presents cases from empirical research that show deep value stocks in general outperform growthquality stocks. Deep value offers investors an authoritative exploration of the philosophy of deep value investment. How the billionaire contrarians of deep value beat the market.