Why activists investors and other contrarians battle. Read deep value why activist investors and other contrarians battle for control of losing corporations by tobias e. We detail the returns generated from a net nets strategy implemented from 1984 2008, and then attempt to. This outperformance is attributed to the phenomenon of mean reversion. Greenbackd deep value, contrarian, and grahamite investment. 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.
He turns the tables on tobias to discuss deep value, the acquirers multiple and acquirers funds, llc. Deep value by tobias carlisle the investing father. Sep 19, 2014 deep value offers investors an authoritative exploration of the philosophy of deep value investment. Ian cassel is chief investment officer at intelligent fanatics capital management. Why activists investors and other contrarians battle for control of losing corporations 2014, wiley finance. How the billionaire contrarians of deep value beat the market, he codified his thinking about deepvalue investing into eight simple rules. He is best known as the author of the wellregarded website and as. 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. Why activist investors and other contrarians battle for control of losing corporations ebook 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. 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. Currently supported languages are english, german, french, spanish, portuguese, italian, dutch, polish, russian, japanese, and chinese. Outlined below is an introduction of tobias carlisle, and the questions and answers from preston and stigsinterview with him.
In deep value and in his first book, quantitative value, tobias demonstrates that the enterprise multiple or acquirers multiple, defined as enterprise value ebit outperforms all other value ratios. In the concluding chapter of the acquirers multiple. Use the free deepl translator to translate your texts with the best machine translation available, powered by deepls worldleading neural network technology. Carlisle not only brings up investments in general in this category, but specifically those companies that are very undervalued. Please practice handwashing and social distancing, and check out our resources for adapting to these times. The strategy will on occasion hold cash when values are difficult to identify. Carlisle combines engaging stories with research and data to show how you can do it too. He serves as portfolio manager of acquirers funds managed accounts and funds. Tobias carlisle is the founder and managing director of acquirers funds, llc. Aug 06, 2017 deep value by tobias carlisle is one of my favorite books.
I must admit i was underwhelmed with my initial viewing of the book. Carlisle is the founder and managing director of eyquem investment management llc and serves as portfolio manager of the firms fund and managed accounts. Both of toby carlisles books are superb, and he is always someone i enjoy listening to as well. 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.
He is best known as the author of the wellregarded website and as coauthor of quantitative value. The talk is about 60 minutes, and its well worth the time. Deep value is an investigation of the evidence, and the conditions under which those losing stocks become asymmetric opportunities, with limited downside, and enormous upside. How the billionaire contrarians of deep value beat the market by tobias e. The economic climate is ripe for another golden age of shareholder activism deep value. 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. How the billionaire contrarians of deep value beat the market is an easytofollow account of deep value investing. Ian is a fulltime microcap investor and cio of intelligent fanatics capital management. If dear chairman resembles the case method, plumbing individual instances of activism for business lessons, deep value, by tobias e. Hi reddit rinvesting, i blog at, and ive written two books on value investing. Carlisle is the founder and managing director of eyquem investment. After hours podcast taylor, brewster, and carlisle discuss restoration hardware and some reasons why warren buffett bought 1. Why activist investors and other contrarians battle for control of.
The economic climate is ripe for another golden age of shareholder activism. 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. The acquirers multiple is a term used to describe the strategy explained in the book the acquirers multiple. Why activist investors and other contrariansbattle for control of losing corporations is a mustreadexploration of deep. Performance results are net of transaction costs and reflect the reinvestment of dividends and other earnings. Why activists investors and other contrarians battle for control of losing corporations 2014, wiley finance, and quantitative value. How the billionaire contrarians of deep value beat the market, he codified his thinking about deep value investing into eight simple rules. Deep value offers investors an authoritative exploration of the philosophy of deep value investment. The price of the book is expensive, but it is well worth it. 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. The economic climate is ripe for another golden age ofshareholder activism deep value. For years, ive believed that value investing works.
Tobias carlisle presents an insiders perspective on valuation and activism in a format that is accessible to both professional and general investors. Deepvalue investing, fundamental risks, and the margin of safety article pdf available in the journal of investing 173 september 2008 with 1,737 reads how we measure reads. Why activist investors and other contrarians battle for control of losing corporations. How the billionaire contrarians of deep value beat the market is an easytoread account of deep value investing. Maybe it was because i thought the price was high given the size of the book. 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.
The audiobook shows how investors warren buffett, carl icahn, david einhorn, and dan loeb got started and how they do it. A practitioners guide to automating intelligent investment and eliminating behavioral errors wiley. A practitioners guide to automating intelligent investment and eliminating behavioral errors 2012, wiley finance. Deep value investing and unexplained returns by jeffrey oxman. The book combines engaging anecdotes with industry research to illustrate. 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. How the billionaire contrarians of deep value beat the market. 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.
Pdf deepvalue investing, fundamental risks, and the margin. 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. 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. Peter was a personal friend of mine as well and a member of the board of advisors of my firm.
Use of the formula does not guarantee performance or investment success. Deep value why activist investors and other contrarians battle for control of losing corporations tobias e. It contains most excellent documents of great piety, extraordinary patience, and of a perfect resignation to the will of god. Deep value wiley online books wiley online library. Why activist investors and other contrarians battle for control of losing corporations wiley finance full pages by tobias e. 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. Deep value by tobias carlisle is one of my favorite books. Following up on his previous emphasis on simple rules for investors, tobias carlisle turned in chapter 12 to the basics. Market from the intelligent investor, preface from the book, deep value by tobias carlisle, and behavioral portfolio management. Hi, im tobias carlisle, investor and author of deep value. Download for offline reading, highlight, bookmark or take notes while you read deep value.
Tobias carlisle deep value investing, release date. The book shows how investors warren buffett, carl icahn, david einhorn and dan loeb got started and how they do it. He is the author of the bestselling book deep value. The book of tobias this book takes its name from the holy man tobias, whose wonderful virtues are herein recorded. Oct 10, 2015 the economic climate is ripe for another golden age of shareholder activism.
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