Global Sources Ltd. (Bermuda) Up 48.96% Overnight

Johnny HopkinsGSOL, Stocks Comments

One of the stocks I added to the TAM Deep Value Stock Portfolio last month was Global Sources Ltd. (Bermuda) (NASDAQ:GSOL). Global Sources Ltd. is a business-to-business (B2B) media company that provides information and integrated marketing services, with a particular focus on the Greater China market. I wrote about the purchase in my Month Six Update when it was trading at $8.25. So, it … Read More

Buffett Says Bogle Is a Hero. Bogle Says He Just Gave A Damn About Investors

Johnny HopkinsJohn Bogle Comments

During the recent Berkshire Hathaway Annual General Meeting Warren Buffett said Jack Bogle, the founder of Vanguard, had probably done more for investors than anyone. Bogle says, “I’m an ordinary guy just trying to do my best for investors and who gave a damn about investors”. Here’s a recent interview by Bogle with CNBC where he discusses Buffett’s comments and … Read More

Joel Greenblatt – Individual Investors Can Beat Large Institutions And Passive Strategies – Here’s How

Johnny HopkinsJoel Greenblatt Comments

One of our favorite Joel Greenblatt interviews is one he did with Steve Forbes at Intelligent Investing. In this interview, Greenblatt explains how small investors can still beat large institutions. Greenblatt also discusses why investing in indexes like The Russell 1000 and the S&P 500 are seriously flawed even though they beat most active managers. He highlights why value investors … Read More

The Olstein Funds – Look For Solid Businesses Facing Strategic Challenges

Johnny HopkinsRobert Olstein Comments

One of the firms we follow closely at The Acquirer’s Multiple is Olstein Capital Management and its Chairman, Bob Olstein. Last month, Olstein’s Executive Vice Chairman Eric Hayman did a great interview with The Wall Street Transcript (TWST) in which he discussed how the firm finds value opportunities in a world of information overload. Hayman says, “We believe that a forensic … Read More

Greenwald Says Mitch Julis Is One Of The Best Value Investors – Here’s Why

Johnny HopkinsMitch Julis Comments

One of our favorite investors at The Acquirer’s Multiple is Mitch Julis at Canyon Partners. In a recent Barron’s article, Bruce Greenwald was asked who are the best value investors to which he replied, “Warren Buffett, obviously; Seth Klarman [Baupost Group]; Howard Marks [Oaktree Capital Management]; Mitch Julis [Canyon Partners]. They are very disciplined. And you want people who are … Read More

This Week’s Best Investing Reads – Curated Links

Johnny HopkinsValue Investing News Comments

Here’s a list of this week’s best investing reads: Blogs American Gods – The Reformed Broker Latticework of Mental Models: Zeigarnik Effect – Safal Niveshak When Holding is The Hardest Part – A Wealth of Common Sense Pershing Square’s Q1 Letter – Market Folly 23 Books that changed my life – Morgan Housel Quants Prominent on 2017 Hedge Fund Rich List – … Read More

TAM Deep Value Stock Screeners – Overnight Market Update – May 19, 2017

Johnny HopkinsTAM Market Update Comments

The Acquirer’s Multiple® Valuation Ratio All stocks are picked using The Acquirer’s Multiple® valuation ratio. The ratio examines several financial statement items that other multiples like the price-to-earnings ratio do not, including debt, preferred stock, and minority interests; and interest, tax, depreciation, amortization and capital expenditures. The Acquirer’s Multiple® is calculated as follows: Enterprise Value / Operating Earnings The Acquirer’s … Read More

The 12 Commandments of Warren Buffett’s Hero, Philip Carret

Johnny HopkinsStocks Comments

Late last year The Telegraph did a great piece on value investing legend Philip Carret, who Warren Buffett described as one of his hero’s. After founding his Pioneer Fund in 1928, one year before the great depression, Carret successfully steered his fund consistently upwards through the Great Depression and the Second World War and his career ultimately encompassed a total … Read More

Howard Marks And Joel Greenblatt: “I Think You And I Would Agree That People Are Nuts.” Time Favors The Rational.

Johnny HopkinsStocks Comments

Earlier this year, Howard Marks and Joel Greenblatt came face to face at the inaugural Forbes and Shook Research Top Financial Advisor Summit in Las Vegas where it became apparent that their worldview is nearly identical. When speaking about the current market conditions the pair said, “Most people, including most people in the investment business, don’t have the ability to take advantage … Read More

TAM Deep Value Stock Screeners – Overnight Market Update – May 18, 2017

Johnny HopkinsTAM Market Update Comments

The Acquirer’s Multiple® Valuation Ratio All stocks are picked using The Acquirer’s Multiple® valuation ratio. The ratio examines several financial statement items that other multiples like the price-to-earnings ratio do not, including debt, preferred stock, and minority interests; and interest, tax, depreciation, amortization and capital expenditures. The Acquirer’s Multiple® is calculated as follows: Enterprise Value / Operating Earnings The Acquirer’s … Read More

New Evidence Shows Graham and Dodd Were Right About Most Quant Investing Strategies

Johnny HopkinsGraham and Dodd Comments

A recent publication in the Financial Analysts Journal called Facts about Formulaic Value Investing, by U-Wen Kok, Jason Ribando and Richard Sloan demonstrates that most quantitative investing strategies used today are unlikely to generate superior investment performance even with the advent of computers and financial databases. The research states, “We found little compelling evidence that a strategy of buying US equities that seem underpriced … Read More

Jason Zweig: You Should Approach All Claims Of Market-Beating Patterns With Extreme Skepticism

Johnny HopkinsJason Zweig Comments

One of our favorite finance writers at The Acquirer’s Multiple is Jason Zweig. Zweig is a personal finance columnist for The Wall Street Journal. He’s also the editor of the revised edition of Benjamin Graham’s The Intelligent Investor (HarperCollins, 2003), the classic text that Warren Buffett has described as “by far the best book about investing ever written.” He recently wrote a … Read More

TAM Deep Value Stock Screeners – Overnight Market Update – May 17, 2017

Johnny HopkinsTAM Market Update Comments

The Acquirer’s Multiple® Valuation Ratio All stocks are picked using The Acquirer’s Multiple® valuation ratio. The ratio examines several financial statement items that other multiples like the price-to-earnings ratio do not, including debt, preferred stock, and minority interests; and interest, tax, depreciation, amortization and capital expenditures. The Acquirer’s Multiple® is calculated as follows: Enterprise Value / Operating Earnings The Acquirer’s … Read More

Aswath Damodaran: The Story Is What Gives ‘Soul’ To Your Business Valuation

Johnny HopkinsAswath Damodaran Comments

One of the finance professors we follow closely at The Acquirer’s Multiple is Aswath Damodaran. Damodaran holds the Kerschner Family Chair in Finance Education and is Professor of Finance at New York University Stern School of Business. Recently, Damodaran did an awesome presentation for the folks at Google on business valuation saying, “Business valuation is not just about numbers”. He adds, “The story is … Read More

Bruce Greenwald: You Will Do Much Better Investing In Ugly Diseased Stocks Than Glamorous Stocks

Johnny HopkinsBruce Greenwald Comments

One of our favorite finance professors here at The Acquirer’s Multiple is Bruce Greenwald. Greenwald holds the Robert Heilbrunn Professorship of Finance and Asset Management at Columbia Business School and is the academic Director of the Heilbrunn Center for Graham & Dodd Investing. Described by the New York Times as “a guru to Wall Street’s gurus,” Greenwald is an authority … Read More

TAM Deep Value Stock Screeners – Overnight Market Update – May 16, 2017

Johnny HopkinsTAM Market Update Comments

The Acquirer’s Multiple® Valuation Ratio All stocks are picked using The Acquirer’s Multiple® valuation ratio. The ratio examines several financial statement items that other multiples like the price-to-earnings ratio do not, including debt, preferred stock, and minority interests; and interest, tax, depreciation, amortization and capital expenditures. The Acquirer’s Multiple® is calculated as follows: Enterprise Value / Operating Earnings The Acquirer’s … Read More