Tobias Carlisle
@Greenbackd
Followers
67K
Following
60K
Media
2K
Statuses
23K
PM, Acquirers Funds® https://t.co/rjHtXEPHly. Author, The Acquirer's Multiple (https://t.co/84Cyi4G7dv) and Deep Value (https://t.co/5dE6nGGNCJ).
Los Angeles, CA 🇺🇲🇦🇺🦘
Joined February 2009
Hi! I run a deep-value firm called Acquirers Funds® https://t.co/nw0zlMPADE We implement the Acquirer's Multiple® in a liquid, and tax- and capital-efficient way: https://t.co/Yc28lQVCDa Read the book: https://t.co/BSDM09iN7r Hear the podcast: https://t.co/l1bykz1OgH
50
48
388
@TidefallCapital Measured by S&P 500 v the equal weight version (blue in the first chart) or S&P 100 versus S&P 500 (red in the first chart) we're a decade into a large > small market. The longer-term trend since 1926 in the French data is small > large (navy blue in the second chart) with many
6
4
19
If you're from crypto and new to commodities, think of gold as physical Bitcoin.
Gold: Buying Panic - $GLD had the fourth-biggest inflow on record 👀🪙
18
10
81
These returns relative to SPY. Only SPY Growth has outperformed SPY, while everything else has underperformed. The S&P 100 ETF ($OEF) has also outperformed SPY by 3.68%. It's a big, growth market.
2
1
10
💀
10
1
53
Weekly Investing Roundup – News, Podcasts, Interviews (09/12/2025) Read the full roundup here : https://t.co/366uZeJMIO
0
1
1
back of the envelope using consensus estimates, ROIC at these firms will be cut in half within 3 years. When do the multiples compress?
"Capex share of operating cash flow for hyperscalers: 60%" - Apollo Slok
2
3
19
Cyclically Adjusted Price/Earnings ratios for S&P 100 (largest, black) vs S&P 600 (smalls, red). Largest (black) only exceeded by late Dot Com blow-off top. Smalls (red) trading below 30-year average. The jaws are open wide. via @Callum_Thomas and @topdowncharts
13
10
69
A longer version of the same chart @JeffWeniger posted a week ago.
The ratio of S&P 500 Growth to Value in the US has hit a new record high, surpassing the peak of the meme stock bubble in 2021. Growth dramatically outperformed value from 2007-2020, then saw a reversal in 2022 until unusually continuing during the rate hiking cycle from 2023 to
11
2
25
The ratio of S&P 500 Growth to Value in the US has hit a new record high, surpassing the peak of the meme stock bubble in 2021. Growth dramatically outperformed value from 2007-2020, then saw a reversal in 2022 until unusually continuing during the rate hiking cycle from 2023 to
14
12
43
Bonus Chart 2 — The Tactical Element And as mentioned earlier, another key component of the tactical outlook has been the resurgent earnings revisions indicator (which combines the smoothed signal from changes in aggregate forward earnings estimates and the breadth of positive
1
1
3
A new proposal from @CMSgov under @DrOz wants to add catheters, ostomy & trach supplies to Medicare’s competitive bidding program. This is a bad idea and will worsen outcomes for seniors & Medicare recipients. My latest in @MedPageToday explains why ⬇️
medpagetoday.com
Limiting urological, tracheostomy, and ostomy supply options will do more harm than good
19
59
326
Bonus Chart 1 — Investor Allocations This chart shows just how far out of favor small caps are... Through a combination of portfolio drift (market movements) and active allocations (fund flows), US investors are running record low allocations to small cap ETFs. But here’s the
1
3
11
Chart of the Week - US Small Caps “Big opportunity in Small Caps?” That’s what many are starting to argue, and some of you asked me what I reckon so here’s a couple of charts + things to consider. The main thing is US small cap stocks as a group look cheap vs history, cheap vs
1
11
31
Small cap value investor @SFarringtonBKC joins @farnamjake1 and me on Value: After Hours LIVE TODAY at 1.30pm E / 10.30am P / 5.30pm UTC / 3.30am AEST Watch it on the Acquirers Podcast channel: https://t.co/Ab8JGxgMOu……… Subscribe to be sent a
12
2
20
Missed the interview with $SNES CEO and CFO? The full interview is now available on @YouTube. Watch here 👇 https://t.co/hb6ghpNdy4
2
3
12
VALUE: After Hours (S07 E30): Investment Philosophers: Financial Lessons from the Great Thinkers with Ethan A. Everett Here’s an excerpt from the episode: https://t.co/yjwSFh010w
0
1
3
$IWM, the Russell 2000 ETF (small caps) has been lagging behind $SPY, the S&P 500 (large caps) since 2011. IWM lagged SPY in the late 1990s but outperformed from 1999 to 2011. *Enhance* IWM may have turned the corner since the beginning of August.
16
1
16
Small earnings starting to tick up.
+18%/-22%: Actual earnings rising in large companies and falling in small companies (Market, show me you care.)
4
0
15
"Earnings growth for the median stock in the Russell 3000 has been negative for much of the last 3 years; That's now changing."
MS making the point that the median stock in the Russell 3000 is starting to see earnings growth. Good news as its getting exhausting only talking about the Mag 7 stocks.
7
3
29
S&P forward EPS by large, mid and small since 2022. Large up. Mid sideways. Small down. via @nuancerocket
16
2
25