Mohnish Pabrai – Focus On Individual Stocks And Never Ever Invest In IPO’s – Here’s Why

Johnny HopkinsMohnish Pabrai Comments

Here’s a great interview with Mohnish Pabrai on ET Now. With regards to IPO’s Pabrai says, “The simple rule to follow is do not buy what is being sold, especially what is being sold by promoters. Just completely side step the IPO market.” In relation to individual stock investment he says, “The most important thing after getting fluency on compounding … Read More

This Week’s Best Investing Reads

Johnny HopkinsValue Investing News Comments

Here’s a list of this week’s best investing reads: Poking Holes in the Market Bubble Hypothesis (csinvesting) Income Investors: It’s OK to Be Sad, But Don’t Get Desperate (Jason Zweig) Stocks Are More Than Twice As Highly Valued Today Than They Were In 1987 Before The Crash (The Felder Report) They’re All Going to Leave (The Irrelevant Investor) The Most Important Thing That Counts in Investing is Character (Safal Niveshak) … Read More

Howard Marks – Most Great Investors Stick To An Approach Through Thick And Thin

Johnny HopkinsHoward Marks Comments

I’ve just been reading the latest Graham & Doddsville newsletter which features Howard Marks. the Co-Chairman of Oaktree Capital. It’s a great interview with Mark’s in which he discusses his investing strategy, investor psychology, investing timeframes and how great investors stick to their approach through thick and thin. Here’s an excerpt from the newsletter: Graham & Doddsville (G&D): You last spoke … Read More

Michael Steinhardt – Being Contrarian Is Not Enough. You Have To Be Right!

Johnny HopkinsMichael Steinhardt Comments

Michael Steinhardt is an investing legend. His fund, Steinhardt Partners had an impressive track record that amassed 24% compound average annual returns for a 28-year period. He focused on a macro asset allocation strategy that included stocks, bonds, options, and currencies. His investing strategy was best summarized by his six golden rules of investing and publicized by Charles Kirk of The … Read More

Warren Buffett’s Hero Philip Carret Says There’s Only One Rule For Selling Winning Stocks

Johnny HopkinsPhilip Carret, Warren Buffett Comments

One of our favorite investors here at The Acquirer’s Multiple is value investing legend Philip Carret who Warren Buffett once described as one of his heroes. Carret has written three books – The Art of Speculation, A Money Mind at Ninety, and Classic Carret: Common sense from an uncommon man. After founding his Pioneer Fund in 1928, one year before the great … Read More

Charles Munger – 5 Ultrasimple Notions For Successful Investing

Johnny HopkinsCharles Munger Comments

One of my favorite investing books is – Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger, by Janet Lowe. The book is a great insight into Munger’s life, philosophy, and investing journey. One passage in the book which is of particular interest to investors is Munger’s five ultrasimple general notions that he finds helpful in solving problems. These … Read More

Maurece Schiller’s Fortunes in Special Situations in the Stock Market: The Authorized Edition

Tobias CarlisleStocks Comments

Tom Jacobs recently published Maurece Schiller’s Fortunes in Special Situations in the Stock Market: The Authorized Edition. We provided an endorsement and the following foreword: Beginning with Maurece Schiller’s series is the original and definitive guide to special situation investing. It is not an embellishment to say it stands shoulder-to-shoulder with the three other great works in the value investing canon—Graham-and-Dodd’s Security Analysis, … Read More

This Week’s Best Investing Reads

Johnny HopkinsValue Investing News Comments

Here is a list of some of this week’s best investing reads: Financial News Doesn’t Rhyme But It Does Repeat Itself (A Wealth of Common Sense) The Price of Progress (The Irrelevant Investor) Bulls Rampage (csinvesting) Life Lessons from a Self-Made Billionaire: My Conversation with Ray Dalio (Farnam Street) Why You Don’t Want to Invest Like an Expert (Jason Zweig) Mark Yusko Discusses His 10-Year Bet With Warren Buffett (The Felder Report) … Read More

Ron Muhlenkamp – The 3 Year Rule That Reduces The Volatility In Your Portfolio

Johnny HopkinsRon Muhlenkamp Comments

Most investors check their portfolio every day or every week to see how it’s performing. The problem with that is that the patience of these investors is often exhausted with the inevitable short-term swings in the market. This eventually leads to investors losing their nerve and acting on the short-term gyrations. So how is an investor supposed to overcome this predicament? … Read More

Charles Munger – Big Gains Invariably Mean Long Periods Of Underperformance

Johnny HopkinsCharles Munger Comments

Let’s face it, most investors are not prepared to go through long periods or short periods of underperformance in order to achieve outperformance. The only problem with that is that those investors will invariably miss out of the big gains achieved by the most successful investors. The good news is that if you are prepared to suffer through the heartburn … Read More

Seth Klarman – 20 Investment Lessons From 2008

Johnny HopkinsSeth Klarman Comments

As we’re currently in the midst of a sustained bull market it seems like a good time to reflect on the 2008 financial crisis and some of the lessons we should remember when everything appears to be rosy in the stock market. Back in 2010, Value Investors Insight printed a great article, with permission from Seth Klarman, which included 20 lessons from … Read More

This Week’s Best Investing Reads

Johnny HopkinsValue Investing News Comments

Here’s a list of some of the best investing reads we found this week: Will You Be Ready When the Stock Market Crashes Again? (Jason Zweig) Good Thing Jesse Isn’t Around To See This (The Macro Tourist) Kryptonite Even Superman Could Love… (Wexboy) The Four Fundamental Skills of All Investing (Collaborative Fund) Good Advice vs. Effective Advice (A Wealth of Common Sense) According To Warren Buffett’s Own Methods Stocks Are … Read More

Howard Marks Interview – Nobody Knows What Will Happen Next – Finanz und Wirtschaft

Johnny HopkinsHoward Marks Comments

Here’s a great in-depth interview with Howard Marks at Finanz und Wirtschaft. Marks talks about the current market environment, investor complacency, the lack of historical parallels, and says, “The people you want to follow in this world are the ones that encourage optimism at low valuation levels; those who say “cool it”, when prices go higher and higher.” Here’s an … Read More

Bruce Greenwald – The Quintessential Starting Point For All Value Investors

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 on … Read More

The Value Stock Comeback Could Be A Bad Sign For The Market – CNBC

Johnny HopkinsValue Investing News Comments

Here’s an interesting article by Rebecca Ungarino at CNBC which highlights a shift in the trend from growth stocks to value stocks and some of the reasons why. Here’s an excerpt from that article: After broad underperformance for most of this year, value stocks are beginning to outpace growth stocks. To some, that’s a bad sign for the overall market. Growth began … Read More

John Maynard Keynes – 3 Guiding Principles From 1938 That Have Stood The Test of Time

Johnny HopkinsJohn Maynard Keynes Comments

One of my favorite investing books is The Warren Buffett Portfolio, by Robert G. Hagstrom. The book is a New York Times bestseller and provides a detailed look into the strategies that Warren Buffett uses to pick stocks. While the focus of the book is on Buffett, there is also a great a passage on John Maynard Keynes, who Buffett has often recommended … Read More

Johnny’s TAM Portfolio Up 10.68%

Johnny HopkinsAcquirer's Multiple Returns Comments

stock screener

Here’s an update on my Acquirer’s Multiple (TAM) Live Portfolio. As you can see below, my TAM Portfolio is up 10.68% since inception. Largest gains to date have come from Global Sources Ltd. (Bermuda) (NASDAQ:GSOL) up 142%, Fiat Chrysler Automobiles NV (NYSE:FCAU) up 134%, and FreightCar America, Inc (NASDAQ:RAIL) up 82%. Biggest drops to date include Applied Genetic Technologies Corp (NASDAQ:AGTC) down … Read More