Tobias Carlisle from Acquirers Funds joins Phil for a conversation about value investing. Conversation highlights:

• How Tobi discovered value investing
• An overview of Tobi's books, including Quantitative Value, Deep Value, Concentrated Investing and The Aquirer's Multiple
• The case for concentration and active share
• Launching a strategy in an ETF versus a hedge fund or mutual fund
• The cyclicality of value
• "This time is different" arguments and if value still works