Mastering the Market: Value Investing & Life Lessons with Toby Carlisle

This script delves into the insights of Toby Carlisle, a profound value investor, on mastering the art of value investing and navigating through market cycles effectively. Carlisle shares his transition from law to the helm of The Acquirer's Fund, offering a deep dive into value investing principles, the importance of company fundamentals, and adapting to market dynamics. He elaborates on investment strategies, including a patient approach and a focus on internal analysis highlighted through the Meta case study. Personal anecdotes, such as his engagement with tennis and influences from 'The Intelligent Investor' by Benjamin Graham, and 'The Art of War' by Sun Tzu, enrich the narrative, providing both investment and life lessons. The discussion underscores the essence of understanding investments beyond the apparent and the impact of technological advancements on market trends. Carlisle’s journey and philosophies offer a comprehensive guide for long-term investment success and personal growth.

00:00 The Bull Market and Passive Investment Trends
00:50 Welcome to Resolve Riffs: A Chat with Toby Carlisle
02:12 Toby Carlisle's Journey from Lawyer to Value Fund Manager
06:06 Adapting Value Investing in a Changing Market
10:46 The Shift from Long/Short to Long Only Investing
14:23 Exploring the Underperformance of Value vs. Growth
23:06 The Mechanics of Value Investing and Portfolio Management
36:56 Navigating Sector Diversification and Macro Considerations
41:22 Navigating Market Uncertainty: A Value Investor's Perspective
42:39 The Patience Game: Behavioral Challenges in Value Investing
48:18 Investment Strategy: The Quarterly Rebalancing Approach
49:58 Macro Trends vs. Micro Opportunities: Where to Focus?
57:22 Reflections on Berkshire's Annual Meeting and Investing Principles
01:06:50 Personal Insights: Tennis, Family, and Investment Philosophy

This is "ReSolve's Riffs" – published on YouTube Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick, and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.
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