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Podcast: Excess Returns
Episode: Record Valuations. Hidden Opportunity | Tobias Carlisle on Finding Value in an Expensive Market
Description: In this episode of Excess Returns, we welcome back Tobias Carlisle — author, host of Value After Hours, and manager of the Acquirers Funds. Toby shares his candid perspective on market valuations, value investing’s long struggle, and why he still believes mean reversion will eventually swing back in favor of small caps and value stocks. We also dive into AI, global markets, the Fed, housing, and where investors might find opportunity outside today’s expensive U.S. mega-caps.Market valuations: why today’s market may be more expensive than 1929, 2000, or 2020The pitfalls of relying on single-y...