Charles Munger – It Is Ridiculous That Investors Cling On To Failed Ideas

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In 2003 Charles Munger gave a great talk to the students in the Economics Department at The University of California. While his talk focused on the strengths and weaknesses in teaching academic economics he also provided a number of great lessons for investors including the importance of being able to destroy your own wrong ideas. Here’s an excerpt from that speech: Clinging to failed … Read More

Mohnish Pabrai – If Your Investment Thesis Requires You To Fire Up Excel, It Should Be A Big Red Flag

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I just finished re-reading one of my favorite investing books, The Dhando Investor, by Mohnish Pabrai. One of my favorite parts of the book covers Pabrai’s methodology when it comes to putting together an investment thesis. His thesis is in accordance with Buffett and Munger’s age old adage of keeping it simple. Here’s an excerpt from the book: Simplicity is … Read More

Reminiscences of a Stock Operator – “Men Who Can Both Be Right And Sit Tight Are Uncommon.”

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Reminiscences of a Stock Operator is a classic investing book that focuses on the character Larry Livingston, which is really a depiction of Jesse Livermore, one of the most highly regarded traders of all time. The book provides a first person account of Livingston’s journey which started in the stock trading bucket shops before the great depression. Livingston’s skill was … Read More

Walter Schloss – The Key To Purchasing An Undervalued Stock Is Its Price COMPARED To Its Intrinsic Worth

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One of our favorite investors here at The Acquirer’s Multiple is Walter Schloss. Schloss averaged a 16% total return after fees during five decades as a stand-alone investment manager, versus 10% for the S&P 500. Warren Buffet said the following about Schloss is his famous article, The Superinvestors of Graham-and-Doddsville: “He [Schloss] simply says, if a business is worth a dollar … Read More

Seth Klarman – There Is Only One Valid Rule For Selling – Margin of Safety

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One of our favorite investors here at The Acquirer’s Multiple is Seth Klarman. Klarman is a value investing legend who runs The Baupost Group, one of the largest hedge funds in the U.S. He also wrote one of the best books ever written on investing called Margin of Safety. In the book Klarman provides some great insight on one of the biggest problems … Read More

Howard Marks – Passive Investors Surrender The Possibility Of Outperforming

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Howard Marks recently released his latest memo titled, There They Go Again…Again. As usual it’s full of a number of great investing insights. One which struck a chord with me was his thoughts on the debate over active versus passive investing and the huge shift towards passive. Marks warns passive investors that with cap-weighted indexes, index buyers have no discretion … Read More

Ray Dalio – When Investors Are Making Money, Which Is Typically After A Large Price Rise, Doing The Opposite Is A Good Idea

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One of our favorite investors here at The Acquirer’s Multiple is Ray Dalio, and one of the best Dalio interviews is in the book, Hedge Fund Market Wizards: How Winning Traders Win, by Jack Schwager. The book provides successful trading philosophies and strategies from fifteen traders who’ve consistently beaten the markets. In this interview Dalio talks about some of the most important lessons … Read More

Charlie Munger – Great Investors Must Be Able To Adapt To A Changing Business Environment

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Earlier this year Berkshire Hathaway Vice-Chairman Charlie Munger was interviewed at the 2017 Daily Journal Annual Meeting. Munger spent time answering questions on a number of subjects including deferred gratification, polymath, filial duties, and the psychology of human misjudgment. The breadth of his knowledge is quite astounding. While the interview is full of investing gems, Munger was asked a question regarding … Read More

Peter Lynch – In Investing The Person That Turns Over The Most Rocks Wins The Game

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One of my favorite all time investors is Peter Lynch. As the manager of the Magellan Fund at Fidelity Investments between 1977 and 1990, Lynch averaged a 29.2% annual return, consistently more than doubling the S&P 500 market index and making it the best performing mutual fund in the world. During his tenure, assets under management increased from $18 million to $14 billion One of the best Lynch interviews … Read More

Investors Shouldn’t Compare Their Performance To Others – Here’s Why

Johnny HopkinsInvesting Strategy Comments

Great article by Ian Cassell at MicroCapClub titled, Don’t Compare Yourself To Others. Ian covers two important issues that all investors can relate to. The first is how to sit still while others are making money, because you can’t find stocks that fit your strategy. The second is how to live through a drawdown when your portfolio is underperforming. Here’s … Read More

5 Things to Consider Before Buying Today’s Hot Investment

Johnny HopkinsInvesting Strategy Comments

The New York Times provides 5 great tips for investors that are considering buying today’s hottest stocks. Here’s and excerpt from that article: We are again nearing what appear to be all-time highs in the stock market, and when that happens, people tend to say and do strange things. This time around, Amazon, Apple, Google (in the form of its … Read More

One of The Best Investing Tweets of 2017. So Far!

Johnny HopkinsInvesting Strategy Comments

One of the best blogs in our Top 50 Investing Blogs 2017 is Morgan Housel at The Collaborative Fund Blog, and one of the best investing tweets for 2017 is this one which encapsulates everything you need to know as an investor: Everything I’ve learned about investing points to the idea that simplicity is underrated and always will be because … Read More