Podcasts about Sun Tzu

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kindle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

Last time we spoke about the battle of Nanchang. After securing Hainan and targeting Zhejiang–Jiangxi Railway corridors, Japan's 11th Army, backed by armor, air power, and riverine operations, sought a rapid, surgical seizure of Nanchang to sever eastern Chinese logistics and coerce Chongqing. China, reorganizing under Chiang Kai-shek, concentrated over 200,000 troops across 52 divisions in the Ninth and Third War Zones, with Xue Yue commanding the 9th War Zone in defense of Wuhan-Nanchang corridors. The fighting began with German-style, combined-arms river operations along the Xiushui and Gan rivers, including feints, river crossings, and heavy artillery, sometimes using poison gas. From March 20–23, Japanese forces established a beachhead and advanced into Fengxin, Shengmi, and later Nanchang, despite stiff Chinese resistance and bridges being destroyed. Chiang's strategic shift toward attrition pushed for broader offensives to disrupt railways and rear areas, though Chinese plans for a counteroffensive repeatedly stalled due to logistics and coordination issues. By early May, Japanese forces encircled and captured Nanchang, albeit at heavy cost, with Chinese casualties surpassing 43,000 dead and Japanese losses over 2,200 dead.    #187 The Battle of Suixian–Zaoyang-Shatow Welcome to the Fall and Rise of China Podcast, I am your dutiful host Craig Watson. But, before we start I want to also remind you this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Perhaps you want to learn more about the history of Asia? Kings and Generals have an assortment of episodes on history of asia and much more  so go give them a look over on Youtube. So please subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry for some more history related content, over on my channel, the Pacific War Channel where I cover the history of China and Japan from the 19th century until the end of the Pacific War. Having seized Wuhan in a brutal offensive the previous year, the Japanese sought not just to hold their ground but to solidify their grip on this vital hub. Wuhan, a bustling metropolis at the confluence of the Yangtze and Han Rivers, had become a linchpin in their strategy, a base from which they could project power across central China. Yet, the city was far from secure, Chinese troops in northern Hubei and southern Henan, perched above the mighty Yangtze, posed an unrelenting threat. To relieve the mounting pressure on their newfound stronghold, the Japanese high command orchestrated a bold offensive against the towns of Suixian and Zaoyang. They aimed to annihilate the main force of the Chinese 5th War Zone, a move that would crush the Nationalist resistance in the region and secure their flanks. This theater of war, freshly designated as the 5th War Zone after the grueling Battle of Wuhan, encompassed a vast expanse west of Shashi in the upper Yangtze basin. It stretched across northern Hubei, southern Henan, and the rugged Dabie Mountains in eastern Anhui, forming a strategic bulwark that guarded the eastern approaches to Sichuan, the very heartland of the Nationalist government's central institutions. Historian Rana Mitter in Forgotten Ally described this zone as "a gateway of immense importance, a natural fortress that could either serve as a launchpad for offensives against Japanese-held territories or a defensive redoubt protecting the rear areas of Sichuan and Shaanxi". The terrain itself was a defender's dream and an attacker's nightmare: to the east rose the imposing Dabie Mountains, their peaks cloaked in mist and folklore; the Tongbai Mountains sliced across the north like a jagged spine; the Jing Mountains guarded the west; the Yangtze River snaked southward, its waters a formidable barrier; the Dahong Mountains dominated the center, offering hidden valleys for ambushes; and the Han River (also known as the Xiang River) carved a north-south path through it all. Two critical transport arteries—the Hanyi Road linking Hankou to Yichang in Hubei, and the Xianghua Road connecting Xiangyang to Huayuan near Hankou—crisscrossed this landscape, integrating the war zone into a web of mobility. From here, Chinese forces could menace the vital Pinghan Railway, that iron lifeline running from Beiping (modern Beijing) to Hankou, while also threatening the Wuhan region itself. In retreat, it provided a sanctuary to shield the Nationalist heartlands. As military strategist Sun Tzu might have appreciated, this area had long been a magnet for generals, its contours shaping the fates of empires since ancient times. Despite the 5th War Zone's intricate troop deployments, marked by units of varying combat prowess and a glaring shortage of heavy weapons, the Chinese forces made masterful use of the terrain to harass their invaders. Drawing from accounts in Li Zongren's memoirs, he noted how these defenders, often outgunned but never outmaneuvered, turned hills into fortresses and rivers into moats. In early April 1939, as spring rains turned paths to mud, Chinese troops ramped up their disruptions along the southern stretches of the Pinghan Railway, striking from both eastern and western flanks with guerrilla precision. What truly rattled the Japanese garrison in Wuhan was the arrival of reinforcements: six full divisions redeployed to Zaoyang, bolstering the Chinese capacity to launch flanking assaults that could unravel Japanese supply lines. Alarmed by this buildup, the Japanese 11th Army, ensconced in the Wuhan area under the command of General Yasuji Okamura, a figure whose tactical acumen would later earn him notoriety in the Pacific War, devised a daring plan. They intended to plunge deep into the 5th War Zone, smashing the core of the Chinese forces and rendering them impotent, thereby neutralizing the northwestern threat to Wuhan once and for all. From April onward, the Japanese mobilized with meticulous preparation, amassing troops equipped with formidable artillery, rumbling tanks, and squadrons of aircraft that darkened the skies. Historians estimate they committed roughly three and a half divisions to this endeavor, as detailed in Edward J. Drea's In the Service of the Emperor: Essays on the Imperial Japanese Army. Employing a classic pincer movement, a two-flank encirclement coupled with a central breakthrough, they aimed for a swift, decisive strike to obliterate the main Chinese force in the narrow Suixian-Zaoyang corridor, squeezed between the Tongbai and Dahong Mountains. The offensive erupted in full fury on May 1, 1939, as Japanese columns surged forward like a tidal wave, their engines roaring and banners fluttering in the dust-choked air. General Li Zongren, the commander of the 5th War Zone, a man whose leadership had already shone in earlier campaigns like the defense of Tai'erzhuang in 1938, issued urgent orders to cease offensive actions against the Japanese and pivot to a defensive stance. Based on intelligence about the enemy's dispositions, Li orchestrated a comprehensive campaign structure, assigning precise defensive roles and battle plans to each unit. This was no haphazard scramble; it was a symphony of strategy, as Li himself recounted in his memoirs, emphasizing the need to exploit the terrain's natural advantages. While various Chinese war zones executed the "April Offensive" from late April to mid-May, actively harrying and containing Japanese forces, the 5th War Zone focused its energies on the southern segment of the Pinghan Railway, assaulting it from both sides in a bid to disrupt logistics. The main force of the 31st Army Group, under the command of Tang Enbo, a general known for his aggressive tactics and later criticized for corruption, shifted from elsewhere in Hubei to Zaoyang, fortifying the zone and posing a dire threat to the Japanese flanks and rear areas. To counter this peril and safeguard transportation along the Wuhan-Pinghan Railway, the Japanese, led by the formidable Okamura, unleashed their assault from the line stretching through Xinyang, Yingshan, and Zhongxiang. Mobilizing the 3rd, 13th, and 16th Divisions alongside the 2nd and 4th Cavalry Brigades, they charged toward the Suixian-Zaoyang region in western Hubei, intent on eradicating the Chinese main force and alleviating the siege-like pressure on Wuhan. In a masterful reorganization, Li Zongren divided his forces into two army groups, the left and right, plus a dedicated river defense army. His strategy was a blend of attrition and opportunism: harnessing the Tongbai and Dahong Mountains, clinging to key towns like lifelines, and grinding down the Japanese through prolonged warfare while biding time for a counterstroke. This approach echoed the Fabian tactics of ancient Rome, wearing the enemy thin before delivering the coup de grâce. The storm broke at dawn on May 1, when the main contingents of the Japanese 16th and 13th Divisions, bolstered by the 4th Cavalry Brigade from their bases in Zhongxiang and Jingshan, hurled themselves against the Chinese 37th and 180th Divisions of the Right Army Group. Supported by droning aircraft that strafed from above and tanks that churned the earth below, the Japanese advanced with mechanical precision. By May 4, they had shattered the defensive lines flanking Changshoudian, then surged along the east bank of the Xiang River toward Zaoyang in a massive offensive. Fierce combat raged through May 5, as described in Japanese war diaries compiled in Senshi Sōsho (the official Japanese war history series), where soldiers recounted the relentless Chinese resistance amid the smoke and clamor. The Japanese finally breached the defenses, turning their fury on the 122nd Division of the 41st Army. In a heroic stand, the 180th Division clung to Changshoudian, providing cover for the main force's retreat along the east-west Huangqi'an line. The 37th Division fell back to the Yaojiahe line, while elements of the 38th Division repositioned into Liushuigou. On May 6, the Japanese seized Changshoudian, punched through Huangqi'an, and drove northward, unleashing a devastating assault on the 122nd Division's positions near Wenjiamiao. Undeterred, Chinese defenders executed daring flanking maneuvers in the Fenglehe, Yaojiahe, Liushuihe, Shuanghe, and Zhangjiaji areas, turning the landscape into a labyrinth of ambushes. May 7 saw the Japanese pressing on, capturing Zhangjiaji and Shuanghe. By May 8, they assaulted Maozifan and Xinji, where ferocious battles erupted, soldiers clashing in hand-to-hand combat amid the ruins. By May 10, the Japanese had overrun Huyang Town and Xinye, advancing toward Tanghe and the northeastern fringes of Zaoyang. Yet, the Tanghe River front witnessed partial Chinese recoveries: remnants of the Right Army Group, alongside troops from east of the Xianghe, reclaimed Xinye. The 122nd and 180th Divisions withdrew north of Tanghe and Fancheng, while the 37th, 38th, and 132nd Divisions steadfastly held the east bank of the Xianghe River. Concurrently, the main force of the Japanese 3rd Division launched from Yingshan against the 84th and 13th Armies of the 11th Group Army in the Suixian sector. After a whirlwind of combat, the Chinese 84th Army retreated to the Taerwan position. On May 2, the 3rd Division targeted the Gaocheng position of the 13th Army within the 31st Group Army; the ensuing clashes in Taerwan and Gaocheng were a maelstrom of fire, with the Taerwan position exchanging hands multiple times like a deadly game of tug-of-war. By May 4, in a grim escalation, Japanese forces deployed poison gas, a violation of international norms that drew condemnation and is documented in Allied reports from the era, inflicting horrific casualties and compelling the Chinese to relinquish Gaocheng, which fell into enemy hands. On May 5, backed by aerial bombardments, tank charges, and artillery barrages, the Japanese renewed their onslaught along the Gaocheng River and the Lishan-Jiangjiahe line. By May 6, the beleaguered Chinese were forced back to the Tianhekou and Gaocheng line. Suixian succumbed on May 7. On May 8, the Japanese shattered the second line of the 84th Army, capturing Zaoyang and advancing on the Jiangtoudian position of the 85th Army. To evade encirclement, the defenders mounted a valiant resistance before withdrawing from Jiangtoudian; the 84th Army relocated to the Tanghe and Baihe areas, while the 39th Army embedded itself in the Dahongshan for guerrilla operations—a tactic that would bleed the Japanese through hit-and-run warfare, as noted in guerrilla warfare studies by Mao Zedong himself. By May 10, the bulk of the 31st Army Group maneuvered toward Tanghe, reaching north of Biyang by May 15. From Xinyang, Japanese forces struck at Tongbai on May 8; by May 10, elements from Zaoyang advanced to Zhangdian Town and Shangtun Town. In response, the 68th Army of the 1st War Zone dispatched the 143rd Division to defend Queshan and Minggang, and the 119th Division to hold Tongbai. After staunchly blocking the Japanese, they withdrew on May 11 to positions northwest and southwest of Tongbai, shielding the retreat of 5th War Zone units. The Japanese 4th Cavalry Brigade drove toward Tanghe, seizing Tanghe County on May 12. But the tide was turning. In a brilliant reversal, the Fifth War Zone commanded the 31st Army Group, in concert with the 2nd Army Group from the 1st War Zone, to advance from southwestern Henan. Their mission: encircle the bulk of Japanese forces on the Xiangdong Plain and deliver a crushing blow. The main force of the 33rd Army Group targeted Zaoyang, while other units pinned down Japanese rear guards in Zhongxiang. The Chinese counteroffensive erupted with swift successes, Tanghe County was recaptured on May 14, and Tongbai liberated on May 16, shattering the Japanese encirclement scheme. On May 19, after four grueling days of combat, Chinese forces mauled the retreating Japanese, reclaiming Zaoyang and leaving the fields strewn with enemy dead. The 39th Army of the Left Army Group dispersed into the mountains for guerrilla warfare, a shadowy campaign of sabotage and surprise. Forces of the Right Army Group east of the river, along with river defense units, conducted relentless raids on Japanese rears and supply lines over multiple days, sowing chaos before withdrawing to the west bank of the Xiang River on May 21. On May 22, they pressed toward Suixian, recapturing it on May 23. The Japanese, battered and depleted, retreated to their original garrisons in Zhongxiang and Yingshan, restoring the pre-war lines as the battle drew to a close. Throughout this clash, the Chinese held a marked superiority in manpower and coordination, though their deployments lacked full flexibility, briefly placing them on the defensive. After protracted, blood-soaked fighting, they restored the original equilibrium. Despite grievous losses, the Chinese thwarted the Japanese encirclement and exacted a heavy toll, reports from the time, corroborated by Japanese records in Senshi Sōsho, indicate over 13,000 Japanese killed or wounded, with more than 5,000 corpses abandoned on the battlefield. This fulfilled the strategic goal of containing and eroding Japanese strength. Chinese casualties surpassed 25,000, a testament to the ferocity of the struggle. The 5th War Zone seized the initiative in advances and retreats, deftly shifting to outer lines and maintaining positional advantages. As Japanese forces withdrew, Chinese pursuers harried and obstructed them, yielding substantial victories. The Battle of Suizao spanned less than three weeks. The Japanese main force pierced defenses on the east bank of the Han River, advancing to encircle one flank as planned. However, the other two formations met fierce opposition near Suixian and northward, stalling their progress. Adapting to the battlefield's ebb and flow, the Fifth War Zone transformed its tactics: the main force escaped encirclement, maneuvered to outer lines for offensives, and exploited terrain to hammer the Japanese. The pivotal order to flip from defense to offense doomed the encirclement; with the counterattack triumphant, the Japanese declined to hold and retreated. The Chinese pursued with unyielding vigor. By May 24, they had reclaimed Zaoyang, Tongbai, and other locales. Save for Suixian County, the Japanese had fallen back to pre-war positions, reinstating the regional status quo. Thus, the battle concluded, a chapter of resilience etched into the chronicles of China's defiance. In the sweltering heat of southern China, where the humid air clung to every breath like a persistent fog, the Japanese General Staff basked in what they called a triumphant offensive and defensive campaign in Guangdong. But victory, as history so often teaches, is a double-edged sword. By early 1939, the strain was palpable. Their secret supply line snaking from the British colony of Hong Kong to the Chinese mainland was under constant disruption, raids by shadowy guerrilla bands, opportunistic smugglers, and the sheer unpredictability of wartime logistics turning what should have been a lifeline into a leaky sieve. Blockading the entire coastline? A pipe dream, given the vast, jagged shores of Guangdong, dotted with hidden coves and fishing villages that had evaded imperial edicts for centuries. Yet, the General Staff's priorities were unyielding, laser-focused on strangling the Nationalist capital of Chongqing through a relentless blockade. This meant the 21st Army, that workhorse of the Japanese invasion force, had to stay in the fight—no rest for the weary. Drawing from historical records like the Senshi Sōsho (War History Series) compiled by Japan's National Institute for Defense Studies, we know that after the 21st Army reported severing what they dubbed the "secret transport line" at Xinhui, a gritty, hard-fought skirmish that left the local landscape scarred with craters and abandoned supply crates, the General Staff circled back to the idea of a full coastal blockade. It was a classic case of military opportunism: staff officers, poring over maps in dimly lit war rooms in Tokyo, suddenly "discovered" Shantou as a major port. Not just any port, mind you, but a bustling hub tied to the heartstrings of Guangdong's overseas Chinese communities. Shantou and nearby Chao'an weren't mere dots on a map; they were the ancestral hometowns of countless Chaoshan people who had ventured abroad to Southeast Asia, sending back remittances that flowed like lifeblood into the region. Historical economic studies, such as those in The Overseas Chinese in the People's Republic of China by Stephen Fitzgerald, highlight how these funds from the Chaoshan diaspora, often funneled through family networks in places like Singapore and Thailand, were substantial, indirectly fueling China's war effort by sustaining local economies and even purchasing arms on the black market. The Chao-Shao Highway, that dusty artery running near Shantou, was pinpointed as a critical vein connecting Hong Kong's ports to the mainland's interior. So, in early June 1939, the die was cast: Army Order No. 310 thundered from headquarters, commanding the 21st Army to seize Shantou. The Chief of the General Staff himself provided the strategic blueprint, a personal touch that underscored the operation's gravity. The Army Department christened the Chaoshan push "Operation Hua," a nod perhaps to the flowery illusions of easy conquest, while instructing the Navy Department to tag along for the ride. In naval parlance, it became "Operation J," a cryptic label that masked the sheer scale unfolding. Under the Headquarters' watchful eye, what started as a modest blockade morphed into a massive amphibious assault, conjured seemingly out of thin air like a magician's trick, but one with deadly props. The 5th Fleet's orders mobilized an impressive lineup: the 9th Squadron for heavy hitting, the 5th Mine Boat Squadron to clear watery hazards, the 12th and 21st Sweeper Squadrons sweeping for mines like diligent janitors of the sea, the 45th Destroyer Squadron adding destroyer muscle, and air power from the 3rd Combined Air Group (boasting 24 land-based attack aircraft and 9 reconnaissance planes that could spot a fishing boat from miles away). Then there was the Chiyoda Air Group with its 9 reconnaissance aircraft, the Guangdong Air Group contributing a quirky airship and one more recon plane, the 9th Special Landing Squadron from Sasebo trained for beach assaults, and a flotilla of special ships for logistics. On the ground, the 21st Army threw in the 132nd Brigade from the 104th Division, beefed up with the 76th Infantry Battalion, two mountain artillery battalions for lobbing shells over rugged terrain, two engineer battalions to bridge rivers and clear paths, a light armored vehicle platoon rumbling with mechanized menace, and a river-crossing supplies company to keep the troops fed and armed. All under the command of Brigade Commander Juro Goto, a stern officer whose tactical acumen was forged in earlier Manchurian campaigns. The convoy's size demanded rehearsals; the 132nd Brigade trained for boat transfers at Magong in the Penghu Islands, practicing the precarious dance of loading men and gear onto rocking vessels under simulated fire. Secrecy shrouded the whole affair, many officers and soldiers, boarding ships in the dead of night, whispered among themselves that they were finally heading home to Japan, a cruel ruse to maintain operational security. For extra punch, the 21st Army tacked on the 31st Air Squadron for air support, their planes droning like angry hornets ready to sting. This overkill didn't sit well with everyone. Lieutenant General Ando Rikichi, the pragmatic commander overseeing Japanese forces in the region, must have fumed in his Guangzhou headquarters. His intelligence staff, drawing from intercepted radio chatter and local spies as noted in postwar analyses like The Japanese Army in World War II by Gordon L. Rottman, reported that the Chongqing forces in Chaozhou were laughably thin: just the 9th Independent Brigade, a couple of security regiments, and ragtag "self-defense groups" of armed civilians. Why unleash such a sledgehammer on a fly? The mobilization's magnitude even forced a reshuffling of defenses around Guangzhou, pulling resources from the 12th Army's front lines and overburdening the already stretched 18th Division. It was bureaucratic overreach at its finest, a testament to the Imperial Staff's penchant for grand gestures over tactical efficiency. Meanwhile, on the Nationalist side, the winds of war carried whispers of impending doom. The National Revolutionary Army's war histories, such as those compiled in the Zhongguo Kangri Zhanzheng Shi (History of China's War of Resistance Against Japan), note that Chiang Kai-shek's Military Commission had snagged intelligence as early as February 1939 about Japan's plans for a large-scale invasion of Shantou. The efficiency of the Military Command's Second Bureau and the Military Intelligence Bureau was nothing short of astonishing, networks of agents, double agents, and radio intercepts piercing the veil of Japanese secrecy. Even as the convoy slipped out of Penghu, a detailed report outlining operational orders landed on Commander Zhang Fakui's desk, the ink still fresh. Zhang, a battle-hardened strategist whose career spanned the Northern Expedition and beyond , had four months to prepare for what would be dubbed the decisive battle of Chaoshan. Yet, in a move that baffled some contemporaries, he chose not to fortify and defend it tooth and nail. After the Fourth War Zone submitted its opinions, likely heated debates in smoke-filled command posts, Chiang Kai-shek greenlit the plan. By March, the Military Commission issued its strategic policy: when the enemy hit Chaoshan, a sliver of regular troops would team up with civilian armed forces for mobile and guerrilla warfare, grinding down the invaders like sandpaper on steel. The orders specified guerrilla zones in Chaozhou, Jiaxing, and Huizhou, unifying local militias under a banner of "extensive guerrilla warfare" to coordinate with regular army maneuvers, gradually eroding the Japanese thrust. In essence, the 4th War Zone wasn't tasked with holding Chao'an and Shantou at all costs; instead, they'd strike hard during the landing, then let guerrillas harry the occupiers post-capture. It was a doctrine of attrition in a "confined battlefield," honing skills through maneuver and ambush. Remarkably, the fall of these cities was preordained by the Military Commission three months before the Japanese even issued their orders, a strategic feint that echoed ancient Sun Tzu tactics of yielding ground to preserve strength. To execute this, the 4th War Zone birthed the Chao-Jia-Hui Guerrilla Command after meticulous preparation, with General Zou Hong, head of Guangdong's Security Bureau and a no-nonsense administrator known for his anti-smuggling campaigns, taking the helm. In just three months, Zhang Fakui scraped together the Independent 9th Brigade, the 2nd, 4th, and 5th Guangdong Provincial Security Regiments, and the Security Training Regiment. Even with the 9th Army Group lurking nearby, he handed the reins of the Chao-Shan operation to the 12th Army Group's planners. Their March guidelines sketched three lines of resistance from the coast to the mountains, a staged withdrawal that allowed frontline defenders to melt away like ghosts. This blueprint mirrored Chiang Kai-shek's post-Wuhan reassessment, where the loss of that key city in 1938 prompted a shift to protracted warfare. A Xinhua News Agency columnist later summed it up scathingly: "The Chongqing government, having lost its will to resist, colludes with the Japanese and seeks to eliminate the Communists, adopting a policy of passive resistance." This narrative, propagated by Communist sources, dogged Chiang and the National Revolutionary Army for decades, painting them as defeatists even as they bled the Japanese dry through attrition. February 1939 saw Commander Zhang kicking off a reorganization of the 12th Army Group, transforming it from a patchwork force into something resembling a modern army. He could have hunkered down, assigning troops to a desperate defense of Chaoshan, but that would have handed the initiative to the overcautious Japanese General Staff, whose activism often bordered on paranoia. Zhang, with the wisdom of a seasoned general who had navigated the treacherous politics of pre-war China, weighed the scales carefully. His vision? Forge the 12th Army Group into a nimble field army, not squander tens of thousands on a secondary port. Japan's naval and air dominance—evident in the devastation of Shanghai in 1937, meant Guangdong's forces could be pulverized in Shantou just as easily. Losing Chaozhou and Shantou? Acceptable, if it preserved core strength for the long haul. Post-Xinhui, Zhang doubled down on resistance, channeling efforts into live-fire exercises for the 12th Army, turning green recruits into battle-ready soldiers amid the Guangdong hills. The war's trajectory after 1939 would vindicate him: his forces became pivotal in later counteroffensives, proving that a living army trumped dead cities. Opting out of a static defense, Zhang pivoted to guerrilla warfare to bleed the Japanese while clutching strategic initiative. He ordered local governments to whip up coastal guerrilla forces from Chao'an to Huizhou—melding militias, national guards, police, and private armed groups into official folds. These weren't elite shock troops, but in wartime's chaos, they controlled locales effectively, disrupting supply lines and gathering intel. For surprises, he unleashed two mobile units: the 9th Independent Brigade and the 20th Independent Brigade. Formed fresh after the War of Resistance erupted, these brigades shone for their efficiency within the cumbersome Guangdong Army structure. Division-level units were too bulky for spotty communications, so Yu Hanmou's command birthed these independent outfits, staffed with crack officers. The 9th, packing direct-fire artillery for punch, and the 20th, dubbed semi-mechanized for its truck-borne speed, prowled the Chaoshan–Huizhou coast from 1939. Zhang retained their three-regiment setup, naming Hua Zhenzhong and Zhang Shou as commanders, granting them autonomy to command in the field like roving wolves. As the 9th Independent Brigade shifted to Shantou, its 627th Regiment was still reorganizing in Heyuan, a logistical hiccup amid the scramble. Hua Zhenzhong, a commander noted for his tactical flexibility in regional annals, deployed the 625th Regiment and 5th Security Regiment along the coast, with the 626th as reserve in Chao'an. Though the Fourth War Zone had written off Chaoshan, Zhang yearned to showcase Guangdong grit before the pullback. Dawn broke on June 21, 1939, at 4:30 a.m., with Japanese reconnaissance planes slicing through the fog over Shantou, Anbu, and Nanbeigang, ghostly silhouettes against the gray sky. By 5:30, the mist lifted, revealing a nightmare armada: over 40 destroyers and 70–80 landing craft churning toward the coast on multiple vectors, their hulls cutting the waves like knives. The 626th Regiment's 3rd Battalion at Donghushan met the first wave with a hail of fire from six light machine guns, repelling the initial boats in a frenzy of splashes and shouts. But the brigade's long-range guns couldn't stem the tide; Hua focused on key chokepoints, aiming to bloody the invaders rather than obliterate them. By morning, the 3rd Battalion of the 625th Regiment charged into Shantou City, joined by the local police corps digging in amid urban sprawl. Combat raged at Xinjin Port and the airport's fringes, where Nationalist troops traded shots with advancing Japanese under the absent shadow of a Chinese navy. Japanese naval guns, massed offshore, pounded the outskirts like thunder gods in fury. By 2:00 a.m. on the 22nd, Shantou crumpled as defenders' ammo ran dry, the city falling in a haze of smoke and echoes. Before the loss, Hua had positioned the 1st Battalion of the 5th Security Regiment at Anbu, guarding the road to Chao'an. Local lore, preserved in oral histories collected by the Chaozhou Historical Society, recalls Battalion Commander Du Ruo leading from the front, rifle in hand, but Japanese barrages, bolstered by superior firepower—forced a retreat. Post-capture, Tokyo's forces paused to consolidate, unleashing massacres on fleeing civilians in the outskirts. A flotilla of civilian boats, intercepted at sea, became a grim training ground for bayonet drills, a barbarity echoed in survivor testimonies compiled in The Rape of Nanking and Beyond extensions to Guangdong atrocities. With Shantou gone, Hua pivoted to flank defense, orchestrating night raids on Japanese positions around Anbu and Meixi. On June 24th, Major Du Ruo spearheaded an assault into Anbu but fell gravely wounded amid the chaos. Later, the 2nd Battalion of the 626th overran spots near Meixi. A Japanese sea-flanking maneuver targeted Anbu, but Nationalists held at Liulong, sparking nocturnal clashes, grenade volleys, bayonet charges, and hand-to-hand brawls that drained both sides like a slow bleed. June 26th saw the 132nd Brigade lumber toward Chao'an. Hua weighed options: all-out assault or guerrilla fade? He chose to dig in on the outskirts, reserving two companies of the 625th and a special ops battalion in the city. The 27th brought a day-long Japanese onslaught, culminating in Chao'an's fall after fierce rear-guard actions by the 9th Independent Brigade. Evacuations preceded the collapse, with Japanese propaganda banners fluttering falsely, claiming Nationalists had abandoned defense. Yet Hua's call preserved his brigade for future fights; the Japanese claimed an empty prize. I would like to take this time to remind you all that this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Please go subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry after that, give my personal channel a look over at The Pacific War Channel at Youtube, it would mean a lot to me. The Japanese operations had yet again plugged up supply leaks into Nationalist China. The fall of Suixian, Zaoyang and Shantou were heavy losses for the Chinese war effort. However the Chinese were also able to exact heavy casualties on the invaders and thwarted their encirclement attempts. China was still in the fight for her life.

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kindle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

What if the hardest days in the studio are not detours, but the path itself? We open up about the real fight behind the work—those sessions where flow vanishes, doubt gets loud, and the canvas refuses to cooperate—and why that tension can become your most reliable teacher. Drawing from Rashid Johnson's candid reflection with Carrie Scott on battling the work, we unpack the difference between inspiration and perspiration and why chasing “perfect” kills momentum.Along the way, we trade tools and stories: turning fight-or-flight into practical choices, switching pieces to redirect energy, and using rituals like Morning Pages, breath work, and device-free sessions to clear mental noise. Sun Tzu helps us name the real enemy—resistance expressed through fear and comparison—while Julia Cameron and Nick Cave remind us to cooperate with process, loosen our grip on control, and operate under the “cloud of artistic unknowing.” We talk about repainting, scrapping, and starting over, not as failure but as fidelity to the work's evolving voice.The thread tying it all together is permission. You don't need a bigger studio, pricier materials, or the perfect plan to make authentic art. You need consent to be where you are, to use what you have, and to let mystery lead when the plan breaks. If you've asked yourself, “Have I lost it?” you're in good company—and you're exactly where growth happens. Subscribe, share this with a friend who needs a nudge, and leave a review telling us how you keep the conversation with your work alive.The Episode from Carrie Scott with Rashid Johnson.https://www.youtube.com/watch?v=c41I_sre-UkSend us a message - we would love to hear from you!Make sure to follow us on Instagram here:@justmakeartpodcast @tynathanclark @nathanterborg Watch the Video Episode on Youtube or Spotify, https://www.youtube.com/@JustMakeArtPodcast

Part One | Part Two | Part Three“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”― Sun Tzu, The Art of WarBecause Donald Trump understands this fundamental rule of The Art of War, he reached a compromise in Minneapolis. It was an easy shift for him because he knows himself and he knows the enemy.He knows all they wanted was months of warfare and chaos between ICE agents and the citizen army on the ground, who are now becoming an organized militia, some of them even arming themselves, all in hopes of producing viral content for the churn to keep the hearts and minds of their voters activated and mobilized ahead of the midterms.They wanted him to show up as the dictator, to crack down on protests like the United States had suddenly become Iran. But Trump is too smart for that. He knows once he becomes the version of him they invented, the war is over. He also knows they will ignore the important news of his presidency. The economy is strengthening, crime is declining, and Trump continues to make big moves on the global stage.By contrast, the left is losing but thinks it's winning because they don't know themselves. If they did, they would understand that the clever game they're playing only takes them so far. Creating chaos throughout 2020 meant they scared Americans into voting Trump out and putting the Obama coalition back in power. But they were the dog that caught the car. They had no idea what to do once Joe Biden took office.It was worse than that. Biden failed in his first major move as president with the botched exit from Afghanistan that left 13 soldiers dead and sparked two wars, as world leaders laughed in our faces at the man in the White House.As Biden's numbers began to fall, and America woke up from the haze of fear from 2020, they wondered why they ever voted out the guy with the strong economy to begin with, and why they were now stuck with a whole new set of rules we were all meant to follow.In truth? Biden was the face of normalcy for the fanatical cult that has now consumed the Democratic Party. They are the socialist socialites who are both the ruling class and the oppressor/oppressed fundamentalists who have no place for America's silent majority anymore. When the story of this moment is told by their ever-reliable unreliable narrators, they will cast themselves as the Underground Railroad to free the slaves or the Kindertransport to save Jewish children from the Nazis.So we have to ask them and make them answer: who is it they're liberating now? What are they fighting for? Mass migration? Open borders? True, they want to keep the 10-20 million who crossed over under Biden and will vote blue no matter who, but what is the endgame here? Do they even know?Trump's greatest blessing and his tragic flaw is that he cannot lose. That's what makes him a great leader; whether he's leading a family, a business, or a country, he wants to win. When you're standing behind him, you get to be a winner too.Some in his base want him to step on the gas, to crack down on protesters and not back off from Minneapolis, but as with so many hard calls Trump has had to make in his second term, he has to somehow find his way through the storm as a guy who, in the end, trusts only himself because he knows himself. If he became the dictator now just to please those in his base, he'd be eaten alive by the empire.They Don't Understand ThemselvesThe chaos in Minneapolis was designed for the legacy media. It was resistance theater that played well on the Nightly News and on social media. The objective, as we now know from the Signal chats and the ongoing soldier training for activists, was to push ICE agents into acting out, to capture those viral moments to paint a picture in the minds of social media users—ICE are violent thugs, they will conclude.If you see enough video of ICE agents pushing women to the ground and detaining children, well, what is a normal person to think? How could the polls not result in the Left's favor? What you don't see is everything that led up to it. You don't see how many times ICE agents are assaulted, obstructed, body slammed, screamed at, spat on, with whistles blaring in their ears, stalked, harassed, and doxxed.But on the Left, they don't see that side of the story, just like they didn't see that side of the story in 2020. The mob terrorizes citizens, and law enforcement and the media call it mostly peaceful protests. I was on the Left. I know that no one was allowed to talk about the violence lest they'd be called a racist. But not being able to say the truth, let alone know the truth, meant we were all walking around in a constant state of confusion. We all knew that Derek Chauvin did not murder George Floyd, but we had to say he did. We knew Trump wasn't bragging about sexual assault on the Access Hollywood tape, but we had to say we did. We knew that many of the Me Too cases were either made up or greatly exagerrated but we would be punished if we questioned any of it.Each side gets its own version of events, but these were never two equal sides. The Left still has most of the media power, says Megyn Kelly:But they have become too comfortable with confirmation bias and their ability to control the narrative that they no longer even know what is true.Important words have lost all meaning: Fascist, racist, dictator, resistance, democracy, racist, rapist, pedophile, man, woman, boy, girl, abortion is healthcare, trans women are women. Every time someone blurts out “regime,” or “occupation,” “insurrectionist,” “election denier,” “anti-vaxxer,” or “anti-masker” we are conditioned to snap to attention. Once the words are gone, and the Newspeak implemented, it's easy to lie in headlines for the same reasons. An image is even more powerful than words. Those lies meant we could not know ourselves or the enemy. We were led around by hyperbole and caught up in a dreamscape where nothing is entirely real. That meant comedians, Hollywood, and politicians couldn't really read the room, but they had to mirror that delusion, lest they get booted out of utopia too.Recently, Scott Bessent gifted Gavin Newsom with a nickname that will stick. “Sparkle Beach, Ken.” It's funny because it's true. When Newsom then tried to play on Trump's level with the knee-pads joke, it fell flat because it isn't true. Trump isn't that guy. If they knew themselves, they would understand that they are not the working-class poor who have any business marching around with No Kings posters. If they knew themselves, they would shut up about the Epstein Files because they know it's way worse on the Democrat side. If they knew themselves, they would not shout “fascist” because they would know that they are, at heart, the real fascists.If they knew themselves, they would understand why, even now, they are still the crazier side, and no matter the smoke and mirrors, the chaos, the viral videos, the mass hysteria, they can't do the one thing they would need to do to win this war: offer the people something better.If they knew themselves, they would understand that the Boy Who Cried Wolf was not just a children's story. It is a deeply profound statement about people who scream about everything until their screams fall on indifferent ears. The only reason they've gotten this far with their madness is that Trump isn't a fascist or a dictator, because if he wanted to, he could crush all of these folks like bugs as the Commander in Chief of the most powerful military in the world. They also don't seem to realize that a handful of granola crunchers arming themselves is no match for MAGA, either, should it ever come to that. The only reason the Right hasn't yet taken up arms reminds me of that scene in Grizzly Man where the bears think there might be something wrong with Timothy Treadwell, so they leave him alone, at least for a little while.But when one bear gets frustrated and hungry enough, we see just how easy it was for the bear to eat Timothy and his girlfriend in the Grizzly Maze.They don't know TrumpThe Democrats have been fighting a villain they created, but who never existed. I was one of those who sobbed on my couch after 2016, donated to Jill Stein, marched in protest, and felt myself part of the resistance. I would take to the treadmill at the gym to the Styx song Come Sail Away and I would imagine making a video to rally the troops on the Left. I would think those MAGA “racists” are not prepared for the strength of our battlestation. We have all of this power, and they have none of it. And yet, even as I imagined this, I didn't realize what I was saying because I didn't know myself, or my side, and I most certainly didn't know Trump and MAGA. What would snap me out of it was seeing what we eventually did with our power. It wasn't a grassroots uprising. It was one political party becoming more powerful than any other and then using that power to demonize, dehumanize, and marginalize half the country. When we decided we had the right to take over the 2020 election to “save Democracy” that was when I began to pull back.I was like Linda Hamilton in Terminator 2, who sees the guy she thinks is there to kill her, but instead, he's the guy who has come to save her.Because we didn't know ourselves back in 2016, we had to cover up our failures with lies about Trump. We concocted a false World War II fantasy where we were the “resistance.” Once we started that big lie, we were doomed because there was no way out of it, and there still isn't.I would find out in 2020 that all I got from the legacy media was the worst things Trump said, extracted from a much longer speech to paint a picture of someone who did not exist. I had to find that out all on my own, knowing that to do so would cost me everything. Why should just humanizing the other half of the country cost me everything? Because that is what the Left has become. Here is Chamath Palihapitiya on the Katie Miller podcast:Recently, Washington Examiner writer Kimberly Ross tried it on X with the following tweet:But of course, the truth is not something they're ready for. There is no way out for them, not because of who Trump is, but because of who they are. They just haven't figured it out.In my very wealthy, very white, and very Liberal town, there is a shop with a Buddha fountain outside, with shelves lined with spirituality and self-help. Outside, a red sign of rage. If you keep walking toward the Buddha fountain, you'll also see this sign, stabbed into the dirt on the other side.Their lawn sign isn't just an admission of how little they know themselves; it is also a manifesto. Just as they demand yet another impeachment of Trump, they also demand that you see the world the way they do, or else. But just remember, love wins.// This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.sashastone.com/subscribe

Revisiting this episode because sometimes you have to repeat yourself for it to stick... Truth comes in many forms. What has been draining your spirit? 5 types of people to avoid to navigate the next chapter in life in peace and freedom, and not chaos. If someone's constant complaining suffocates the joy, God is trying to nourish in you, then you must protect your inner sanctuary. The second type is the manipulator. This is the most subtle and often the most painful. Manipulation does not come with shouting. It comes wrapped in words that sound like care, like duty, like obligation. Manipulators use guilt to control. They speak of love but demand submission. God NEVER weaponizes guilt. Therefore, every person who steals your freedom is damaging the gift God placed in you.  3rd type They remind you of old mistakes, not to heal you, but to diminish you. They keep you fixed in an outdated portrait of who you once were, refusing to see the grace God has formed in you.  Your past is not a weapon for others to wield. 4th Darkness Bearers one who carries darkness. Not always in obvious ways, not always with dramatic sins, but with a presence that pulls the soul away from the light. These are the people who normalize what leads you away from God, who diminish the seriousness of sin, who feed resentment, who speak lightly of what wounds the conscience, who invite you into anger, division, or habits that cloud the clarity of prayer. A neighbor arrives not with warmth but with gossip that stains the mind. A relative comes not with compassion but with burdensome anger that pulls the spirit into old conflicts.  5th Silent but just as deadly This cold silence is not the silence of contemplation. It is the silence of indifference. It is the silence that neither builds nor comforts. A relative who shows no interest in your well-being. A friend who never asks how your heart is. A companion who takes but never gives.  Your soul is too close to eternity to be entangled in the shadows of others. Rise above the storms of others. You will live the later years as God intended, not in confusion, but in clarity, not in exhaustion, but in grace.  Pope Leo is still kicking the knowledge.  Navigate to Pope Leo Speaks on 5 Types of People to Avoid that are Peace Wreckers to view the video in its entirety. No, I am not Catholic. But, this Pope Leo XIV is literally a "cousin". And has emphatically stated he is not MAGA. As the first American-born pope, has said that his nationality means that people cannot say he "doesn't understand the United States," as they did with Pope Francis. This statement indicates that he feels his perspective is uniquely informed and that he will be more effective in his engagement with the US government. He has expressed support for US bishops who took a stance against the Trump administration's deportation policies. By doing so, he is indirectly criticizing the administration while also encouraging other bishops to follow suit. While Pope Leo XIV has stated that he wants to avoid "partisan politics," he has also said that he is not afraid to "raise issues" that are related to the Gospel. This creates a fine line that he seems willing to cross, and his comments on human dignity, immigration, and wealth inequality can be interpreted as a moral and religious critique of the administration's policies. I am not a Communist nor a sympathizer of the autocratic regime in power in China. But, I admire the shade. Leaving this felon administration on hold listening to #Obama speeches is classic!! Even Sun Tzu could have anticipate the level of shade of the new age Chinese nor 50 cent for that matter. #pettylujah  Seasonal Affective Disorder Is Treatable and all of us should be about fixing our mental health always.... If you are searching for help and direction in your struggles with depression and addiction Call 1-800-273-8255 Available 24 hours everyday   There is also an online chat feature https://suicidepreventionlifeline.org/chat/   And if Vodka is the problem, call  1-800-662-HELP (4357) for 24/7 help. Please reach out to find joy in this season! Don't forget to navigate to www.dalesangelsinc.com for all special offers and updates on nerd news. So much to buy so little time!!

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kindle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kindle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

JB White opens this January 12 episode broadcasting from Tallahassee after an unexpected weekend detour, blending personal storytelling with geopolitical analysis. After recounting travel mishaps, family events, and reflections on aging, JB pivots into a broader discussion of what he describes as Team Trump's Sun Tzu–style strategy of “flooding the zone.” He argues that the administration's rapid, global tempo is deliberately forcing opponents into a reactive posture, using Venezuela as a prime example of strategic precision and narrative disruption. JB reflects on military leadership, command authority, and why he believes this moment represents a world-historic inflection point. The episode weaves together sports commentary, personal anecdotes, faith, cultural observations, and audience interaction, while emphasizing discernment, patience, and the danger of assuming superiority over a coordinated operational strategy. The show closes with reflections on influence, perception, and the importance of recognizing patterns rather than reacting emotionally to unfolding events.

Protect Your Retirement with a PHYSICAL Gold and/or Silver IRA https://www.sgtreportgold.com/ CALL( 877) 646-5347 - You Can Trust Noble Gold Paper Silver cannot stop the unrelenting demand for PHYSICAL silver, and as I've noted many times you can't build the future with paper silver, a lesson the criminal bankers are beginning to understand. China is playing the long game in a Sun Tzu Art of War sort of way hoarding one of the world's most precious, useful and tangible precious metals. The owner of Miles Franklin Andy Schectman returns to SGT Report with the receipts regarding one of the biggest short squeezes in human history. Thanks for tuning in. Your silver stacking links are below! SD Bullion: Free Shipping on orders over $499 https://sdbullion.com/gold-silver-ira?utm_source=sgtreport Andy's team at Miles Franklin can help you too: https://milesfranklin.com/ https://rumble.com/embed/v71xpq2/?pub=2peuz

New Year's Resolutions or Intentions for the New Year...Peace will rule, get into it! End of year roundup, reflecting on next chapter of my life, I am hopeful that my ordered steps will help someone else. Truth comes in many forms. What has been draining your spirit? 5 types of people to avoid to navigate the next chapter in life in peace and freedom, and not chaos. An elderly woman once told a sister, "I love her, but I cannot breathe when she leaves. It is as though she blows out the candles in my house." The sister answered her with gentle truth, "Love her from a distance, for God did not ask you to sacrifice your peace to satisfy another's unrest." If someone's constant complaining suffocates the joy, God is trying to nourish in you, then you must protect your inner sanctuary. The second type, the manipulator. This is the most subtle and often the most painful. Manipulation does not come with shouting. It comes wrapped in words that sound like care, like duty, like obligation. Manipulators use guilt to control. They speak of love but demand submission. God NEVER weaponizes guilt. Therefore, every person who steals your freedom is damaging the gift God placed in you.  3rd type They remind you of old mistakes, not to heal you, but to diminish you. They keep you fixed in an outdated portrait of who you once were, refusing to see the grace God has formed in you.  Your past is not a weapon for others to wield. 4th Darkness Bearers one who carries darkness. Not always in obvious ways, not always with dramatic sins, but with a presence that pulls the soul away from the light. These are the people who normalize what leads you away from God, who diminish the seriousness of sin, who feed resentment, who speak lightly of what wounds the conscience, who invite you into anger, division, or habits that cloud the clarity of prayer. A neighbor arrives not with warmth but with gossip that stains the mind. A relative comes not with compassion but with burdensome anger that pulls the spirit into old conflicts.  5th Silent but just as deadly This cold silence is not the silence of contemplation. It is the silence of indifference. It is the silence that neither builds nor comforts. A relative who shows no interest in your well-being. A friend who never asks how your heart is. A companion who takes but never gives.  Your soul is too close to eternity to be entangled in the shadows of others. Rise above the storms of others. You will live the later years as God intended, not in confusion, but in clarity, not in exhaustion, but in grace.  Pope Leo is still kicking the knowledge.  Navigate to Pope Leo Speaks on 5 Types of People to Avoid that are Peace Wreckers to view the video in its entirety. No, I am not Catholic. But, this Pope Leo XIV is literally a "cousin". And has emphatically stated he is not MAGA. As the first American-born pope, has said that his nationality means that people cannot say he "doesn't understand the United States," as they did with Pope Francis. This statement indicates that he feels his perspective is uniquely informed and that he will be more effective in his engagement with the US government. He has expressed support for US bishops who took a stance against the Trump administration's deportation policies. By doing so, he is indirectly criticizing the administration while also encouraging other bishops to follow suit. While Pope Leo XIV has stated that he wants to avoid "partisan politics," he has also said that he is not afraid to "raise issues" that are related to the Gospel. This creates a fine line that he seems willing to cross, and his comments on human dignity, immigration, and wealth inequality can be interpreted as a moral and religious critique of the administration's policies. I am not a Communist nor a sympathizer of the autocratic regime in power in China. But, I admire the shade. Leaving this felon administration on hold listening to #Obama speeches is classic!! Even Sun Tzu could have anticipate the level of shade of the new age Chinese nor 50 cent for that matter. #pettylujah  Seasonal Affective Disorder Is Treatable and all of us should be about fixing our mental health always.... If you are searching for help and direction in your struggles with depression and addiction Call 1-800-273-8255 Available 24 hours everyday   There is also an online chat feature https://suicidepreventionlifeline.org/chat/   And if Vodka is the problem, call  1-800-662-HELP (4357) for 24/7 help. Please reach out to find joy in this season! Don't forget to navigate to www.dalesangelsinc.com for all special offers and updates on nerd news. So much to buy so little time!!

About Understanding Sun Tzu On The Art Of War: Understanding Sun Tzu on the Art of War is both a source and an interpretation of Sun Tzu’s Art of War written to clarify Sun Tzu’s philosophies on war without compromising the subtlety of thought needed to master them. Readers of this book, from across professional disciplines, will find key advice on leadership, advantage, and how to proficiently overcome adversaries. Robert is a member of the Writers of Chantilly. Be sure to listen to her podcast interview with the club’s president Nick Bruner that was recorded at the 2025 annual holiday event at Elaine's Literary Salon. Learn more about the writing group here: writersofchantilly.blogspot.com • Check out the Salon here: ElainesLiterarySalon.com

JB White opens this episode of RattlerGator Report with reflections on family, gratitude, and perspective before shifting into a detailed analysis of global power dynamics and strategic signaling. The discussion centers on recent cartel extraditions tied to cooperation between the United States and Mexico, framed as part of a broader pressure campaign rather than isolated law enforcement actions. JB examines military posture, visible force projection in the Caribbean, and what he describes as a deliberate, Sun Tzu–style strategy operating below public awareness. The episode expands into economic acceleration driven by artificial intelligence, Elon Musk's role in future growth, and how technological expansion is reshaping the U.S. economy. JB also challenges prevailing narratives around alliances, sovereignty, and political actors, urging listeners to think forward rather than react emotionally to headlines. The episode emphasizes discernment, timing, and understanding power through long-term strategy rather than surface-level analysis.

POUR COMMANDER MON LIVRE : Sur Amazon : https://amzn.to/3ZMm4CY Sur Fnac.com : https://tidd.ly/4dWJZ8OPour découvrir cet épisode en vidéo, c'est ici

¿Quieres descubrir cómo tener el poder para lograr lo que quieres?: En un mundo donde la manipulación es una herramienta cotidiana, la inocencia es similar a la ignorancia. ¿Estás preparado para identificar y defenderte de las tácticas de poder que otros usan en tu contra? Este libro no es una guía sobre ética o buenas intenciones. Es un manual amoral, despiadado y, sobre todo, muy instructivo que destila tres mil años de historia en 48 leyes claras y concisas sobre cómo obtener, estudiar y combatir el poder absoluto. No es una invitación a convertirte en un tirano, sino una herramienta esencial para comprender cómo operan tus enemigos y colegas y reconocer sus acciones maliciosas. Inspirado en las mentes de Maquiavelo y Sun Tzu, aprenderás a: Nunca hacerle sombra a tu superior, siendo invaluable sin ser percibido como una amenaza. Aplastar por completo a tu enemigo para que no pueda volver a desafiarte. Disimular tus intenciones y mantener a todos desinformados. Reconocer y protegerte de la “Tríada Oscura” de la personalidad: líderes narcisistas, maquiavélicos y psicópatas. El poder transforma. Si no estás dispuesto a entender sus reglas, te arriesgas a ser víctima de ellas. Atrévete a descubrir la cruda verdad y aprende a jugar el juego que todos juegan, lo admitan o no.

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kindle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

GO oyunu neden “en saf strateji oyunu” olarak görülüyor? Netizen programında Atıf Ünaldı'nın konuğu İstanbul Go Kulübü kurucusu Mehmet Emin Barsbey, Go'nun 4 bin yıllık tarihini, satrançtan farklarını, Sun Tzu'nun savaş anlayışıyla ilişkisini ve yapay zekâ–AlphaGo kırılmasını anlatıyor. Ünaldı ve Barsbey, bu bölümde strateji, dikkat, algoritma ve sezgisel düşünme üzerine derinlikli bir sohbet gerçekleştiriyor. Learn more about your ad choices. Visit megaphone.fm/adchoices

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kindle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

In this episode, we discuss David Goggins vs. rest days, stomach vacuums, autophagy, fasted training, airplanes with toddlers, and more.We hope you enjoy this episode and if you'd like to join us in The Online Fitness Business Mentorship, you can grab your seat at https://www.fitnessbusinessmentorship.comThank you!-J & MWATCH this episode on YouTube: https://youtu.be/7EuldRo6eJwTIMESTAMPS:(00:00) — Intro(00:11) — Energy & fatigue levels as we age(06:00) — The strangest (& most inconvenient) way Jordan has improved his sleep...(11:36) — Experiences & advice for traveling with small children(16:27) — Dog walking etiquette & porch pirates getting what they deserve(21:31) — Online chess, Sun Tzu, & the Art of War(24:04) — The difference between a banana and a Snickers bar(24:27) — Fasted training(26:43) — Doing exercises you hate(29:59) — Weight vest recommendations(31:15) — What are the benefits of stomach vacuums?(33:08) — Age gaps & romantic relationships(34:55) — The reality of weight spikes(36:46) — Dealing with loose skin after weight loss(39:09) — Goggins vs Rest Days(43:02) — The "best" type of creatine(47:36) — Fasting & autophagy(49:24) — The truth about fitness wearables(50:20) — Things Jordan misses about Boston(52:29) — Wrap-upFollow the show on social:YouTube - https://www.youtube.com/@personaltrainerpodcastInstagram - https://www.instagram.com/personaltrainerpodcastTikTok - https://www.tiktok.com/@personaltrainerpodcastJoin our email list & get our FREE '30 Ways To Build A Successful Online Coaching Business' manual: https://bit.ly/30O2l6pCheck out our book 'Eat It!' at https://www.amazon.com/Eat-It/dp/0008543046If you have any questions you'd like to have answered on the show, shoot us an email at info@fitnessbusinessmentorship.comIf you enjoyed the episode, we would sincerely appreciate it if you left a five-star review.----Post-Production by: David Margittai | In Post MediaWebsite: https://www.inpostmedia.comEmail: david@inpostmedia.com© 2025 Michael Vacanti & Jordan Syatt

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠⁠⁠⁠⁠⁠⁠⁠⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠⁠⁠⁠⁠⁠⁠⁠⁠ (⁠⁠⁠⁠⁠⁠⁠⁠⁠Kindle⁠⁠⁠⁠⁠⁠⁠⁠⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

"The supreme art of war is to subdue the enemy without fighting." What if the organizations so many celebrate as symbols of unity, legacy, and purpose… are actually part of something much deeper—something unseen? In this revelatory message, Pavielle Bee exposes how Satan has weaponized deception to make spiritual bondage appear beautiful and allegiance to darkness look like empowerment. Using Scripture and insights, I uncover a strategy the enemy has been perfecting for generations—a war waged in plain sight, disguised as community, culture, and pride. This teaching explores: ✅ How spiritual warfare operates through deception and agreement ✅ The hidden power of vows, oaths, and rituals many overlook ✅ Why some believers unknowingly defend what's actually opposing God ✅ How to recognize when you're part of something that looks godly but isn't ✅ The path to true freedom and spiritual clarity "The supreme art of war is to subdue the enemy without fighting." — Sun Tzu The question is… what if that war has already reached you?   NEXT STEP TO DISCOVERING GOD'S PURPOSE FOR YOUR LIFE 

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠⁠⁠⁠⁠⁠⁠⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠⁠⁠⁠⁠⁠⁠⁠ (⁠⁠⁠⁠⁠⁠⁠⁠Kindle⁠⁠⁠⁠⁠⁠⁠⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

Hello everyone, a big thanks to all of you who joined the patreon and voted for this to be the next episode, you all are awesome. This is a part 2 about Hirohito's responsibility during the wars of 1931-1945, so if you have not heard part 1, perhaps go do so, or maybe you just don't care about 1931-1940 and just want to hear about the 1941-1945 period, hell by all means enjoy.   So last time we kind of left it on a bit of a dramatic cliff hanger. I spoke about Emperor Hirohito's involvement in what was called at the time the “China Incident”. It was not an official declared war until December of 1941. We left off in 1940, Hirohito was struggling with a situation of juggling two things: 1) how the hell to finally end the China War 2) how to do it without receiving horrible ramifications from the international world. On July 22nd of 1940, Konoe was back and formed a second cabinet. Notably General Hideki Tojo went from vice to army Minister during this time. If you guys ever want a podcast on Hideki Tojo, let me know, he is one rather bizarre figure that's for sure. Konoe tackled his job by holding an imperial HQ government liaison conference. For 90 minutes everyone worked on a new national policy designed to exploit the international situation, IE: Germany bulldozing europe.  The result was a document on national policy dated July 27th. It shifted focus to the “southern area” IE: southeast asia and the Pacific if the China war did not end quickly. Its basis was to exploit the foreign nations that had their hands full in europe, France, Britain and the Netherlands. It called for an invasion of French Indochina to establish bases to launch assaults against the Dutch East Indies for natural resources if diplomatic means failed. It acknowledged if the Dutch East Indies were seized through military means, Japan would also seek to fight Britain, but not the US, instead Japan would prepare for a possible war with the Americans. To all of this Hirohito approved. The army also kept pressuring its desire to ally with Germany. Throughout 1939-1940 Hirohito rejected this idea, not because of any ideological differences, it was because of Germans anti aggression pact with the USSR. If Japan were to ally to Germany, Hirohito wanted it to be mutually to fight the USSR. The Navy likewise opposed allying to Germany because they believed it would force Britain and the US to increase their aid to Chiang Kai-shek.   However the Blitzkrieg changed everything. Everyone was shocked at how well Germany was doing. Prince Chichibu repeatedly argued with Hirohito to change his mind over the alliance idea. Then suddenly the Navy changed their mind and began favoring an alliance. This changed came about in June of 1940 when the France fell. The Navy changed their mind based on a few factors, a major component was the belief if Germany and the USSR were allied, than at least Japan would not have to worry about the USSR and could focus on the pacific. Both the IJA and the IJN believed Hitler would soon take Britain and thus there was a huge desire to join the new international order on the winning side. A third factor was a new clause in negotiations with Germany and Japan, that if they allied Japan would not automatically be drawn into a war with Britain against her will. Some in the navy also believed perhaps Germany could help their diplomatic situation with the Americans. So the army and navy were now both demanding an alliance with Germany, it was all up to hirohito.    At an imperial briefing on June 19th of 1940, Hirohito asked chief of staff Prince Kan'in and the Army Minister Hata “At a time when peace will soon come in the European situation, will there be a deployment of troops to the Netherlands Indies and French Indochina?” Such as question revealed Hirohito's perception at the time that Germany was on the verge of victory and that he was gradually considering the deployment of troops in French Indochina and the Dutch East Indies as neither parent nation were in a position to defend their holdings. In regards to the China war, the Japanese sought to end leaks of materials getting into China from places like Hong Kong. Hirohito received reports indicated Britain would not accept closing the movement of materials into China via Hong Kong. The military acknowledged it would probably be required to invade Hong Kong and thus declare war on Britain. Upon hearing of this Hirohito remarked “Should that happen, I am sure America will use the method of an embargo, don't you agree?” To this his lord of the privy seal, Kido reassured him stating “the nation must be fully resolved to resist to proceed cautiously and not to be dragged into events precipitated by the overseas agencies”. Konoe's second cabinet resolved to end the China war, construct a new order in greater east asia and to complete war preparations as a national defense state. On July 27th at a liaison conference a document was adopted, affirming a course of advancing to the south and to ally with Germany. Japan would incorporate the Dutch East Indies, British Malaya and other resource rich areas of Southeast Asia into its new order while simultaneously bolstering its relationship with the Axis states. After hearing and reading everything, Hirohito sanctioned it all. Thus Hirohito had sanctioned the preliminary actions that would set Japan into a collision course with the US.   In September Japan began sending troops into northern French Indochina after concluding its Tripartite alliance with Germany and Italy. Now Hirohito was briefed beforehand by Army Minister Tojo and other chiefs of staff about securing bases in northern French indochina. Hirohito agreed to this under the belief acquiring such bases would stop more leaked materials going into China and thus contribute to the fall of Chongqing. But Hirohito also sanctioned it under the full knowledge it was preparing the Nanshin-ron advance and that carried a risk of going to war with Britain and by proxy the US. Naturally he wanted to thwart any war breaking out with the US by it seems his officials had convinced him they could manage most of their plans without aggravating the US.   On July 29th with the German offensive aimed at finishing off Britain, Hirohito summoned his chiefs and vice chiefs of staff to the imperial HQ. He began to question the prospects of war with the US. Prince Fushimi replied “[u]nless we complete our domestic preparations, particularly the preparation of our material resources, I do not think we should lightly start war even if there is a good opportunity to do so.” Hirohito then asked if  “the Army were planning to occupy points in India, Australia, and New Zealand.” But overall Hirohito seemed to be the most concerned about the US, Germany and the USSR. “Could Japan, obtain a victory in a naval battle with the United States as we once did in the Battle of the Japan Sea? . . . I heard that the United States will ban exports of oil and scrap iron [to Japan]. We can probably obtain oil from other sources, but don't you think we will have a problem with scrap iron?” In regards to the USSR “If a Japan-Soviet nonaggression treaty is made and we advance to the south, the navy will become the main actor. Has the army given thought to reducing the size of its forces in that case? . . . How do you assess the future national power of Germany? . . . Both Germany and the Soviet Union are untrustworthy countries. Don't you think there will be a problem if one of them betrays us and takes advantage of our exhaustion fighting the United States?I]t seems as though you people are thinking of implementing this plan by force because there is a good opportunity at this moment for resolving the southern problem even though some dangers are involved. . . . What does a good opportunity mean? [To this question Sawada replied: “For example, if a German landing in England commences.”] In that case wouldn't the United States move to aid Britain? . . . Well, I've heard enough. I take it, in short, that you people are trying to resolve the southern problem by availing yourselves of today's good opportunities.”   You can tell Hirohito understood the very real threat of an Anglo-American alliance and was very cautious. It seemed to Hirohito, that his officials were trying to take the limelight off the abysmal situation in China but emphasizing a southern advance. Well Americans response to the Japanese movement into northern French indochina was to see it as a direct threat. Something I have not paid much attention to was Hirohito's decision making being the direct result of trying to mediate between competing entities, ie: the IJA and IJN. At this point in time the IJA and IJN top officials had the power to simply stop governmental functions from occurring altogether whenever they were displeased with a decision. As you can imagine the IJA and IJN were also competing for resources and political power. Thus Hirohito spent a lot of time and effort trying to formulate decisions that at a minimum kept the governance going.    In the end Hirohito sanctioned Imperial HQ army order number 458, ordering the area army to begin the entry into French Indochina. Thus once again Hirohito sanctioned aggression aboard. America began what it called a “moral embargo” on aircraft parts, scrap iron and aviation gasoline. This was one of many gradual steps America took to incrementally sanction Japan, while aiding China to keep it bogged down. Japan's direct response was joining the Axis with a clause “to assist one another with all political, economic and military means if attacked by a power at present not involved in the European War or in the Sino-Japanese conflict”. This clause was designed specifically to check Britain and the US. Hirohito knew this was a turning point carrying the possibility of war with the US. Later he would blame some officials and even his brothers Chichibu and Takamatsu, but not his own actions sanctioning the Axis pact.    Speaking of his brothers, at this time Chichibu got severely ill with tuberculosis and as a result retired from active public life, now Prince Takamatsu stood as next regent. Thus Takamatsu would begin reading reports and advise Hirohito. Takamatsu like Chichibu approved the Tripartite Pact and found his brother Hirohito's performance lacking. Meanwhile Britain responded to the Tripartite pact by opening up the Burma road and America made a loan to Chiang Kai-shek.   The Soviets came to Japan for a neutrality pact and sweetened the deal by offering Soviet coal and oil concessions in North Sakhalin. Hirohito ratified the treaty on April 25th of 1941. 5 weeks later on June 5th, the Japanese ambassador to Berlin, General Oshima Hiroshi reported to Hirohito and the high command that Hitler was about to invade the Soviets. The Army high command sprang into action drafting plans to open a war with the Soviets while simultaneously advancing south into French Indochina. But many in the military also sought to wait until the time was ripe, and a rift emerged. Operation barbarossa commenced and on June 23rd the IJN high command gave their opinion that Japan should seize all military bases and airfields in southern French Indochina even at the risk of war with Britain and America. Can you say boy that escalated quickly?   There was obvious temptation to invade Siberia towards Lake Baikal, but at the same time the western powers were tightening sanctions on Japan, she needed resources. At this point Japan had been stuck in China for 4 years and 5 months, the army had expanded from 17 divisions totalling 250,000 men in july of 1937 to 51 divisions at 2.1 million men in December 8th of 1941. On July 2nd, 10 tens into Operation barbarossa, Konoe summoned an imperial conference to debate actions going forward. The consensus was that southern French Indochina needed to be taken and that it probably would not provoke the US going to war with Japan. Hirohito sanctioned it and on July 30th made a major operational intervention by advising General Sugiyama to build up forces in Manchukuo to prevent the Soviet Far Eastern Army.   Japan negotiated with Vichy France to allow Japanese troops to occupy southern parts of French Indochina. What was to be originally just 40,000 IJA forces turned into 185,000 and in response America increased sanctions and began preparing the Philippines for war. Roosevelt froze Japanese assets in the US on July 26th and by August the 1st a total embargo of oil and gasoline exports to Japan. Konoe's cabinet, the military high command, pretty much everyone was shocked by how harsh the economic sanctions were. Emperor Hirohito told Sugiyama to halt mobilizing forces in Manchukuo and the army basically dropped all plans of attacking the USSR. A month after the US oil embargo suddenly the army had changed its mind to go all in on the southern advance. Britain likewise began sanctions against Japan and both Britain and the US managed to convince the Dutch to follow suit by refusing to sell oil to Japan. The Dutch even took it a step further and followed Americans lead in freezing Japanese assets.    Konoe was in full panic mode, be believed his ambassador to washington was a moron and sought to go in person to speak to Roosevelt. At 11:40am on August 4th Konoe spoke to Hirohito about the plan, but Washington kept making up excuses prolonging any meeting from taking place. Meanwhile Washington was building up its navy, and the IJN were stressing, in the words of Admiral Takagai “As time passes and this situation continues, our empire will either be totally defeated or forced to fight a hopeless war. Therefore we should pursue war and diplomacy together. If there is no prospect of securing our final line of national survival by diplomatic negotiations, we must be resolved to fight.” Hirohito understood the predicament full well, that each day Japan was wasting its oil reserves, if they were to strike it had to be quickly.    On september 3rd at a liaison conference it was decided Japan was to prepare for a war against the US, UK and Netherlands while simultaneously pursuing diplomacy. If diplomacy failed by early October the decision for war would be made. Konoe presented everything to Hirohito on September 5th and requested an imperial conference on the matter. The most important decision of his life was about to be made.    Now take a second to feel the moment. Germany's invasion of the USSR was in its 6th week and not producing a decisive victory; Britain was still in the fight and the Japanese ambassador to London reported back Britain would allow Japan to maintain its great power status and exert influence in asia if they stayed out of the European War and “re-examined their current policy”. An olive branch. Hirohito had options is what I am arguing. He could stale things, he could mobilize units into Manchukuo to simply threaten the Soviet border, he could simply stay out of new wars, even it the China war would get worse, but try to profit from the situation in Europe. He could stop the southern advance, lose the chance to seize the resource in southeast asia, but perhaps the US, UK and Netherlands would lift some sanctions.   After speaking back and forth with Konoe while scolding Sugiyama here is a bit of their conversation:    Emperor: In the event we must finally open hostilities, will our operations have a probability of victory?  Sugiyama: Yes, they will.  Emperor: At the time of the China Incident, the army told me that we could achieve peace immediately after dealing them one blow with three divisions. Sugiyama, you were army minister at that time. . . .  Sugiyama: China is a vast area with many ways in and many ways out, and we met unexpectedly big difficulties. . . . [ellipses in original]  Emperor: Didn't I caution you each time about those matters? Sugiyama, are you lying to me? Nagano: If Your Majesty will grant me permission, I would like to make a statement.  Emperor: Go ahead.  Nagano: There is no 100 percent probability of victory for the troops stationed there. . . . Sun Tzu says that in war between states of similar strength, it is very difficult to calculate victory. Assume, however, there is a sick person and we leave him alone; he will definitely die. But if the doctor's diagnosis offers a seventy percent chance of survival, provided the patient is operated on, then don't you think one must try surgery? And if, after the surgery, the patient dies, one must say that was meant to be. This indeed is the situation we face today. . . . If we waste time, let the days pass, and are forced to fight after it it is too late to fight, then we won't be able to do a thing about it.  Emperor: All right, I understand. [He answered in a better mood.]  Konoe: Shall I make changes in tomorrow's agenda? How would you like me to go about it? Emperor: There is no need to change anything.   There is no need to change anything. Konoe grabbed Hirohito for a private audience afterwards and tried to get Hirohito to revise the outline, but Hirohito ignored this. Hirohito at that point could have stopped or at least slowed down the countdown to all out war. Hirohito instead did not want to displease the pro-war factions in his military, perhaps he saw them as a threat to his authority. Hirohito was not at all pleased with the policy plan. When he was shown in on september 5th, he looked extremely irritated and blew up on Sugiyama and the army high command as a whole. 20 minutes before the Imperial conference on September 6th, Hirohito spoke with his lord of the privy Kido and told him he was going to raise some questions at the meeting. Kido told him that it would be best to leave the questions at the very end, basically he was advising to allow for things to go through. Thus Hirohito sat through the meeting and sanction the preparations for war. Here is a conversation between Hirohito and the Chiefs of the general staff:   Emperor: You may go ahead and mobilize. But if the Konoe-Roosevelt talks go well, you'll stop, won't you?  Chief of the General Staff: Indeed, your majesty, we will.  Emperor: I will ask you one more time: Is there any possibility that the north [that is, the Soviet Union] may move against us while we are engaged in the south [emphasis added]?  Chief of the General Staff: I cannot say that will absolutely not occur. However, because of the season it is inconceivable that large forces will be able to attack us   Meanwhile Konoe's deadline to reach a diplomatic resolution with the US was fast approaching. On October 13th Hirohito told Kido “In the present situation there seems to be little hope for the Japan–U.S. negotiations. If hostilities erupt this time, I think I may have to issue a declaration of war.” The next day Konoe held his last cabinet meeting and Army minister Tojo took the lionshare of talking:   For the past six months, ever since April, the foreign minister has made painstaking efforts to adjust relations [with the United States.] Although I respect him for that, we remain deadlocked. . . . Our decision was “to start the war . . . if by early October we cannot thoroughly achieve our demands through negotiations.” Today is the fourteenth. . . . We are mobilizing hundreds of thousands of soldiers. Others are being moved from China and Manchuria, and we have requisitioned two million tons of ships, causing difficulties for many people. As I speak ships are en route to their destinations. I would not mind stopping them, and indeed would have to stop them, if there was a way for a diplomatic breakthrough. . . . The heart of the matter is the [imposition on us of] withdrawal [from Indochina and China]. ...If we yield to America's demands, it will destroy the fruits of the China Incident. Manchukuo will be endangered and our control of Korea undermined   And so Konoe resigned two days later, but before he did his last official action was to recommend Prince Higashikuni to succeed him, in fact he got Tojo to do the same. Prince Higashikuni was deemed capable of controlling both the Army and Navy. And what did Hirohito say to this? He said no, and appointed Hideki Tojo. Why? As going back to the beginning of this series, to protect the Kokutai. He did not want a member of the royal family to hold the seat as Prime Minister during a time when war might be declared, a war that Japan might lose, which would toss the responsibility onto the imperial house. It was a threat to the Kokutai. Hirohito chose Tojo because Tojo was 100% loyal subject to the emperor. Tojo was the perfect fall guy if one ever existed.    Between November 8-15th, Hirohito received a full rundown of the Pearl Harbor surprise attack plan and sanctioned it. The deadline to reach a diplomatic solution with the US was set for midnight December 1st.    Hirohito ever since the Mukden Incident had expressed fear that not taking warlike actions, not pumping up the kokutai or not suppressing dissent would jeopardize the imperial system of government and damage the imperial institution itself. For Hirohito domestic conflicts were more dangerous than external ones, because they carried the risk of eroding the monarchy. As the time approached for his finally decision on declaring war, Hirohito requested a last round of discussion. The carriers enroute to Pearl harbor departed on november 27th, while on December 1st, 19 leaders, the entire Tojo cabinet and Emperor met. Tojo pulled a rather cheeky maneuver, he reported the response from America, the famous Hull note by stating “the United States . . . has demanded that we withdraw troops from all of China [emphasis added],” but in fact, Hull had used only the word “China.” Hara asked “I would like to know,whether Manchukuo is included in the term ‘China'? Did our two ambassadors confirm this point?” Togo's reply to this was “However . . . the American proposal [early in the negotiations on] April 16 stated that they would recognize the state of Manchukuo, so Manchukuo would not be part of China. . . . On the other hand . . . there has been a change in their position . . . they look upon Chungking as the one and only legitimate regime, and . . . they want to destroy the Nanking regime, [so] they may retract what they have said previously” A nonsensical gibberish answer, intentionally done to make everyone think America did in fact include Manchukuo, thus forcing everyone to see the demands as impossible to comply with. Togo finished the meeting : “Once His Majesty decides to commence hostilities, we will all strive to meet our obligations to him, bring the government and the military ever closer together, resolve that the nation united will go on to victory, make an all-out effort to achieve our war aims, and set his majesty's mind at ease. I now adjourn the meeting.” Hirohito simply nodded. Sugiyama remarked that the emperor did not show the slightest sign of anxiety, in fact he looked like he was in a good mood.   Hirohito's naval aid Jo Eiichiro wrote minutes on the first day of the pacific war, recording the emperors actions. 4 A.M. (Japan time): Japan issued a final ultimatum to the United States. 3:30 A.M.: the Hawaiian surprise attack was successful. 5:30 A.M.: Singapore bombed. Great results. Air attacks on Davao, Guam, Wake. 7:10 A.M.: All the above was reported to the emperor. The American gunboat Wake was captured on the Shanghai front. The British gunboat Petrel was sunk. From 7:15 to 7:30 the chief of the Navy General Staff reported on the war situation. At 7:30 the prime minister informally reported to the emperor on the imperial rescript declaring war. (Cabinet meeting from 7 A.M.). At 7:35 the chief of the Army General Staff reported on the war situation. At 10:45 the emperor attended an emergency meeting of the privy council. At 11:00 A.M. the imperial rescript declaring war was promulgated. 11:40 A.M. Hirohito conferred with Kido for about twenty minutes.] At 2:00 P.M. the emperor summoned the army and navy ministers and bestowed an imperial rescript on them. The army minister, representing both services, replied to the emperor. [At 3:05 P.M. the emperor had a second meeting with Kido, lasting for about twenty minutes.] At 4:30 P.M. the chiefs of staff formally reported on the draft of the Tripartite (Germany-Italy-Japan) Military Pact. At 8:30 P.M. the chief of the Navy General Staff reported on the achievements of the Hawaii air attack. . . . Throughout the day the emperor wore his naval uniform and seemed to be in a splendid mood.   Hirohito believed Germany would win, thus if with their help he believed Japan could thwart off the US until a negotiated peace. Having made his choice, Hirohito devoted himself to presiding over and guiding the war to victory at all costs. He was a extremely cautious person, every single campaign he looked for what could go wrong, made worse case scenario predictions and was very suspicious of reports from his high officials. He was notably very harsh and critical on said high commanders. Although he did not visit the war theaters as did other commanders in chief, he exercised and controlled influence on theater operations, both in the planning and execution whenever he chose to do so. As was the same case with the China war before it, he issued the highest military orders of the Imperial HQ, performed audited conferences and led to decisions transmitted in his name. He received generals and admirals to the imperial palace who gave full reports of the battlefront. He visited bases, battleships, various army and naval headquarters. He inspected military schools, you know the full shebang.    After 26 months of war, the naval air force had lost 26,006 aircraft, nearly a third of its total power, thousands of veteran pilots were dead. Hundreds of thousands of tons of warship was sunk, the merchant and transport fleet was crippled. Late 1943 saw the Americans turning the initiative of the war, Japan was on the defensive. Guadalcanal had been the major turning point. During the staled battle for the philippines, Hirohito pressed upon Army chief of staff Sugiyama to increase troop strength to knock out Bataan. The problem persisted, on February 9th and 26th Hirohito pressed Sugiyama again about getting more troops to take Bataan.   Hirohito was confronted with the prisoner of war issue after the doolittle raid. When the pilots were caught, Togo initially opposed executions, but many in the IJA sought all 8 men executed. Hirohito chose to intervene and commuted the execution of 5 out of the 8. Why just 5, no one knows to this day, but its theorized it was to demonstrate his benevolence while simultaneously giving a bit of what the army wanted.    The CBI theater took the lionshare of his attention in 1942, he continuously pressed up Sugiyama when a final blow would be delivered against Chongqing. When the Midway disaster occurred, Hirohito was given a full report of what happened, but he chose to hid the extent of the loss from the IJA. In fact in response to the Guadalcanal campaign he was heard once asking “I wonder if this is not the start of the AmericanBritish counteroffensive?” He urged his commanders to increase offensive activities and to toss all weapons possible at the enemy, because Japan needed more time to secure its reserves of vital oil, rubber and iron. When he heard the first report of the Ichiki detachment being wiped out, he simply stated “I am sure it [Guadalcanal] can be held.” With numerous reports pouring in about the men dying from tropical disease and starvation, Hirohito kept demanding greater efforts from them. Hirohito continuously applied pressure on his naval and land commanders to recapture the island. On September 15th, November 5th and November 11th he called for more IJA troops and aircraft to be allocated to it. Sugiyama was nervous about sending more IJA pilots as they were inexperienced in transoceanic combat and he sought to reinforce the north china army to hit Chongqing. Hirohito demanded it a second time and Sugiyama replied the IJA had deployed its air power instead to New Guinea and Rabaul. Hirohito continuously hammered the issue despite the high level commanders disagreeing with it. By late november it was clear guadalcanal was a lost cause.    At an imperial HQ conference on December 31st of 1942, the chiefs of staff reported they would cancel the attempts to recapture guadalcanal. Hirohito sanctioned it but stated “It is unacceptable to just give up on capturing Guadalcanal. We must launch an offensive elsewhere.” Hirohito forced the issue and it was decided the new strategic points would be in the solomons north of New Georgia and the Stanley range on New Guinea. Hirohito in fact threatened not to authorize the withdrawal of men from Guadalcanal until such a plan was made. Hirohito would go on to oppose the withdrawal from the Munda airfield on New Georgia since it contradicted the new defensive line. As the defensive perimeter in the central and northern solomons was crumbling, Hirohito continued to demand the navy fight decisive battles to regain the initiative so ships could begin transports supplies to the countless soldiers trapped on islands without them. When Hirohito heard of the navy's failure to reinforce Lae on March 3rd he stated  “Then why didn't you change plans immediately and land at Madan? This is a failure, but it can teach us a good lesson and become a source of future success. Do this for me so I can have peace of mind for awhile.” “Do this for me” would become his signature message.    In August of 1943 as the fall of the solomons progressed, Hirohito lambasted “Isn't there someplace where we can strike the United States? . . . When and where on earth are you [people] ever going to put up a good fight? And when are you ever going to fight a decisive battle?Well, this time, after suffering all these defeats, why don't you study how not to let the Americans keep saying ‘We won! We won!'[emphasis added]”” Hirohito berated his chiefs of staff and in the face of mounting defeats he remained undismayed, rigidly self disciplined and aggressive as ever. When he received a report on September 21st of 1943 that the allies were heading for Finschhafen he replied “Being ready to defend isn't enough. We have to do the attacking.”   When the Americans destroyed the main naval anchorage at Truk forcing the navy to evacuate it, leaving behind numerous tanks, the dream of fighting one great decisive naval battle in the central pacific was over.    On February 21st of 1944, Hirohito took the unprecedented action to force Sugiyama to resign so Tojo could assume his position, alongside that of army minister and prime minister. He did this to end dissent. Hirohito and Tojo oversaw the haymaker attempts in 1944, like operation Ichi-go and the Imphal campaign fall into ruins. It looked like the Philippines, Taiwan, Okinawa, the Bonin islands and eventually the home islands would be invaded. When Saipan fell, the home islands had at last come into range of the dreaded B-29 Super flying fortresses. Hirohito had warned Tojo “If we ever lose Saipan, repeated air attacks on Tokyo will follow. No matter what it takes, we have to hold there.” For two days his chiefs of staff explained the dire situation on Saipan was hopeless, but Hirohito ignored their advice and ordered Admiral Shimada to recapture it, the first department of the navy general staff immediately poured themselves into the problem. Day and night they worked, until a draft plan was created on June 21st, 3 days later the combined fleet gave opposition. Tojo and Shimada formally reported to Hirohito the recapture plan needed to be canceled. Hirohito refused to accept the loss of Saipan and ordered his chief aide General Hasunuma to convene in his presence the board of field marshals and fleet admirals. They all met on the 25th, upon which they all unanimously stated the reports indicating Saipan was a lost cause were valid, Hirohito simply told them to put it in writing and he left the room.    Hirohito finally decided to withdraw his support of Tojo, allowing Tojo's numerous enemies to take down his cabinet on July 18th 1944. But Hirohito was undaunted in determination to steal victory from the allies. Imperial HQ on October 18th ordered a decisive naval battle and the battle of Leyte Gulf was it. After the war Hirohito would go on the record stating “Contrary to the views of the Army and Navy General Staffs, I agreed to the showdown battle of Leyte thinking that if we attacked at Leyte and America flinched, then we would probably be able to find room to negotiate.” This statement shows the facts as they were, Hirohito and his chiefs of staff forced the field commander, General Tomoyuki Yamashita to engage the American invasion force in a place Yamashita did not want to fight nor prepared adequate defenses. It was a horrible loss.   The Kamikaze attacks increased as Japan's desperation wore on. On new years day of 1945 Hirohito inspected the special last meal rations given to departing kamikaze units. Iwo Jima fell. Okinawa remained, and Hirohito lashed out “Is it because we failed to sink enemy transports that we've let the enemy get ashore? Isn't there any way to defend Okinawa from the landing enemy forces?”  On the second day of Okinawa's invasion Hirohito ordered a counter landing by the 32nd army and urged the navy to counterattack in every way possible. It was a horrible failure, it cost the lives of up to 120,000 Japanese combatants, 170,000 noncombatants. The Americans lost 12,500 killed and 33,000 wounded. An absolute bloodbath.    Konoe re-entered the stage writing to Hirohito pleading with him to order a surrender because from his perspective “The Soviet Union is Japan's biggest threat. Defeat was inevitable, but more to be feared than defeat was the destruction of the Kokutai. Sue quickly for peace, before a Communist revolution occurred that would make preservation of the kokutai impossible”. Hirohito was taken aback by this, as he shared his military's hope that the Soviets would help Japan reach a peace settlement. So he rejected the advice of Konoe. Hirohito remarked “If we hold out long enough in this war, we may be able to win, but what worries me is whether the nation will be able to endure it until then.” Then Japan's intelligence units reported the Soviets were going to break the neutrality pact and join the war once the Germans were done. Meanwhile Tokyo was turned to rubble on March 9th 1945 by 334 B-29's dropping firebombs, 40% of the capital was destroyed, up to 100,000 were dead. Hirohito remained undaunted. 60 Japanese cities were leveled by firebomb campaigns. Europe's war finished. Then the battle for Okinawa was lost, suddenly Hirohito began looking for ways to end the war.   On June 22nd Hirohito personally informed the supreme war leadership council his desire to see diplomatic maneuvers to end the war. A special envoy was sent to Moscow, while Hirohito publicly issued an imperial rescript ordering the nation “to smash the inordinate ambitions of the enemy nations and achieve the goals of the war”. B-29's began dropping leaflets with joint declarations issued by the US, UK and China requesting the citizens of Japan demand their government surrender. Prefectural governors, police chiefs and officers began submitting home ministry reports on the rapid deterioration of the nations spirit.   Germany signed the unconditional surrender documents on May 7th and 8th of 1945, Japan was alone. Newly installed President Truman declared on May 8th, Japan's surrender would not mean the extermination or enslavement of the Japanese people, but the unconditional surrender principles remained unaltered. The Japanese meanwhile were awaiting word from the Soviets. The Americans unleashed their first atomic bomb on Hiroshima on August 6th of 1945 killing up to 140,000 people. Then on August 8th the Soviet Union declared war on Japan and began an invasion of Manchuria. On August 9th the second atomic bomb hit Nagasaki killing around 40,000 people.   Thus began the surrender clock as I like to say. After the first atomic bomb, Hirohito said and did nothing about the surrender terms. Hirohito then authorized Togo to notify the world on August 10th that Japan would accept the allied terms of surrender with one condition “that the said declaration does not comprise any demand which prejudices the prerogatives of His Majesty as a Sovereign Ruler.” The next day, Secretary of State Byrnes replied by alluding to the subordination of the emperors authority to the supreme commander of the allied powers. It was ambiguous as hell. The Japanese leaders erupted into arguments, and on August 14th, Hirohito went before a microphone and recorded his capitulation announcement which aired on August 15th to all in Japan, they surrendered. Why did it take so long?   The peace talks between the Japanese and Soviets went on through June, July and early August. Japan offered the Soviets limited territorial concessions and they refused to accept the envoy on July 22nd because the Japanese were being too ambiguous in their terms. There was continuous back and forth between the intelligence of Moscow and Japan trying to figure out the stance of the other, but then Stalin heard about the atomic bombing of Hiroshima, he was shocked and ordered an invasion of Manchuria in response. In the meantime the Japanese were tossing all sorts of concessions at Moscow, they stated they would allow Japanese to be used as forced laborers in Siberia, a form of reparation as it were, that they would demobilize the military and so on. The response was the invasion of Manchuria.    Hirohito knew prior to the bombing of Hiroshima that the cabinet was divided on accepting the Potsdam terms. Hirohito also knew he and he alone could unify governmental affairs and military command. Why then did he wait until the evening of August 9th to surrender?   The reality of the matter is its complicated, numerous variables at play, but let me try to pick at it. The people of japan under the firebomb campaigns were becoming hostile towards the military, the government and many began to criticize the emperor. Hirohito was given reports from the Home Ministry from governors and police chiefs all over Japan revealing people were speaking of the emperor as an incompetent leader who was responsible for worsening the war situation. Does that sound like a threat to the Kokutai? People were starving en masse, the atomic bomb is flashy, but what really was killing the Japanese, it was starvation. The home islands were blockaded and the sea approaches mined as pertaining to the optimally named “operation starvation”. Hirohito knew full well how bad his people were suffering but he did not surrender for so long.   After Hiroshima was bombed, Hirohito delayed for 2 days before telling Kido at 10am on August 9th “quickly control the situation, the Soviet Union has declared war and today began hostilities against us”. Now here is a piece of Hirohito's surrender proclamation to the citizens of Japan    “Moreover, the enemy has begun to employ a new and most cruel bomb, the power of which to do damage is, indeed, incalculable, taking the toll of many innocent lives. Should we continue to fight, not only would it result in an ultimate collapse and obliteration of the Japanese nation, but also it would lead to the total extinction of human civilization. Such being the case, how are We to save the millions of Our subjects, or to atone Ourselves before the hallowed spirits of Our Imperial Ancestors? This is the reason why We have ordered the acceptance of the provisions of the Joint Declaration of the Powers... The hardships and sufferings to which Our nation is to be subjected hereafter will be certainly great. We are keenly aware of the inmost feelings of all of you, Our subjects. However, it is according to the dictates of time and fate that We have resolved to pave the way for a grand peace for all the generations to come by enduring the unendurable and suffering what is unsufferable ”.   Hirohito wanted to obfuscate the issue of accountability, to prevent expressions of strife and anger and to strengthen domestic unity around himself, to protect and raise the kokutai. Did you know there was a rescript of this proclamation that was made to the entire IJA and IJN? Yes Emperor Hirohito gave out two different proclamations for surrender, here is what the armed forces heard.   “ Now that the Soviet Union has entered the war against us, to continue . . . under the present conditions at home and abroad would only recklessly incur even more damage to ourselves and result in endangering the very foundation of the empire's existence. Therefore, even though enormous fighting spirit still exists in the Imperial Navy and Army, I am going to make peace with the United States, Britain, and the Soviet Union, as well as with Chungking, in order to maintain our glorious national polity”.   The proclamation does not speak of the atomic weapons, but emphasizes the Soviet invasion of Manchuria. Hirohito was presented as a benevolent sage and an apolitical ruler that had ended the war. Hirohito sought to justify the surrender upon the bombs to the public, but did he believe so, did his armed forces believe so? People debate to this day why the surrender occurred, I love the fact there are two message offered because both are true. Hirohito's decision to surrender was based on numerous variables, the atomic bombs, the invasion of Manchuria by the soviets, but above all else, what really was important to the man, the emperor, the god? The kokutai. The Soviets were more of a threat to the kokutai, thus Hirohito jumped into the arms of the Americans. The language between the Americans and Japanese in the communications for unconditional surrender were ambiguous, but Hirohito and the high commanders knew there was zero chance of the kokutai surviving if the Soviets invaded Japan, perhaps the Americans would allow it to continue, which is just what they ended up doing. The entire purpose of this series would to emphasize how Hirohito definitely had a active role in the war of 1931-1945, he had numerous occasions where he could put the hammer down to stop the situation from escalating. But in the end when his back was against the wall, he did what he did to cling on to the Kokutai.   I shall leave you with this. On August 12th, as Hirohito came to inform the imperial family of his decision to surrender, Prince Asaka asked him whether the war would continue if the Kokutai could not be preserved, what do you think he said? “Of Course”. 

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠⁠⁠⁠⁠⁠⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠⁠⁠⁠⁠⁠⁠ (⁠⁠⁠⁠⁠⁠⁠Kindle⁠⁠⁠⁠⁠⁠⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

La déclaration choc du chef d'état-major des Armées Fabien Mandon sur l'invasion russe à horizon 2030 a fait énormément réagir. Pour Franz-Olivier Giesbert, comme le dit Sun Tzu dans son célèbre traité « l'Art de la guerre », la meilleure façon d'éviter la guerre et de s'y préparerMention légales : Vos données de connexion, dont votre adresse IP, sont traités par Radio Classique, responsable de traitement, sur la base de son intérêt légitime, par l'intermédiaire de son sous-traitant Ausha, à des fins de réalisation de statistiques agréées et de lutte contre la fraude. Ces données sont supprimées en temps réel pour la finalité statistique et sous cinq mois à compter de la collecte à des fins de lutte contre la fraude. Pour plus d'informations sur les traitements réalisés par Radio Classique et exercer vos droits, consultez notre Politique de confidentialité.Hébergé par Ausha. Visitez ausha.co/politique-de-confidentialite pour plus d'informations.

In this book review of the Master Sun Tzu's The Art of War I provide quotations from the book and apply these pieces of wisdom to your daily life. So you are not engaged and out right warfare, the principles shared by this ancient Chinese general provide meaningful guidance for your daily affairs. Support Via Cashapp: @MarquettDavonSupport via Venmo: @MarquettDavonSupport: https://donate.stripe.com/4gM9ATgXFcRx5Tf4rw0x200Become a member: https://thesasn.com/membership-account/membership-levels/Support with Bitcoin: BTC Deposit address: 3NtpN3eGwcmAgq1AYJsp7aV7QzQDeE9uwdMy Book: https://www.amazon.com/Black-Box-Marquett-Burton/dp/0578745062https://www.gofundme.com/f/support-marquett-burtons-training-centerBook Consultation: https://cozycal.com/sasn#Marquettism #FinancialFreedom #Entrepreneurship #Marquettdavon #Wealth #FoundationalBlackAmerican #Leadership #Deen #business #relationships #money

From the writing of Sun Tzu to the modern era, spies and spymasters have had insights into the mind that most of us don't. Now it's time to put espionage itself on the analysts' couch. In Brief Histories, the new monthly special from True Spies, series producer Joe Foley is your guide to this secret world - alongside a treasure-trove of stories and expert knowledge from our archive. From SPYSCAPE, the home of secrets and skills. A Cup And Nuzzle production. Series producer: Joe Foley. Learn more about your ad choices. Visit megaphone.fm/adchoices

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠⁠⁠⁠⁠⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠⁠⁠⁠⁠⁠ (⁠⁠⁠⁠⁠⁠Kindle⁠⁠⁠⁠⁠⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

Mark Leenhouts vertaalde ‘De kunst van het oorlogsvoeren' van Sun Tzu naar het Nederlands. Leenhouts vertaalt de eeuwenoude tekst rechtstreeks uit het Chinees. Het klassieke werk van meester Sun behoort tot de bekendste teksten uit de Chinese traditie. In plaats van te focussen op militaire organisatie of training, gaat Sun Tzu in op strategie en tactiek, met het uitgangspunt dat oorlog zo veel mogelijk vermeden moet worden om mensen, middelen en energie te sparen. Mark Leenhouts kreeg voor zijn vertalingen uit het Chinees de Cultuurfonds Vertaalprijs Martinus Nijhoff 2025. Presentatie: Frénk van der Linden

Thank you to all the long time fans and Supporters of this podcast! We REALLY APPRECIATE you!It's 506 BCE. The armies of Wu and Chu have finally met at Boju after years of rising tension, personal vendettas, and political ambition. In this episode, we break down the strategies, leadership, and terrain behind one of the most dramatic military clashes of the Spring and Autumn period. With Sun Tzu in the field and kings on the line, the fate of states hangs in the balance. chewWill Chu finally find a friend or is Wu too much for Chu?Find out in this dramatic episode!This is a podcast by Dan Hörning and Bernie Maopolski.If you like what we do you can support the Fan of History project on https://www.patreon.com/fanofhistoryContact information:E-mail: zimwaupodcast@gmail.comhttp://facebook.com/fanofhistoryhttps://twitter.com/danhorninghttps://www.instagram.com/dan_horning/Music: “Tudor Theme” by urmymuse.Used here under a commercial Creative Commons license. Find out more at http://ccmixter.org/files/urmymuse/40020 Hosted on Acast. See acast.com/privacy for more information.

This episode is with a returning guest to the podcast - Tobias Carlisle.We talk about his new book, “Soldier of Fortune: Warren Buffett, Sun Tzu, and the Ancient Art of Risk Taking”The book takes a close look at Sun Tzu's philosophy and then applies it to the deal making of Warren Buffett. The book focuses on Warren Buffett's deals since Coke. I like this because the focus of Buffett books is often prior to this, but this focuses on “recent” deals.Links* Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking https://www.amazon.com/Soldier-Fortune-Buffett-Ancient-Risk-Taking-ebook/dp/B0FT516BDW* My last conversation with Tobias, with links to the other episodes as well: DisclaimerNothing on this substack is investment advice.The information in this article is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor's own objectives, experience, and resources.The information contained in this article is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This article and its author do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This author accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this website. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠⁠⁠⁠⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠⁠⁠⁠⁠ (⁠⁠⁠⁠⁠Kindle⁠⁠⁠⁠⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

Scott Wren, senior global market strategist at the Wells Fargo Investment Institute, says he wouldn't mind a small market setback or breather to calm the nerves, especially because he's used those kinds of moments this year to add to his equity positions, noting that his target for the Standard & Poor's 500 is 7,500 at the end of 2026, a modest but steady gain for next year. Wren favors financials currently for technical reasons, likes industrials for as long as the next decade, and made the strong case for utilities and energy providers as being the growth story for the next quarter century. Todd Rosenbluth, head of research at VettaFi changes things up with the ETF of the Week. Rather than focusing on one fund, he looks at ETF in-flows, which have surpassed a big landmark and will break records for the year. He looks at where all of that money has been flowing, which categories and funds have been the most popular and emerging and more. Tobias Carlisle of the Acquirers Funds — who was on the show last week doing the Market Call — returns to discuss his new book, "Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking," which in some ways equates deep-value investing to fighting a battle, but which also helps to explain why the investment style resonates with many individual investors.

JoAnne Bianco, senior investment strategist at BondBloxx, says that she doesn't expect there to be a need for a protracted cycle of rate cuts and makes the case that the Federal Reserve and the economy might be best served by stopping after one more cut, even if it waits through December to do it. Bianco says that markets -- particularly equity markets — want rate cuts — want rate cuts but could be overly optimistic about the impact that reductions would have when it comes to promoting spending, helping the labor market and more. Kendall Dilley, portfolio manager, Vineyard Global Advisors says "It's a really healthy bull market right now" with the potential for the Standard & Poor's 500 to top 7,000 by year's end. Dilley added that the charts aren't showing the kind of big tops that suggest that momentum is starting to wane, so while valuations are elevated and "the market has priced in a lot of good news," he still thinks declines should be viewed as buying opportunities. Ravi Chintapalli, portfolio manager on the Nuveen Global Fixed Income team, says that he has never seen a high-yield market that has been higher quality than what he is seeing now. That helps to explain tight spreads, and suggests investors shouldn't shy away from high-yield because they're being compensated for "the true level of default risk in the market."  In the Market Call, Tobias Carlisle, founder of the Acquirers Funds, talks deep-value investing and how it works in a market dominated by a few big names. Carlisle recently wrote a book comparing the value investing tactics of Warren Buffett with "The Art of War" tactics of Sun Tzu.

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠⁠⁠⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠⁠⁠⁠ (⁠⁠⁠⁠Kindle⁠⁠⁠⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

It started with exiles, legendary assassinations, and a dream of revenge. This is the opening act of the Wu–Chu War, where the state of Wu punched far above its weight — and the state of Chu didn't see it coming.When Chu underestimated its ambitious neighbor, all hell broke loose. In Part 1, we cover the rise of Wu, the backstory of King Helü and the legendary strategist Sun Tzu - author of "The Ancient Art of War" - and how one of the great underdog campaigns in ancient Chinese history began.Thank you to all the long time fans and Supporters of this podcast! We REALLY APPRECIATE you!This is a podcast by Dan Hörning and Bernie Maopolski.If you like what we do you can support the Fan of History project on https://www.patreon.com/fanofhistoryContact information:E-mail: zimwaupodcast@gmail.comhttp://facebook.com/fanofhistoryhttps://twitter.com/danhorninghttps://www.instagram.com/dan_horning/Music: “Tudor Theme” by urmymuse.Used here under a commercial Creative Commons license. Find out more at http://ccmixter.org/files/urmymuse/40020 Hosted on Acast. See acast.com/privacy for more information.

I had the pleasure of co-hosting another episode of Excess Returns with Matt Zeigler. We sat down with the one and only Tobias Carlisle — investor, author, podcast host, and all-around fascinating mind whose writing and ideas have influenced my thinking at various times.He discusses his new book, which made me see Buffett's investment approach in an entirely new light — and you're about to discover why. I highly recommend both this episode and Toby's book.In this episode of Excess Returns, we sit down with Tobias Carlisle, founder and portfolio manager at the Acquirers Fund and author of the new book “Soldier of Fortune: Warren Buffett's Sun Tzu and the Ancient Art of Risk Taking.”Tobias joins Matt Zeigler and Bogumil Baranowski to explore how timeless strategic principles from The Art of War apply to investing and how Warren Buffett embodies many of those ideas—from invincibility and victory without conflict to the disciplined avoidance of ruin. The conversation connects Buffett's real-world decisions—from Apple to General Re to Japan's trading houses—to broader lessons on temperament, risk, and wisdom in markets.Available now on Excess Returns Podcast and Talking Billions.

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠⁠⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠⁠⁠ (⁠⁠⁠Kindle⁠⁠⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

Welcome to Season 14 Episode 40 of the ParentingAces Podcast! In this week's episode, former top junior and pro players, Sky Kim, shares his journey through injury and recovery which led him to coaching and entrepreneurship through his company, Road to Pro.As a child, Sky moved with his father from South Korea to South Florida to train at IMG with Nick Bollettieri. He was training alongside Maria Sharapova, Tommy Haas, and Venus and Serena Williams, among others. After going through two knee surgeries and multiple shoulder injuries, Sky decided to retire from a professional playing career to move into tennis coaching. Once realizing that not only did he need to preserve his own body if he wanted longevity in his coaching career but also other players and coaches were suffering with the same injuries he had endured. Sky put his love of engineering to use by developing unique vibration dampeners, insoles, and performance socks to reduce the wear and tear of tennis on the body. HIs products are now available on his website, RTPtennis.com. Sky has graciously set up a discount for the ParentingAces Community - ParentingAces20 for 20% off your order!Sky has also worked very hard to overcome his introvert personality by creating an online coaching platform on YouTube where he has over 100,000 subscribers. You can follow his channel at https://www.youtube.com/channel/UC7Lsu90hbliCn9_Vkp7WtLw/featured.As if that weren't enough, Sky has written the book, ART OF WAR: ART OF TENNIS which you can purchase online at https://rtptennis.com/products/art-of-war-art-of-tennis-by-sky-kim-1. The book bridges the ancient wisdom of Sun Tzu with the modern battles of competitive tennis. By drawing striking parallels between warfare and the tennis court, this book unveils the hidden roles of the player, coach, and parent—mirroring the general, the strategist, and the king in a campaign for excellence. Through real experiences of top juniors and pro players, it answers the toughest, most often ignored questions that arise on the journey to world-class performance.Currently, Sky is coaching in the LA area as well as continuing to provide virtual coaching via YouTube. You can follow him on Instagram at https://www.instagram.com/rtptennis/ or reach out to him via email at sky@rtptennis.com.As always, I am available for one-to-one consults to work with you as you find your way through the college recruiting process. You can purchase and book online through our website at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://parentingaces.com/shop/category/consult-with-lisa-stone/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.If you're so inclined, please share this – and all our episodes! – with your fellow tennis players, parents, and coaches. You can subscribe to the podcast on Apple Podcasts or via your favorite podcast app. Please be sure to check out our logo'd merch as well as our a la carte personal consultations in our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠online shop⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.CREDITSIntro & Outro Music: Morgan Stone aka STØNEAudio & Video Editing: Lisa Stone

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠⁠ (⁠⁠Kindle⁠⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

Buy Toby's Bookhttps://amzn.to/478SMBfIn this episode of Excess Returns, we sit down with Tobias Carlisle, founder and portfolio manager at the Acquirers Fund, and author of the new book “Soldier of Fortune: Warren Buffett's Sun Tzu and the Ancient Art of Risk Taking.” Tobias joins Matt Zeigler and Bogumil Baranowski to explore how timeless strategic principles from The Art of War apply to investing and how Warren Buffett embodies many of those ideas—from invincibility and victory without conflict to the disciplined avoidance of ruin. The conversation connects Buffett's real-world decisions—from Apple to General Re to Japan's trading houses—to broader lessons on temperament, risk, and wisdom in markets.Main topics covered:• The three key ideas from The Art of War that define Buffett's approach: invincibility, victory without conflict, and unassailable strength• Why Buffett's General Re acquisition was a misunderstood masterstroke in defensive investing• How Buffett achieved “victory without conflict” through his massive Apple investment• The principle of via negativa — succeeding by avoiding mistakes and ruin• Temperament vs. intellect and the psychology of avoiding self-defeat• Circle of competence and why simplicity often beats complexity• Sins of omission vs. sins of commission in investing decisions• How Buffett applies wu wei (effortless action) through patience and alignment with natural forces• Lessons from Buffett's Japanese trading house investments and moral law in business• The role of reputation, intuition (coup d'œil), and character in long-term investing• Charlie Munger's blueprint and the strategic architecture of Berkshire HathawayTimestamps:00:00 Introduction and overview of Tobias Carlisle's key ideas02:00 Applying Sun Tzu's “invincibility, victory without conflict, and unassailable strength” to Buffett06:00 The General Re acquisition as a defensive masterpiece12:00 Victory without conflict — Buffett's Apple investment19:00 The principle of via negativa and avoiding ruin22:00 Survival, temperament, and controlling emotion in investing25:00 Circle of competence and the power of simplicity28:00 Sins of omission vs. sins of commission32:00 Temperament, intellect, and avoiding self-defeat40:00 Wu wei and investing with effortless alignment49:00 Position sizing, concentration, and the Kelly Criterion50:00 Buffett's investments in Japan's trading houses56:00 Reputation, intuition, and the power of pattern recognition61:00 Charlie Munger's blueprint and Buffett's strategic genius64:00 Closing thoughts and where to find Tobias online

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger PictureThe [CB] system causes inflation, the housing market has become so expensive that people can no longer afford it. Trump and Bessent are now putting the blame on the D's shutdown because it is hurting the economy, [CB] failed again. Trump funding Argentina, not the IMF, boom. Fed ready to tighten, they are trying to raise long term rates, this plan will not work. The [DS] is in panic mode. All they have left is protect what they have here in this country, if they lose the illegals and the ability to cheat in the election they are screwed. The Supreme Court is hearing arguments in regards to the Voting Rights Act. If the SC rules against the D's they will lose 19 seats. Trump is pushing the [DS] down the path of war. "To Know Your Enemy, You Must Become Your Enemy" Sun Tzu. Every Battle Is Won Before It's Ever Fought.   Economy   https://twitter.com/Barchart/status/1978420195581448671 (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); https://twitter.com/TrumpWarRoom/status/1978461005668606355  https://twitter.com/TrumpWarRoom/status/1978458451048116621 Trump Warns Argentina: Back Milei or Lose US Funds In a rare presidential endorsement in a foreign election, President Donald Trump has thrown his political cachet into the reelection campaign of Argentine President Javier Milei on Tuesday night. "Great meeting today with Javier Milei!" Trump wrote on Truth Social. "He is doing the right things for his Country. I hope the people of Argentina understand how good a job he is doing, and will support his work during the upcoming Midterms, so we can continue to help him achieve Argentina's incredible potential. "Javier Milei has my Complete and Total Endorsement — He will not let you down. MAKE ARGENTINA GREAT AGAIN!" Trump said at the White House on Tuesday he would endorse Milei for reelection and previously had already indicated during the U.N. General Assembly in September he was endorsing Milei, when he handed the Argentine leader a print-out of a Truth Social post with his endorsement. Trump threatened to pull assistance for Argentina — led by a political kindred spirit whose philosophy aligns with that of the Republican administration — if the nation's internal politics don't go the U.S.' way in its upcoming elections. The comments came during a meeting with Milei, whose country is set to hold midterm elections for its legislative body later this month. Source: newsmax.com https://twitter.com/JoeLang51440671/status/1978170213301399633   an extraordinary bailout of Argentina.” “The U.S. is providing a $20 billion currency swap line with Argentina's central bank — essentially exchanging stable U.S. dollars with volatile pesos.” https://cnbc.com/2025/10/13/the-us-has-stepped-in-with-an-extraordinary-bailout-of-argentina-heres-what-it-means.html Did you know that Argentina used to be one of the most wealthy countries in the world? Guess when they were considered one of the wealthiest countries and the significance of what happened in America that year? “By 1913, Argentina was among the world's wealthiest nations per capita, with its income comparable to that of Western Europe and even surpassing countries like France, Germany, and Italy.

**Sun Tzu at Gettysburg with Ralph Siegel | Addressing Gettysburg** In this episode of *Addressing Gettysburg*, guest Ralph Siegel invites you into a provocative thopught exercise: how and where were the principles of **Sun Tzu's *The Art of War** applied in the Battle of Gettysburg? Sun Tzu (5th century B.C.) is one of history's most influential strategists. His treatise *The Art of War* — a compact work of 13 chapters on strategy, deception, intelligence, terrain, and timing — has shaped military thinking for millennia. ([Wikipedia][1]) He emphasizes that “the supreme art of war is to subdue the enemy without fighting,” and teaches lessons like striking where the enemy is weak, using deception, and the critical importance of knowing yourself and your enemy. ([Goodreads][2]) Meanwhile, the Battle of Gettysburg (July 1–3, 1863) stands among the most consequential clashes in American history. It resulted in massive casualties (over 50,000 combined) and marked a turning point in the Civil War, as Robert E. Lee's invasion of the North was repulsed and momentum shifted to the Union. ([American Battlefield Trust][3]) Over three brutal days, fighting raged across ridges, hills, and open fields — from McPherson's Ridge to Little Round Top, from Cemetery Hill to Pickett's Charge. ([National Park Service][4]) In this video, Ralph Siegel explores how key Sun Tzu maxims might have been applied (or misapplied) by Union generals like Meade and Confederate commanders like Lee or Longstreet. How might they have used terrain more cunningly, exploited intelligence (or lack thereof), feinted attacks, or avoided catastrophic frontal assaults? Could Pickett's Charge have been prevented or better supported by a more flexible, Sun Tzu-inspired doctrine? 

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. ⁠Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking⁠ (⁠Kindle⁠)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

Today's guest is Tobias Carlisle, founder of Acquirers Funds and serves as portfolio manager of the firm's deep value strategy. He's just released a book called Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking. In today's episode, Toby starts by discussing the current valuation landscape and the challenge for small cap investors. Then he explores the intersection of Warren Buffett's investment philosophy with Sun Tzu's teachings. He walks through notable investment case studies, including General Re, Burlington Northern and Japanese trading houses. The case studies all convey the significance of patience, strategic thinking, and the pursuit of asymmetric opportunities in investing, while also addressing the psychological aspects that influence investor behavior. (0:34) Introduction of Tobias Carlisle (1:32) Value investing in current market conditions (4:04) Market outlook and valuation differences across cap-sizes (10:03) Jay Powell's recent comments (13:57) Toby's new book (19:54) The Gen Re investment (26:33) Buffett's investment in Japan and Apple (32:57) Buffett's investment principles and managing FOMO (42:30) Comparing low volatility and high beta stocks ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking (Kindle)We are live every Tuesday at 1.30pm E / 10.30am P.See our latest episodes at https://acquirersmultiple.com/podcastAbout Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

In this (far too long) episode, we play a quiz show with a cake as a prize. Because really, that's what every war is about: cake.

Sun Tzu: "A leader leads by example, not by force." Sun Tzu outlines the foundation of effective leadership. Influence through personal integrity and action earns genuine respect, unlike coercion, which only breeds resistance. #SunTzu #LeadershipWisdom #LeadByExample #TrueLeadership #PhilosophyOfWar#RespectOverFear #Strategy #TheArtOfWar #PowerOfExample #AncientWisdom Cryptocurrency evokes greed, and people are still falling prey to scams. From Meme to Mainstream to Scam...If the Coin is name #ScamCoin...DO NOT BUY!! They are not being ironic. Believe people when they tell you who they are.... Reports from 2025 indicate that while the number of rug pulls has decreased, the value lost to these scams has increased dramatically due to a few highly devastating incidents.  $WOLF (Wolf of Wall Street Token): Launched in March 2025, this memecoin was tied to Hayden Davis, who was also involved in the Libra scam. After rumors of a celebrity endorsement, the token's market cap surged before being drained of liquidity. tnfroisreading

Be where your enemies are not. Sun Tzu, Art of War.  Walk into your next chapter with abundance. Be at peace and strive drama-free, but I will get with you if you want to go there. (Felicia Baxter, All the Time I lay hands. ) I am not sure if Octavia Butler would agree with me using her idea, but I am at least going to write the story I wouldn't mind reading. For full podcast notes, navigate to dalesangelsinc.blog  to view the newest video releases, a preview of what I am reading, and the state of cryptocurrency. Real Housewives, where is the Real? None of ya'll are listed as producers so stop playing in our faces. What is the deal with this mean girl-ish behavior with Gina and Emily from OC? Tag team mean and nasty...get out of here. Don't ya'll have more meaningful stuff or goofy to not gang up on Katie G? Yes, massive liar liar pants on fire but still... Read more about AfroDruid Magic Elixir https://linktr.ee/tnfroisreading Racing to Buy Crypto!!!

  Be where your enemies are not. Sun Tzu, Art of War.  Walk into your next chapter with abundance. Be at peace and strive drama-free, but I will get with you if you want to go there. (Felicia Baxter, All the Time I lay hands. )   For full podcast notes, navigate to dalesangelsinc.blog  to view newest video releases a preview what I am reading and the state of crytocurrency.   Read more about AfroDruid Magic Elixir https://linktr.ee/tnfroisreading Racing to Buy Crypto!!!