#54 Tobias Carlisle: The Acquirer's Multiple

This Investing by the Books podcast episode interviews Tobias Carlisle, author of "The Acquirer's Multiple," about his deep value investing approach. The discussion covers the book's core concept—using the Acquirer's Multiple (operating income/enterprise value) to identify undervalued companies—and compares it to other quantitative methods like Joel Greenblatt's Magic Formula. Carlisle explains that while quality metrics can be helpful in bull markets, the Acquirer's Multiple consistently outperforms over the long term, though it experiences periods of underperformance. He also shares his personal investing journey and insights gained from conversations with other investors. Listeners gain a practical understanding of deep value investing and the importance of long-term perspective and risk management.