In episode 272, we welcome our guest, Tobias Carlisle, founder and managing director of Acquirers Funds, where he serves as the portfolio manager of the firm’s deep value strategy. In today’s episode, we’re covering Tobias’ best idea: small cap and microcap value. Value stocks have underperformed but Tobias thinks now they offer a great risk/reward. He walks us through historical data and research from the past 200 years and why that leads him to believe value will outperform going forward. We compare the current setup to prior periods when value underperformed in 2000 and even talk about some of his favorite holdings. As we wind down, he touches on shorting the market and how it provides protection for long positions if the market falls over. Please enjoy this special “Best Ideas” episode with Acquirers Funds’ Tobias Carlisle.