There are very few lawyers who end up as full-time investors. Maybe because they have figured out that the grass is indeed greener on their side. Investing is not a sure thing but litigation or liquidation sure is. Tobias Carlisle then is an exception of sorts. He not only moved from Australia where he was a mergers and acquisitions lawyer to the United States, he also has authored multiple books on investing, the most prominent being Deep Value. The strategies underlined in his books also drive his investments at Carbon Beach Asset Management. Besides his books, Carlisle’s work has a wide following through his websites The Acquirer’s Multiple and Greenbackd. Like many others, Carlisle too caught the investing bug after reading Warren Buffett’s Berkshire Hathaway shareholder letters. Carlisle believes those letters are the best business education anybody can get from the greatest investing mind of several generations. As we interview him on a pleasant Tuesday morning at the Playa Vista neighbourhood of Los Angeles, Carlisle like many deep value investors can’t help but smile over the fact that for him the turning point in the market was supposed to be five years ago.