Tobias Carlisle - Acquirer's Multiple Investor

Tobias Carlisle is a widely recognized expert on deep value investing. He is the author of "The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market" and the founder of Acquirer's Funds. He is also the author of "Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations" and co-author of Quantitative Value: "A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors" Tobias is originally from Australia, where he worked an an analyst at an activist hedge fund and was a lawyer specializing in mergers and acquisitions.
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Since 2008, this portfolio has returned 194.5%, underperforming the market by 101.2% using its optimal tax efficient rebalancing period and 10 stock portfolio size.

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Acquirer's Multiple
S&P 500
* Returns are model returns and do not reflect actual trading. Full performance disclaimer

Tobias Carlisle - Acquirer's Multiple Investor

Validea used the investment strategy outlined in the book The Acquirer's Multiple written by Tobias Carlisle to create our Acquirer's Multiple Investor portfolio.

Many value investing strategies look great on paper, but don't translate well into the real world. One of the reasons for that is that many strategies don't look at stocks for what they are - partial ownership shares of actual businesses. This strategy addresses that problem by analyzing companies in the way the private acquirer's would. Its core valuation measure, the Acquirer's Multiple, values a firm by looking at its ongoing operating earnings (revenue minus cost of goods sold, selling general and administrative expense, and depreciation and ammortization) relative to its enterprise value (the value of its common stock, preferred stock and debt minus cash). The end result is a group of cheap companies that could be potential takeover targets.

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Performance Disclaimer: Returns presented on Validea.com are model returns and do not represent actual trading. As a result, they do not incorporate any commissions or other trading costs or fees. Model portfolios with inception dates on or after 12/30/2005 include a combination of back tested and live model returns. The back-tested performance results shown are hypothetical and are not the result of real-time management of actual accounts. The back-testing of performance differs from actual account performance because the investment strategy may be adjusted at any time, for any reason and can continue to be changed until desired or better performance results are achieved. Back-tested returns are presented to provide general information regarding how the underlying strategy behind the portfolio performed in our historical testing. A back-tested strategy has the benefit of hindsight and the results do not reflect the impact that material economic or market factors may have had on advisor's decision-making if actual client assets were being managed using this approach.

Optimal portfolios presented on Validea.com represent the rebalancing period that has led to the best historical performance for each of our equity models. Each optimal portfolio was determined after the fact with performance information that was not available at portfolio inception. As a result, an investor could not have invested in the optimal portfolio since its inception. Optimal portfolios are presented to allow investors to quickly determine the portfolio size and rebalancing period that has performed best for each of our models in our historical testing.

Both the model portfolio and benchmark returns presented for all equity portfolios on Validea.com are not inclusive of dividends. Returns for our ETF portfolios and trend following system, and the benchmarks they are compared to, are inclusive of dividends. The S&P 500 is presented as a benchmark because it is the most widely followed benchmark of the overall US market and is most often used by investors for return comparison purposes. As with any investment strategy, there is potential for profit as well as the possibility of loss and investors may incur a loss despite a past history of gains. Past performance does not guarantee future results. Results will vary with economic and market conditions.