Last Updated: 6/3/2023
Tobias Carlisle is a widely recognized expert on deep value investing. He is the author of "The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market" and the founder of Acquirer's Funds. He is also the author of "Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations" and co-author of Quantitative Value: "A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors" Tobias is originally from Australia, where he worked an an analyst at an activist hedge fund and was a lawyer specializing in mergers and acquisitions.
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Since 2008, this portfolio has returned 412.8%, outperforming the market by 22.2% using its optimal tax efficient rebalancing period and 10 stock portfolio size.
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Validea used the investment strategy outlined in the book The Acquirer's Multiple written by Tobias Carlisle to create our Acquirer's Multiple Investor portfolio.
Many value investing strategies look great on paper, but don't translate well into the real world. One of the reasons for that is that many strategies don't look at stocks for what they are - partial ownership shares of actual businesses. This strategy addresses that problem by analyzing companies in the way private acquirers would. Its core valuation measure, the Acquirer's Multiple, values a firm by looking at its ongoing operating earnings (revenue minus cost of goods sold, selling general and administrative expense, and depreciation and amortization) relative to its enterprise value (the value of its common stock, preferred stock and debt minus cash). The end result is a group of cheap companies that could be potential takeover targets.