TOBIAS CARLISLE

Cheapness is the single most important factor in investing. Not quality. Not growth. Cheapness.

The edge isn't in analysis. It's in discipline and patience.

Most investors overthink. Buy cheap, diversify, hold, rebalance. That's it.

The human tendency to overreact is permanent. That's why deep value always comes back.

Mean reversion is the most powerful force in financial markets. Everything returns to the average eventually.

If a stock is in the cheapest decile by enterprise value to operating earnings, I don't need to know the story.