The Acquirers Podcast — research hub
The Acquirers Podcast — Tobias Carlisle's value-investing channel (Acquirers Funds; author of The Acquirer's Multiple, Deep Value and Quantitative Value). Alongside its long-form interviews the channel publishes short narrated chart explainers on market regime and valuation; those are unattributed voiceovers rather than a named speaker, and are archived here as channel output.
Stock & name index
▲ Positive
| Ticker | Name | Current thesis | Research | Seen in | Total $k |
|---|
► Neutral / referenced
| Ticker | Name | Current thesis | Research | Seen in | Total $k |
|---|
▼ Negative
| Ticker | Name | Current thesis | Research | Seen in | Total $k |
|---|
Overall thesis
In one line: on the evidence of the single appearance archived so far, the channel's short-form output argues an allocation-regime case rather than a stock case — that leadership rotates between paper assets and hard assets over multi-decade cycles, that the S&P 500 / gold ratio is the cleanest way to see which regime is in force (dividing by gold strips inflation and currency debasement out of a century-long comparison), and that the ratio has been rolling over since its 2020–21 peak with gold leading. It is careful to call that a rotation gauge, not a forecast.
- Regime before security. The explicit lesson offered is that "no single asset class wins forever" and that the century's best investors were the ones who identified which regime they were in and adjusted exposure — not the ones who committed permanently to equities or to hard assets (2026-SEP-05).
- Denominate in gold to see through the dollar. The methodological core: a 100-year nominal chart measures the currency as much as the asset, so equities are measured against "real physical money" to strip out debasement.
- Current read — hard assets leading, with three conditions. The ratio's trend is down and gold is leading; continuation is framed as depending on real interest rates, central-bank buying, and whether AI-driven earnings growth keeps justifying equity valuations.
- The configuration it flags: record equity highs powered by a handful of AI megacaps alongside a gold bull market — called historically rare, and read as either equity strength masking unpriced risk or the early innings of a long rotation into hard assets.
- Caveats worth keeping attached. The one archived item is a short, unattributed narrated explainer (no host, no guest — archived as channel output, not attributed to Tobias Carlisle by name) and is promotional in framing: it opens claiming the ratio "predicted every major turning point" of the last 100 years, then walks that back to "a sentiment and rotation indicator, not a crystal ball." It names no securities and sells nothing beyond a subscribe prompt.
- Gold as a paid-to-hold hedge, sized in a band (guests, Sep-18). A value-fund PM team (unnamed in the clip; context points to First Eagle) holds physical bullion directly, with no derivatives, as the equity hedge. Gold is uncorrelated with equities most of the time but inverse in a crash, and it carries positive drift (M2 ~7–8%/yr vs gold supply ~1%/yr) where CDS and puts charge a premium. They keep it inside 5–15%: under 5% it's immaterial, over 15% "we are gold bugs." They have been net sellers as gold breached the ceiling, and they tilt to miners only when gold in the ground is cheap to gold in the vault. This fits the channel's regime view: gold's best decades are equities' lost ones (2026-SEP-18).
- Thin base. Two short clips are not a channel thesis. Revise this as long-form interviews and further explainers are archived.
Transcripts
One dated page per appearance — each has its stock table, talking points, and the saved transcript. Newest first.
To process — backlog
Appearances not yet processed — newest first. None queued yet.
For personal study — not investment advice. Source material © The Acquirers Podcast.