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52 - The Acquirer's Multiple with author Tobias Carlisle (Interactive Book Review)

The DIY Investing Podcast

Release Date: 12/01/2019

110 - How I am incorporating Momentum into my Investing Process show art 110 - How I am incorporating Momentum into my Investing Process

The DIY Investing Podcast

Both momentum investing and value investing provide excess returns. This episode outlines how I plan to profit from both forms in my investing process. Specifically, price and business momentum will be added to value investing. The use of price momentum should limit my losses when mistakes are made. Meanwhile, by analyzing business momentum I am likely to reduce the probability of making mistakes.

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109 - How much time should you research a stock before buying? show art 109 - How much time should you research a stock before buying?

The DIY Investing Podcast

The process of researching stocks requires a significant amount of time investment. You should optimize the time you spend researching by focusing on three questions: Cheap? Good? Safe? You should be able to answer in ten hours or less.

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108 - Coffee Can Portfolio Investing show art 108 - Coffee Can Portfolio Investing

The DIY Investing Podcast

In this episode, I discuss the coffee can portfolio approach to investing. This investing strategy involves never selling a stock once it is bought. Therefore, you must seek high-quality companies with long runways for growth and high returns on capital.

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107 - Investing Goals for 2021 show art 107 - Investing Goals for 2021

The DIY Investing Podcast

In this episode, I outline my top investing goals for the new year. I aim to identify 2 new companies worth buying and my goal is to attain a 20%+ annual return for 2021. I also cover process-based goals relating to how to go about investing research. Finally, I would like to pass the Series 65 exam so that I can begin managing money for outside clients. 

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106 - When to Sell Stocks show art 106 - When to Sell Stocks

The DIY Investing Podcast

Many value investors lack a clear strategy on when to sell stocks in their portfolio. This decision ought to be based on opportunity cost, potential investment mistakes, intrinsic value, and return differential between old and new companies.

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105 - Investing vs Speculation vs Gambling show art 105 - Investing vs Speculation vs Gambling

The DIY Investing Podcast

An investment is any investment operation that utilizes a margin of safety, provides an adequate return of 10% or more, earns that return from fundamental cash flows, is a positive-sum game, and bounded by a range of prices and terms.

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104 - Terminal Value and Why Intrinsic Value grows over time show art 104 - Terminal Value and Why Intrinsic Value grows over time

The DIY Investing Podcast

Terminal Value is the net present value of all future cash flows discounted back to a specific year in the future. Intrinsic value is fixed, but your estimate of intrinsic value will change over time.

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103 - The Deflation Myth show art 103 - The Deflation Myth

The DIY Investing Podcast

The Deflation Myth has been accepted primarily because economists have used false assumptions in their analysis and because debtors, namely world governments, tend to hold massive political and cultural power. It is in their best interest to convince you that deflation is bad so that they can inflate away their debts. Yet, most investors are harmed more by inflation than they would be by deflation. 

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102 - Don't use Enterprise Value - Here's Why show art 102 - Don't use Enterprise Value - Here's Why

The DIY Investing Podcast

Be conservative when valuing companies. Don't give managers credit where they don't deserve it. Enterprise value should only be used when companies hold debt. Yet, you should only buy companies with net cash.

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101 - How to find good stock ideas (FAQ) show art 101 - How to find good stock ideas (FAQ)

The DIY Investing Podcast

The best way to identify good stock ideas is to copy a watchlist of investors you trust and respect. Their best ideas can form a strong foundation for your watchlist.

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Book: The Acquirer's Multiple by Tobias Carlisle

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Show Outline: Interview with Tobias Carlisle

The full show notes for this episode are available at https://www.diyinvesting.org/Episode52

Book: The Acquirer's Multiple (Interactive Review with Author)

  • Deep Value Investing
  •  
    Is Deep Value only a good strategy when control situations are viable?
  •  
    Activists benefit deep value investors beyond themselves
  •  
    Mid-Cap Stocks are a prime market because of so many activists
  •  
    Negative Enterprise Value Stocks – Great portfolio for investors without liquidity restrictions
  •  
    The Acquirer’s Multiple: EV / Operating Earnings
    •  
      A multiple of 10 or less or a 10% earnings yield is a good target
  • How could Mean Reversion fail or stop working? (Key Deep Value Assumption)
  •  
    Can Business Analysis be learned? (And is it even worth it?)
  •  
    What value does a portfolio manager provide over a computer in the deep value space?
  •  
    Tobias’s ETF: ZIG (‘ZIG when the market zags’)