# Value Investing Playbook with Tobias Carlisle, Co-Host, Value After Hours, and Portfolio Manager, Acquirers Funds

Page: https://stenobird.com/podcast/planet-microcap-podcast-microcap-investing-strategies-47007/value-investing-playbook-with-tobias-carlisle-co-host-value-after-hours-and-portfolio-manager-acquirers-funds
Text version: https://stenobird.com/podcast/planet-microcap-podcast-microcap-investing-strategies-47007/value-investing-playbook-with-tobias-carlisle-co-host-value-after-hours-and-portfolio-manager-acquirers-funds.md
Podcast: [Planet MicroCap Podcast | MicroCap Investing Strategies](https://stenobird.com/podcast/planet-microcap-podcast-microcap-investing-strategies-47007)
Published: 2026-01-30T08:01:00+00:00
Episode link: https://planetmicrocap.podbean.com/e/value-investing-playbook-for-2025-2026-with-tobias-carlisle-co-host-value-after-hours-and-portfolio-manager-acquirers-funds/
Audio file: https://mcdn.podbean.com/mf/web/2cigtfywyqngkr52/riverside_tobias_carlisle_x_robe_jan_19_2026_002_planet_microcap60hdt.mp3
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Duration seconds: 2751

## Resource

Value investing thrives by identifying businesses in cyclical pain rather than structural decline. This discussion explores how to use balance sheets as a defensive moat and find opportunities in capital-starved sectors.

## Highlights
- Main idea: Distinguish between cyclical downturns and structural declines to find profitable businesses at the bottom of a cycle
- Practical takeaway: Use the 'Acquirer's Multiple'—comparing operating earnings to enterprise value—to identify deep value
- Failure mode: Avoid 'narrative-driven' investing; focus on trailing financial statements and cash flow instead of market hype
- Practical takeaway: Prioritize strong balance sheets to provide downside protection against rising interest rates
- Main idea: Mean reversion in small and micro-cap stocks is likely as capital starvation in these sectors creates attractive entry points

## Topics

Value Investing, Microcap Stocks, Mean Reversion, Margin of Safety, Small Cap Investing, Financial Statement Analysis, Enterprise Value, Capital Allocation

## Chapters
- 1:00 — The Acquirer's Multiple Framework: An introduction to Tobias Carlisle's methodology of using operating income relative to enterprise value.
- 8:30 — Energy and Cyclical Bottoms: Evaluating energy companies by looking for profitability and free cash flow during price troughs.
- 11:50 — Cyclical Pain vs. Structural Decline: How to identify businesses that are temporarily struggling versus those facing permanent industry shifts.
- 15:30 — Margin of Safety and Business Quality: The importance of maintaining a margin of safety while waiting for business quality to manifest.
- 22:00 — The Impact of Private Equity Capital Starvation: How the difficulty in selling private equity holdings is driving capital toward undervalued small-cap stocks.
- 25:30 — Balance Sheets as Downside Protection: Analyzing how interest rate normalization affects debt-heavy small and micro-cap companies.
- 32:10 — Predicting 2026 Mean Reversion: The thesis for a significant mean reversion event in the small and micro-cap space.
- 35:20 — Global Opportunities and Japan: Exploring international markets and the potential for value in regions like Tokyo.

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## Transcript

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