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.
- 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
Originally Posted September 29, 2023 – Much Needed Therapy for Value Investors
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