The Acquirers Multiple by Tobias Carlisle // How the acquirer's multiple outperforms Joel Greenblatt's magic formula // Tobias Carlisle found that buying fair companies at great prices beats buying great companies at fair prices. This works due to a concept called mean reversion, where market forces work to boost cheap prices back to average. It works better than the magic formula because great businesses (high ROIC) also revert back to average.

What were your big takeaways from The Acquirer's Multiple by Tobias Carlisle?