YouSaid · the spoken record

Toby Carlisle

lines on the record: 35
first: 2021-03-21
most recent: 2021-03-21
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“You can hear more complaining about the underperformance of value on value house with Jake and I than Wes and I wrote a book a long time ago. Quantitative value, and I've got some other books in there too. If you search my name in Amazon, and I run AquirusMultiple.com and AquariusFunds.com, they're the two sites where you can kind of follow along with if you want to do it yourself or if you want to let us do it for you.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“To be fair, there were people pitching at the value investing Congress, but their thesis was it's cheap, it's like an 11% free cash flow. That was the pitch. Not this is a compound that's going to be taking over the world over the next decade.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“That's a brilliant insight. That's really great. It's just that I can't do it and I suspect about whether they can too. The one thing that I have done, I just want to find stuff that you can hold for. Like let's go as far back in the data set as you can and then buy stuff and see how long you can hold it for and how long you get the outperformance. And I've just then tried to fit different what is the thing that predicts the outperformance of these things. And it's not, I can never find any quality metric that gives you any that works over that period. The only thing that I've ever found is the starting price relative to a fundamental. And it almost doesn't matter which fundamental. If it's cheap, that's your best bet about performance over an extended period of time.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“Microsoft's gone on this absolute tear. Software as a service saturday is a genius. And I think part of it is it came from a low valuation. Part of it is that they have done some amazing things in that business. They've got Azure, which just didn't exist before. That's a multi-multi-billion dollar business. I think it's really, really hard to predict. I think the things that you can predict is it safe right now based on its balance sheet. Like it's not going to get hurt that way. You can identify all the things that will blow it up, make sure they're not there. And is it cheap? Because if it's too expensive, you can lose money that way too. Does it have some pricing power at the moment? Yes, it does. If you put all those things together, good things can happen. Also, there are lots of donuts out of that group. You find stuff like that, you know, wind the clock for five years. It's down 99%. Just like on balance over the portfolio if you have enough positions, you do get pretty good performance out of it. That's my naive approach to the market. I see these guys writing great arguments for positions. And I'm like.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“It's a whole lot of criteria that you look at to make sure this is a safe business, this is a good business, it's earning lots of money and it's pretty cheap. And if you do that over time, some of those companies are going to turn into compounders and some of those companies are just going to rerate and get sold out of the portfolio. I think it's incredibly difficult to predict prospectively which one of them is going to be a compounder and which one isn't like. I talk about this all the time because Microsoft has been a great performer over the last decade. But I remember vividly going to the value investing congresses and hearing people pitching Microsoft at the time. And Microsoft at the time, it's like 2011, 12, 13, hadn't gone anywhere since 2000. It was this like received kind of common wisdom that Steve Barmer didn't really know what he was doing. And Microsoft had its first year of revenue dropping. And then they had this new guy in there, Satya Nadella, and everybody's like, well, where's this thing going? Like, what's the, and here you are, like 10 years later, almost 10 years later.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“He divided the two. So they're just really hard to identify. I would say. So if you know prospectively that you're going into one of these regimes, it may make more sense to do one thing over another, but I don't think you ever know prospectively what regime you're going into. You kind of just get the opportunity set that you have in front of you, and then you have to decide what you're going to do. And so the solution that Wes and I have both sort of come up with is to go and test a whole lot of different test one model through a whole lot of different regimes and see which model sort of did the best without any foreknowledge. And there are periods when it does really badly and periods where it does okay. And you sort of come out at the end with some reasonable performance. And when you look at the model that we created, it draws a lot on what Buffett says, one of the things it looks for is does it have pretty good margins that indicates that the company has some pricing power, they stable or they're growing? And then are you buying it cheaply? Is it not too heavily?”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“Up into these periods where the Tehui calls them sideways markets. And basically, sideways markets, the market starts at a very high valuation on a cape basis. And it sort of drifts sideways with lots of volatility in the interim. And it sort of doesn't really go anywhere for extended periods of time, like 13, 15, 17, something like those periods of time. I've tried to reconstruct those charts using CAPE. It's really hard to find the bottom. Like there's no way you can really do that quantitatively. You have to kind of know where the cape is and then go through and identify the load dates in the charts. It's not an easy thing to do. It's not something that you can just tell the computer to do because there are lots of these little ball markets and bear markets. I don't know what you call them, like two or three or five year bull and bear markets where the market does these little round trips and sometimes it goes on and it's not clear where the low of the cyclically adjusted PE is in that market. It's not clear to me whether hey.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“The article with Buffett wrote where he was comparing two periods that were about 17 years. I think it was kind of, I don't know that there was anything special about the number of the years. I think he was just saying, if we look at the last 17 years, interest rates went from a low number to a high number and the stock market did this. And if we look at the preceding period, interest rates went from the reverse and the market was sort of flat for that period. And that inspired...”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“Better looking And then I talked to Cliff and he said something like, I think that I can show, like I can brute force a connection. And he was going to write a paper to that effect or like his little blog post Cliff's perspectives, but it never, or it hasn't come out yet. And then I just looked at the cape against interest rates. Just eyeballing it. You can see interest rates start high in like 1980 and they're low as they've ever been now. And then you have a look at Cape through that. Cape peaks in 2000. And there's another little bump in 2007. And there's another little bump today. And like that doesn't make any sense at all. Just looking at interest rates. So that's not helpful. And then the Deutsche Bank I pointed out, like they've had lower interest rates in Japan and they've had low interest rates in Europe and they got low multiples in both of those countries. So I have no idea. Everything they used to know I don't know anymore.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“Problem is Wright's right. I was just randomly watching some of the, I think it was Bloomberg has some tiles on the TV last night after everybody had gone to bed. I found this discussion of the Deutsche Bank, like he's one of their heads of economics or something like that. And they were talking to him about the rate. I've never really been able to. Sorry, queer fastness, you're welcome, Wes. Just mixing you two up.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“Tech momentum in this market at the moment, and that will persist until it goes away and there's really nothing that you can say about it.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“So it's been a long kind of haul since then for value. It hasn't really caught any massive outperformance since then. It sort of was a phenomenon of the early 2000s and I'm embarrassed that I'm a momentum value guy. Like I jumped on the bandwagon after I'd been working. And now there's that great paper by Mikhail Samanov where he says it's like it's the worst drawdown in 200 years of value. It certainly feels that way. And he's basing that on price the book and we price the book's not got very many friends these days. I sort of think that at some stage, when I look at the portfolios as a value guy, if I roll up the portfolio and I look at my portfolio compared to the market, I think on every metric, it's cheaper on every metric. It's growing faster on every metric and it's got a higher dividend yield. And so I think it's some, like that's the sort of stock that I would buy expecting that stock to outperform. I think at some stage that happens, it's just there's a lot of momentum in this market at the moment.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“I might just die of pleasure if that happens. I don't know. I've never sort of experienced it. It's been, I've only been an investing professionally, semi-professionally since 2010.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“And you just want to get the market return, then just go and buy the market. And don't worry about it. But I sort of flatter myself that if I stick closely enough to a good value strategy, it will eventually turn around and outperform. There's been no evidence of that so far, though, I should say.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“I think one of the big risks for guys for fund managers and people investing with fund managers is when fund managers get behind a little bit, they start changing what they're doing so they drift a little bit and it's very tempting in this market in particular if you're a value guy to drift into a more growthy kind of style because that's been what has been working for about the last five years probably and it's been accelerating. It's been getting the distance between the two's been getting wider and wider. And so at some stage you just sort of can't take the pain anymore and you want to jump into something that just to take the pain away for a moment. I would 100% do that. I just know that the moment that I personally do that, the whole game is over and it will reverse course and go back to where I should have been in the first place. So I just keep that in mind that the only thing you can do to outperform is to do those things that deviate from performance. You have to sort of stand apart from the crowd. If you hope to outperform it, if you're not prepared to do that,”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“The brain dead versions of these models No one's convinced me that they actually add any real value. Just marketing stuff. And I'm much more in the camp of Toby, where in the end, like fundamentals matter. It's humans buying and selling in the marketplace. The only edge you really have is just being less human and less crazy. And to the extent you can rely on systems to minimize that behavioral baggage, I think that's evergreen. So I don't think All this stuff matters for that component.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“So I would say break it into two pieces. How will that stuff affect the business of Qant? I think it'll have dramatic effects in the sense that you got to pretend like you're doing something if you want to get paid extra fees. So I think people will do a lot of this activity. Complexity, add whatever as part of a sales pitch. But that's the whole game of like how do I get like some sort of information advantage before Joe Blow's supercomputer versus Susie's supercomputer? Don't know if that's really a great long term game to win in, but I know it's a great game for people to sell and people continue to do that. I know a lot about it. I don't know a lot about it, but I... Deal with a lot of people and we hire a lot of people that I'm least open to letting them explore their crazy ideas to try to beat.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“Have respect for the behavioral errors that we all make in the markets, particularly when we're stressed and we're typically stressed at the times when you need quant most, which is when the market's done a lot and you should be behaving in a particular way. So I think that the description that you gave at started me tying my hands to the musk, that's really what I have tried to do. I wrote a book with Wes, got the benefit of Wes' great insights into all that stuff, and then said, that's a really good approach. I'm going to do that. And then I'm not going to mess with it at all. And so I tied myself to the mask. And I kind of implement the strategy without fear of favor. As to where the world goes after that or where it's already gone, Wes is a better man to ask about that.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“Really ring the bell. And the fact that something is, I think David Einhond's got a great line where he says something like the fact that something's two times overvalued is no less silly than something being three times overvalued or five times overvalued. I think you just have to look at something like Tesla. I think that Tesla could be 20 times overvalued. And I would have said it was insane at 10 times overvalued. So it doubled from there and it's gone up 10 times over last year. So definitely the wrong person to be asking about that kind of stuff”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“I find it very interesting but not very useful. What the cape ratio doesn't really change anything I do strategically or tactically, but it's definitely interesting to think about for sure. Basically, in the same boat as Wes, so I kind of watch it and it makes me feel sick when I watch it, when I see how high it is. It doesn't impact how I invest in the market. The problem that you have is that I think that Japan, I think, got to 100 times. I might be wrong about that. That's my recollection that it got to 100 times. China got to 100 times. So the US at 44 times at the peak of the dot-com bubble wasn't really trying. It could have gone up two and a half times.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“Junkie overvalued stuff that has broken down momentum. And I just try to get long, cheap, strong stuff that generates lots of cash flows. So through a bust, I prefer stocks that buyback stock. So if they go down, they get a better opportunity to buy back more stock. It's great if they stay cheap. They just keep on buying back more stock. The intrinsic value gets concentrated. And you hope that if they go through a big bust, it's the stuff that's more sensitive, the much more expensive, more speculative, heavily levered stuff that gets dinged up more. And so that sort of protects the portfolio through something like that. So I'm 100% exposed to the US market, but I do it in that way through basically long, only small micro, which is, you know, if the market rips small and micro does pretty well, small and micro value sort of keeps up with it at the moment. But I think over long and smaller micro value will outperform it. And then if it gets really beaten up, then the long, short should provide less.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“That were sort of more tech focused now rather than more heavy industry. Or it might just be plain old kind of speculation in the market and that these things happen every now and again that people get too excited about new technologies and they pay too much for them. That sucks all of the money away from the other parts of the market. And then at some point there's a reckoning. So if you look at cyclically adjusted PE, it's kind of very unpopular at the moment because it tells everybody that the market's really expensive and hasn't been particularly predictive for an extended period of time. And it's not over sort of short periods of time. But all you can say looking at the cape at the moment is that the Ford returns look pretty low. And when you get that kind of market low Ford returns, it's often accompanied by a lot of volatility. And so you're kind of getting the worst of both worlds, terrible returns and likely a lot of the likelihood of a big drawdown increases through that period of time. So personally like to have, I've got some shorts on in the market that I”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“They publish Ken French publishes all this data on his website. You can pull it down and take a look at it yourself. But basically, they break down my cash flow basis because you're not allowed to talk about price anymore because it's such a dead factor. But let's talk about cash flow because that's sort of acceptable. He breaks them down into all of these different, he breaks them down into thirds, into fifths, into tenths. So 10 buckets. The most expensive bucket is as expensive as it has ever been. It may be exceeding. I can't remember exactly, but I think it might have exceeded 2,000 now on that basis. And the cheap stuff is it's expensive relative to its long-run mean, but it's nowhere near as overvalued as the really expensive stuff. The problem is that that's been true for an extended period of time. It's just the difference between the two has just kept on widening and widening. That's unusual. And could be some problem with the way that we're accounting for this stuff. It could be a change in the underlying business, you know, the nature of businesses.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“A personal question, I think, for a lot of people, depending on where they are in their cycle. I am personally young enough that I think that it's okay for me to be fully exposed to equities, and particularly the way that I implement it, I do it long, short in a mid-cap large cap universe and long only in a small cap universe. The two things that I manage are both US focused. So I'm at the moment all I think about is the US. When I look at the US, I'm sort of with Jake that really, really hard. It's been kind of baffling to me as a value guy for a very extended period of time that the market seems to be extremely expensive. Value stocks are sort of, they're a little bit rich to their long-run mean now, but they're not, I don't think that they're anywhere near the, if you look at a desire breakdown, you take the French data, so Ken French is part of the FAMA French, who came up with all the factors that Wes was discussing, many of the factors that Wes was discussing before.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“You can also use those services that show when somebody is buying or selling. And if it's someone who tends to hold for a very long period of time, then it probably doesn't matter if you're a quarter or so behind when they're buying something. It's when you get the guys who are trading all the time in and out. It's a snapshot of chaos every quarter and you don't know what's happened in the days or weeks since or before it's kind of useless trying to climb those guys and you're just taking a snapshot of the entire portfolio and not what they're actually trading.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“Got a position in Amazon, although they did at one stage, which is sort of optically expensive. I had to look at it at the time they put it on, and I couldn't kind of figure it out. And then a year ago, maybe they put the position on in Barrack Gold. And I know from running a blog that if you put Buffett and Gold in the headline of a post, it's going to go bananas. And I think every other news outlet in the States knows that as well or in the world knows that. And so that was like a headline for a long time. It was this tiny little position and then it got sold out in the latest 13F. And I didn't hear anybody say anything about that at all. It was like, it just didn't happen. It didn't exist.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“You're going to be familiar enough with the philosophy. That you like. So it's easy to clone buffet because we all kind of know his philosophy pretty well, and then there's a whole lot of buffet type dudes out there who I'd be reasonably comfortable. Probably there's some tech guys who could, like, if you get comfortable with it, I can't get comfortable with their process. But if you are that kind of investor, then you can probably figure it out.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“How do you find this? I think I heard somebody say that recently they look for the weird holding in the portfolio that doesn't make sense and that their argument was it's some analyst who's pushed really hard to get this in and they're like, yeah, we'll stick a little bit of it in.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“Can't see all of her portfolio either because you can't see international holdings and you can't see shorts that they have on, which you might be looking at half of an arbitrage or something like that. And you can't see any option positions that they have on. So you're getting one picture of the portfolio. The other, that's a weird one. And I think I learned this from Meb when I wrote his book, was that you shouldn't buy the biggest holding because that's the one that's run up the most, I think.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“That doesn't solve the problem if you're kind of forced. And I don't know what they do in that scenario. I think that it's going to be tough to get out.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“It was that the less liquid it is, there's typically better returns from less liquid stocks than more liquid stocks. You want to be buying illiquid and selling liquid.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“I think it's a perfectly legitimate strategy, and value guys do this too. So I'm not criticizing too much, but it's a perfectly legitimate strategy to buy something when it's very illiquid and plan on selling it when it becomes more liquid or much less liquid, which is what tends to happen. People don't sell when stocks are down low because they want to get out. They sell typically because they have to get out. Somebody sort of, you know, they've got redemptions or they need the money somewhere else or they leave it, they've got a margin loan or something like that because they know they're undervalued too. So there's no liquidity when you're trying to buy some of these beaten up names, not that their names are beaten up. Their names are ahead. I'm just saying as a value, you're always trying to buy beaten up names. And then you're sort of hoping that down the road year or two or three or five, whatever, at some point, the thing that you're buying sort of comes back into fashion and people will want to pay a higher multiple for it. And typically that's when you see a little liquidity. And you can probably ask Wes about the research into liquidity as a factor. I think that that's the idea.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“Somebody joked that Ark had sprung a leak over the last few days. Its flows are just amazing. It's been, it hoovers up a lot of money and then it redeploys it because they're active funds. They redeploy it immediately into the market as they see fit. And there's been this weird little wobble over the last few days where some of the frothier tech names have pulled back. So has Tesla. And so Ark has sort of shifted its portfolio mix a little bit from it's taken it away from some of those more illiquid names and it's moved a little bit more into Tesla, which might make it a little bit more liquid, but their holdings in some of these companies are kind of, it's extraordinary how much of the company they own, they're sort of in the 20% plus range in some of these companies.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“Has got sort of gigantically big over the last few years. It's now sort of the third or fourth biggest ETF shop out there. And their flows now that go into these small illiquid tech stocks sort of, they control the prices of these tech stocks had this little wobble over the last few days and that's caused some redemptions for them, which may cause them to do some selling as well. They also have a big exposure to Teslas. I just think that that's the driver of the market at the moment is potentially ARC getting some redemptions and having to sell out of some of those stocks which will push down those names and they're very sort of beholden to what Tesla does. Tesla is a much bigger stock, but it's still quite volatile. It hasn't made a great deal of money. And so there's some risk that creates this sort of cascade of selling and arc gets caught in it. And then I don't know what that does to the rest of the market. It seems to me that there's a lot of money in Tesla and ARC that is fairly new money and might be a little bit.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT
“Wes and I wrote a book a very long time ago now. It's almost a decade since it came out. And that's a pretty good explanation of sort of the underlying process, which is like for screen, basically. And then I do a few other things on top of that. I just think the most interesting thing in the market at the moment is Kathy Wood and ARC ETFs. You might remember in the early dot-com days there was this fun called Janus, and they had great performance and they got great flows. They got a lot of flows as a result and they were focused on smaller illiquid tech names. So Janus had these great flows into these very illiquid stocks and they got great performance as a result and it was probably them driving up the performance of those stocks. There's been a similar argument made about ARC that they tend to focus on smaller nonprofitable tech stocks and arc.”
2021-03-21 · We Study Billionaires · TIP341: Investing Mastermind Q1 2021 w/ Toby Carlisle, Wes Gray, and Jake Taylor · IDENTIFIED FROM THE TRANSCRIPT