In this episode of the Planet MicroCap podcast, I spoke with Tobias Carlisle, a seasoned investor and co-host of Value After Hours. We delve into the 2025 value investing playbook, discussing key themes such as the importance of valuation metrics, the cyclical versus structural decline in businesses, and the significance of buying with a margin of safety. Tobias emphasizes the need for investors to focus on financial statements rather than narratives, especially in a market driven by growth stocks. The conversation also touches on the current state of energy investments, the challenges of identifying value traps, and the potential for mean reversion in 2026, particularly in small and micro-cap stocks. Throughout the discussion, Tobias shares insights on navigating the complexities of the market and the importance of patience in value investing.

00:00 Introduction to the Podcast and Guest
02:36 2025 Value Investing Playbook
09:07 Cyclical Pain vs. Structural Decline
12:57 The Role of Narratives in Investing
13:37 Margin of Safety and Business Quality
20:04 Mean Reversion and Small Cap Opportunities
22:32 Using Balance Sheets for Downside Protection
24:27 Going Where Others Won't: Global Opportunities
27:19 Learning from Mistakes in Investing
29:33 Value Investing Themes for 2026
35:10 The Importance of Balance Sheets in 2026
40:51 Behavioral Advantages in Value Investing
42:10 Final Thoughts and Future Outlook

For more information about the Acquirers Funds, Value After Hours, and Tobias' latest book, "Soldier of Fortune", please visit: https://acquirersmultiple.com/

Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events.

The purpose of this conversation is for informational and educational purposes only and should not be construed as a recommendation to purchase or sell any security. Planet MicroCap Holdings LLC and MicroCapClub LLC are not registered investment advisors. Planet MicroCap Holdings LLC, MicroCapClub LLC, its partners, contractors, members, subscribers, guests, and affiliates may or may not hold positions in one or more of the securities mentioned on this program and may trade in such securities at any time. Do your own due diligence and seek counsel from a registered investment advisor before trading in any security.