We’ve launched a new investment firm called Acquirers Funds® to help you put the acquirer’s multiple into action. Acquirers Funds® Our investment process begins with The Acquirer’s Multiple®, the measure used by activists and buyout firms to identify potential targets. We believe deeply undervalued, and out-of-favor stocks offer asymmetric returns, with … Read More
Alphabet Inc. (GOOG): Our Calculation of Intrinsic Value
Each week we run a DCF (Discounted Cash Flow) model on a company from our watchlist. This week’s pick: Alphabet Inc. (GOOG). Profile Alphabet is one of the world’s most dominant technology platforms, operating a global portfolio of services spanning Search, YouTube, Android, Chrome, Google Cloud, and digital advertising infrastructure. … Read More
Weekly Investing Roundup – News, Podcasts, Interviews (01/02/2026)
This week’s best investing news: In Conversation with Howard Marks (Edinburgh University Private Equity Society) A 5 million percent return in 60 years leaves Warren Buffett’s legacy unmatched (CNBC) Tom Russo – Goal for Berkshire Hathaway will be to continue as if Warren Buffett never left (CNBC) Warren Buffett marks … Read More
Cal-Maine Foods, Inc. (CALM): A Deep Value Commodity Business
As part of our ongoing series at The Acquirer’s Multiple, each week we spotlight a stock from our Stock Screeners that may represent a deeply undervalued opportunity hiding in plain sight. This week’s spotlight is Cal-Maine Foods, Inc. (CALM) — the largest producer and distributor of shell eggs in the … Read More
Andreas Halvorsen Positioning Portfolio for 2026
The latest 13F filing from Andreas Halvorsen’s Viking Global Investors LP highlights a decisive shift toward large U.S. financials and mega-cap quality franchises, with several outsized additions that reshaped the top of the portfolio. The quarter was defined by aggressive scaling into core positions rather than incremental tuning. Below are … Read More
Extreme Value Clusters in Cash-Generative Financials, Industrials, and Materials
This Week’s Deep-Value Landscape This week’s Acquirer’s Multiple® Large-Cap Screen continues to surface a familiar—but evolving—theme: extreme value is clustering in cash-generative Financials and cyclically exposed Industrials and Materials, while Energy takes a relative pause at the very top of the rankings. The common thread remains unchanged—the market is heavily … Read More
John Rogers: When Stadium-Sized Crowds Gather Around Giants, Other Opportunities Exist in Small Caps
Markets spent much of the past year transfixed by a narrow set of mega-cap narratives, but John W. Rogers, Jr. argues that something more interesting is happening beneath the surface. In the Quarterly letter – The Patient Investor Q3 2025, Rogers frames the third quarter as a moment when leadership … Read More
Superinvestors Increase Stakes in PepsiCo (PEP) as Institutional Conviction Builds
According to the latest 13F filings, several top investors increased their holdings in PepsiCo Inc. (PEP) this quarter, signaling continued confidence in the company’s defensive earnings profile, global brand strength, and ability to compound cash flows through economic cycles. Below are the most notable additions from the period: AQR Capital … Read More
Howard Marks: Our Emotions Conspire To Make Us Do The Wrong Thing
During his recent interview with the Edinburgh University Private Equity Society, Marks returned repeatedly to the idea that successful investing is less about forecasting and more about discipline in the face of pressure. As he explained, “you must not be captive of your emotions.” That distinction matters. Marks does not … Read More
Joel Greenblatt: Positioned His Portfolio for 2026
The latest 13F filing from Gotham Asset Management, LLC (Joel Greenblatt) provides a clear look into how one of the most systematic, factor-driven investors is positioning across U.S. equities. Unlike highly concentrated discretionary managers, Gotham runs a broad, diversified portfolio rooted in valuation, quality, and earnings yield metrics, often expressed … Read More
McDonald’s Corporation (MCD): Our Calculation of Intrinsic Value
Each week we run a DCF (Discounted Cash Flow) model on a company from our watchlist. This week’s pick: McDonald’s Corporation (MCD). Profile McDonald’s is one of the world’s largest and most recognizable restaurant brands, operating and franchising more than 40,000 locations across over 100 countries. The company’s business model … Read More
Weekly Investing Roundup – News, Podcasts, Interviews (12/26/2025)
This week’s best investing news: Bill Ackman strikes $2.1bn deal for insurer in bid to build ‘modern Berkshire Hathaway’ (FT) Ray Dalio: Why Market Crises Keep Changing the Rules for Investors (Bloomberg) Oakmark’s Bill Nygren discusses how he would grade 2025 (CNBC) 5 Key Investing Themes From Warren Buffett’s Early … Read More
Hess Midstream (HESM): A High-Yield Infrastructure Value Play
As part of our ongoing series at The Acquirer’s Multiple, each week we spotlight a stock from our Stock Screeners that might be a deeply undervalued opportunity hiding in plain sight. This week’s spotlight is Hess Midstream LP (HESM) — a fee-based midstream operator with long-lived infrastructure assets, highly visible … Read More
VALUE: After Hours (S07 E45): The Library of Mistakes and Learning From Repeated Errors
During their recent episode, Taylor, Carlisle, and Russell Napier discussed The Library of Mistakes and Learning From Repeated Errors. Here’s an excerpt from the episode: Russell: Yeah, sure. Sure. So, we have three libraries of mistakes. We have them for the reason we began with, which is economics, finance, and … Read More
Ray Dalio Explains How Policy and Leverage Shape Market Cycles
“I think you have to relate the markets to the geopolitics, the politics.” That opening line from Ray Dalio’s interview on Bloomberg Television, frames the investing environment as a sequence of linked forces rather than isolated cycles. Dalio traces how asset behavior cannot be separated from policy and conflict. “We … Read More
VALUE: After Hours (S07 E45): Re-Industrialization, Friend-Shoring, and the Anti-China Shift
During their recent episode, Taylor, Carlisle, and Russell Napier discussed Re-Industrialization, Friend-Shoring, and the Anti-China Shift. Here’s an excerpt from the episode: Russell: Well, I think they will be pretty successful. We’ve already got the Koreans putting more capacity in the Philadelphia shipbuilding. Yesterday, we had the Koreans announcing a … Read More
VALUE: After Hours (S07 E45): The Myth of the Rational Economic Man
During their recent episode, Taylor, Carlisle, and Russell Napier discussed The Myth of the Rational Economic Man. Here’s an excerpt from the episode: Russell: There is. There is. That is the rational economic man who I am yet to meet. I have a library of 5,000 books. He’s not in … Read More
Mohnish Pabrai: From Cloned Ideas to Independent Conviction
The recent Pabrai Wagons Fund Shareholder Call Replay offers a rare, unfiltered look into how Mohnish Pabrai actually builds portfolios, and nowhere is that clearer than in his discussion of cloned bets. Rather than framing cloning as a shortcut or derivative tactic, Pabrai positions it as a disciplined entry point … Read More
Superinvestors Increase Stakes in Union Pacific as Conviction Builds in Railroads
According to the latest 13F filings, several top investors increased their holdings in Union Pacific Corp. (UNP) this quarter, highlighting growing conviction in the railroad’s pricing power, operating leverage, and long-duration cash-flow profile. Below are the most notable additions from the period: Point72 Asset Management, L.P. (Steve Cohen) Shares: 1,450,812 Change: … Read More
VALUE: After Hours (S07 E45): Why Value Investing Works in Financial Repression Regimes
During their recent episode, Taylor, Carlisle, and Russell Napier discussed Why Value Investing Works in Financial Repression Regimes. Here’s an excerpt from the episode: Russell: Very fair. So, let’s give some numbers back to the 1966 to 1982 period, where if you go into the S&P 500, you obviously do … Read More
Howard Marks on Credit Risk, Systemic vs Systematic Errors, and Investor Discipline
In Top Takeaways from Oaktree’s Quarterly Letters (December), Howard Marks revisits a recurring but often misunderstood theme in credit markets: the difference between structural fragility and behavioral excess. In his quarterly Takeaway, Market Outlook: Systemic or Systematic?, Marks challenges the instinct to extrapolate isolated credit failures into broader conclusions about … Read More