#64 - The Value Disciple: Tobias Carlisle on Buffett's 3 best deals and why value will come back into favour

<p>Tobias Carlisle is one of the best-known advocatesof deep value investing, author of several investing books and host of a great investing podcast which he produces live on YouTube. </p><p>We talk about how he got into investing, having been a lawyer, why people worry too much about value traps but not enough about quality traps and how the podcast has influenced his thinking. </p><p>We discuss his latest book, which includes an examination of what he regards as Buffett’s three best deals and why he has moved from the extreme “junk” end of deep value. He remains valuation-driven but is now more willing to own quality when he can obtain it at the right price.</p><p>Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.</p><p>You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠⁠website⁠⁠⁠⁠.</p><p>If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.</p><p>Give our sponsors some love - check them out!</p><p><a href="https://www.alpha-sense.com/btbs/" target="_blank" rel="noopener noreferer">AlphaSense</a>, the AI-powered expert network platform </p><p><a href="https://baseline.a5labs.com/?r=btbs" target="_blank" rel="noopener noreferer">Baseline</a>, qualitative research on 3600 companies.</p><p></p>