The Value vs. Growth Stalemate: SPACs, Rising Yields, and Long/Short in a Post-GME World

Real VisionApril 08, 2021
Tobias Carlisle, principal and founder of Acquirer's Fund, returns to Real Vision to share his analysis on the "growth vs. value" divergence that has been at the vanguard of 2021's equity price action. Carlisle breaks down what "value" means to him using the classic valuation metrics (price-to-book, price-to-sales, price-to-earnings, etc.) as well as more nuanced factors such as balance sheet strength and quality of earnings. Carlisle analyzes how rising yields impact the value spread and shares specific stocks that his portfolio is long or short on. Key learnings: Carlisle sees the recent surge in value as part of a larger narrowing of the "value spread" relative to growth. He notes that "junkier" value has outperformed quality value, and rather than turning his attention to energy stocks, airlines, and cruiseliners, Carlisle is focusing on quality "Tech 1.0" businesses. On the short-side, Carlisle sees lots of excess in SPACs and software-as-a-service companies that have yet to make a profit.
Get access to daily trading ideas, trending topics, interviews and more!
Please subscribe to Insider Tracking Advantage Ultra

Other Real Vision Videos

Ampleforth: Ideal Reserve Currency
Real Vision senior editor Ash Bennington is joined by Evan Kuo, founder of Ampleforth, to discuss how Ampleforth was engineered specifically to satisfy characteristics of the ideal reserve currency. By working with Stanford's Hoover Institute for several years, Kuo and his team have been refining what it means to be a "good" reserve currency. A key innovation lies in their maneuver to substitute price volatility with supply volatility. Kuo's goal is to create the ultimate unit of account, resistant to demand shocks typically seen in business cycle contractions. Filmed on June 17, 2021.
Real VisionJune 23, 2021
Gold and The Dollar in the New Roaring 20s
As economies around the world reopen, Axel Merk, president & CIO of Merk Investments, shares his insights on central bank monetary policy, currencies, and equity valuations. Merk argues that the dollar will weaken as global economies attempt to reflate by borrowing dollars and investing domestically. He shares his framework for thinking about gold and inflation in response to Chair Powell's meeting and the FED dot plot. He believes that a market correction is possible and that investors should use current market strength to prepare themselves and reevaluate their risk appetite. Filmed on June 21, 2021.
Real VisionJune 22, 2021
Bitcoin Crashes as Stocks Flirt with All-Time Highs
Real Vision senior editor Ash Bennington welcomes Tommy Thornton of Hedge Fund Telemetry and to the Daily Briefing to discuss Bitcoin’s crash, FED Chair Powell’s testimony, and market sentiment as stocks rebound. The pair will cover potential explanations for Bitcoin’s reversal as well as implications for companies in the space such as Coinbase. Additionally, they will dive into both commodity and stock market reactions to FED Chair Powell’s testimony on the state of the economy. Special Festival of Learning offer - 10% off with the code DAILYBRIEFING. www.realvision.com/festival

Get an Insider Tracking Advantage Ultra subscription for

  • Insider filing email alerts
  • Access to premium INK Research reports
  • Full access to weekly North America Top filer reports
  • and more including access to INK Ultra Money

Only $9.99 per month (plus tax)!