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 and beyond. A practitioners guide to automating intelligent investment and eliminating behavioral errors. 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. Peter was a personal friend of mine as well and a member of the board of advisors of my firm. Well, the book you should track down is margin of safety by seth klarman. Klarmans investment appetites are panoramic, but a lot of his approach shoul. Download for offline reading, highlight, bookmark or take notes while you read deep value. Value investing and special situations with tobias carlisle. Deep value why activist investors and other contrarians battle for control of losing corporations tobias e. Why activist investors and other contrarians battle for control of losing corporations. Carlisle at its heart, deep value investing is simply the methodical application of timeless principles proven by over 80 years of research and practice. Greenbackd deep value, contrarian, and grahamite investment. The economic climate is ripe for another golden age of shareholder activism.
I was recently talking with tobias carlisle, author of deep value. Why activist investors and other contrarians battle for control of losing corporations, about what constitutes a deep value stock. The acquirers multiple is a term used to describe the strategy explained in the book the acquirers multiple. After hours podcast taylor, brewster, and carlisle discuss restoration hardware and some reasons why warren buffett bought 1.
The book shows how investors warren buffett, carl icahn, david einhorn and dan loeb got. 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. The price of the book is expensive, but it is well worth it. Although the stock market continues to scream higher, and interest rates remain unchanged, mr. The intellectual basis for it is grahams security analysis, the foundational docu ment for the school of investing now known as value investing.
Why activists investors and other contrarians battle for control of losing corporations is a mustread exploration of deep value investment strategy, describing the evolution of the. Deep value by tobias carlisle the investing father. Carlisle not only brings up investments in general in this category, but specifically those companies that are very undervalued. 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. In this weeks episode, we talk to the astute tobias carlisle from carbon beach asset management.
What are some great books about deep value investing. Today we have a chance to pick the brain of the other coauthor tobias carlisle who has a new book out deep value. Why activist investors and other contrarians battle for control of losing corporations wiley finance book online for ipad by tobias e. He runs baupost group, which is a fabulously successful hedge fund with an intense value focus. 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. Hi, im tobias carlisle, investor and author of deep value. How the billionaire contrarians of deep value beat the market kindle edition by carlisle, tobias. The book combines engaging anecdotes with industry research to illustrate. This outperformance is attributed to the phenomenon of mean reversion. 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. Use of the formula does not guarantee performance or investment success. He is best known as the author of the well regarded website greenbackd, the book deep value. Why activist investors and other contrarians battle for control of losing corporations is a mustread exploration of the deep value investment strategy, describing the evolution of the theories of valuation and shareholder activism from graham to icahn and beyond.
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 principal acquirers funds llc linkedin. Sharing the insights of these top value investors, expert authors allen benello, michael van biema, and tobias carlisle unveil the strategies that make concentrated value investing incredibly. Written by an active value investor, the acquirers multiple provides an insiders view on deep value investing. Mar 28, 2016 sharing the insights of these top value investors, expert authors allen benello, michael van biema, and tobias carlisle unveil the strategies that make concentrated value investing incredibly. Below is an edited summary of his interview with the investors podcast on value investing and special. How the billionaire contrarians of deep value beat the market is an easytoread account of deep value investing. 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.
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. Sep 19, 2014 deep value offers investors an authoritative exploration of the philosophy of deep value investment. Outlined below is an introduction of tobias carlisle, and the questions and answers from preston and stigsinterview with him. The icahn manifesto corporate raider to activist investor in chapter one the groundwork is laid by describing how carl icahn evolved as an activist. 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. On todays show, tobias carlisle and robert discuss various stock market investing strategies, such as deep value, value investing, and quantitative value. 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. We detail the returns generated from a net nets strategy implemented from 1984 2008, and then attempt to. Tobias carlisle deep value investing, release date. Why activist investors and other contrarians battle for control of losing. I must admit i was underwhelmed with my initial viewing of the book. He is best known as the author of the wellregarded website and as coauthor of quantitative value. Use features like bookmarks, note taking and highlighting while reading the acquirers multiple.
Deep value investing by tobias carlisle animated book. Deep value offers investors an authoritative exploration of the philosophy of deep value investment. Deep value investing and unexplained returns by jeffrey oxman. Searching for deep value stocks deep value investing is a powerful way to beat the market, but deep value stocks are an endangered species in the u. Deep value by tobias carlisle is one of my favorite books. How the billionaire contrarians of deep value beat the market, he codified his thinking about deepvalue investing into eight simple rules. A bundle of twigs cannot easily be broken stocks perceived risky, find resilience when bundled.
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. Deep value investing and unexplained returns by jeffrey. At its heart, deep value investing is simply the methodical application of timeless principles proven by over 80 years of research and practice. For years, ive believed that value investing works. He has achieved a lot of recognition in the value investing community for his books quantitative value 2012, deep value 2014 and concentrated investing 2016. Why activist investors and other contrarians battle for control of losing corporations ebook written by tobias e. Hi reddit rinvesting, i blog at, and ive written two books on value investing. Carlisle, coauthor of a book i put on investors must read list quantitative value, is back with another compelling volume, deep value. A practitioners guide to automating intelligent investment and eliminating behavioral errors 2012, wiley finance.
Oct 10, 2015 the economic climate is ripe for another golden age of shareholder activism. Midwest finance association 2012 annual meetings paper. A practitioners guide to automating intelligent investment and eliminating behavioral errors wiley. Dec 03, 2017 tobias carlisle has taken an interesting path to get where he is today. With so much change happening in the markets, the investors talk with carlisle about various topics. Deep value investing returns acquirers multiple january 2, 1999 to november 29, 2017 tobias carlisle may 29, 2016 study 38 comments updated november 29, 2017. Tobias carlisle has taken an interesting path to get where he is today. Tobias carlisle is the founder and managing director of carbon beach asset management llc.
Tobias carlisle is the founder and portfolio manager at carbon beach asset management. How the billionaire contrarians of deep value beat the market, he codified his thinking about deep value investing into eight simple rules. Following up on his previous emphasis on simple rules for investors, tobias carlisle turned in chapter 12 to the basics. Both of toby carlisles books are superb, and he is always someone i enjoy listening to as well. Author tobias carlisle combines engaging stories with research and data to show how you can do it too. 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. Carlisle is the founder and managing director of eyquem investment management llc and serves as portfolio manager of the firms fund and managed accounts. Carlisle combines engaging stories with research and data to show how you can do it too. Starting his career as a lawyer in queensland, tobias is now a worldrenowned value investor based in california. Carlisle focuses solely on investments and the type of investments that analyze what companies are currently worth, based on known facts, for the most part, the balance sheet. Inspired by a recent trip to japan, here are my 7 main insights distilled from deep value by tobias carlisle, in haiku form. Why activists investors and other contrarians battle for control of losing corporations 2014, wiley finance, and quantitative value. In the concluding chapter of the acquirers multiple.