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

Real VisionApril 20, 2021
Hidden Inflation Rears Its Head in Housing
Nick Halaris, president of Metros Capital, returns to Real Vision to give an update of the real estate market -- from the boom in residential housing to the struggles of impaired commercial properties. In this interview with Real Vision’s Jack Farley, Halaris attributes the surge in housing prices to a hidden form of inflation that is not captured in the Consumer Price Index (CPI) and that is facilitated by quantitative easing from central banks, a process that he terms “quantitative transmission.” Halaris explains why he thinks gold and Bitcoin will triumph over bonds in this inflationary environment and shares the generational importance of these assets. Lastly, he breaks down the prospects as he sees them of commercial properties such as malls, hotels, and offices. Filmed on April 14, 2021. Key learnings: The pandemic has caused a paradigm shift in how Americans view housing, and as such, Halaris thinks the boom in residential real estate will continue. On the commercial side, Halaris is much more bearish. He thinks inflation will run hot and therefore is highly constructive on assets such as gold and Bitcoin.
Real VisionApril 19, 2021
Will Dogecoin's Eye-Popping Surge Test the Fed's Resolve?
In the first segment, Real Vision managing editor Ed Harrison and Jack Farley investigate the challenges the Federal Reserve faces as speculative fervor reaches a fever pitch in Dogecoin as well as the ultimate fate of the yield curve. Harrison and Farley look how Fed Funds futures indicate the implied probability of the future Fed Funds rate and explore whether the holding pattern in bonds can continue and where yields will go if they go back on the march. In the final segment, Farley speaks to Deep Knowledge Investing's Gary Brode, who shares his analysis of stocks such as Enova International Inc ($ENVA) and Houghton Mifflin Harcourt Co ($HMHC).
Real VisionApril 19, 2021
Meb Faber: A Framework for Outperformance
Jason Buck of the Mutiny Fund welcomes Mebane Faber, co-founder and chief investment officer of Cambria Investments, for an in-depth conversation on the methods diligent investors can use to build and maintain wealth in all market environments. Faber breaks down his rigorous quantitative models to share fresh insights on bonds, equities, real estate, and commodities as well as the role these assets play within a portfolio. Faber and Buck discuss the importance of negatively correlated assets such as put options, which are a key feature of the Cambria Tail Risk ETF ($TAIL). Key learnings: Equity valuations are stretched thin, but buying at all-time highs has historically yielded surprisingly good returns. Faber thinks non-U.S. stocks are underrepresented in the typical U.S. portfolio and argues that for most individual investors, steady contributions to their portfolio matter much more than eking out that extra percentage of return.

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)!