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
James Clear: If You Can’t Think Long-Term In Investing, Here’s Why!
In his book – Atomic Habits, James Clear explains why investors find it so difficult to think long-term. Here’s an excerpt from the book: Imagine you’re an animal roaming the plains of Africa—a giraffe or an elephant or a lion. On any given day, most of your decisions have an … Read More
Roger Lowenstein: Warren Buffett – The Man Who Stripped Wall Street Of Its Mystery
In his book – Buffett: The Making of an American Capitalist, Roger Lowenstein describes Warren Buffett as the man who stripped Wall Street of its mystery. Here’s an excerpt from the book: Much about this life is strange, and much about Buffett remains obscure. Perhaps, as a judge in Buffalo … Read More
This Week’s Best Value Investing News (12/03/2021)
This week’s best investing news: Surprised by The Inevitable (Jamie Catherwood) Dalio : “If You Worry, You Don’t Have To Worry” (Validea) Invest Don’t Bet (Humble Dollar) Corporate Margins Are Stronger Than You Think (Epsilon Theory) Assured Misery (Collaborative Fund) Thank You (Verdad) The Other Side of a Mania (Compound Advisors) Never Take a Risk You Do Not … Read More
Stock In Focus – TAM Stock Screener – Boise Cascade Co (NYSE: BCC)
One of the cheapest stocks in our Stock Screeners is Boise Cascade Co (NYSE: BCC). Boise Cascade Co is a producer of engineered wood products (EWP) and plywood. The firm operates in two segments namely Wood Products and Building Materials Distribution. Wood Products segment manufactures EWP, consisting of laminated veneer lumber (LVL), … Read More
Munger’s Mental Models
In their recent 100th episode of the VALUE: After Hours Podcast, Taylor, Brewster, Carlisle, and friends discuss Munger’s Mental Models. Here’s an excerpt from the podcast: Jake: So, maybe try to tie everything back to Charlie Munger, we’re learning mental models and we’re arming our cortical columns with hopefully like … Read More
Terry Smith: Investors Just Don’t Read The Accounts
In this interview with the Investors’ Chronicle, Terry Smith provides a great illustration of investors not reading the accounts of the companies they’re investing in. Here’s a excerpt from the interview: When we were established ten years ago we were looking through our list of potential investee companies and one … Read More
Jeremy Grantham: Bull Markets Are Like A Water Jet Under a Ping-Pong Ball
In his interview earlier with year on the Invest Like The Best Podcast, Jeremy Grantham provided a great illustration of what happens in a bull market. Here’s an excerpt from the interview: And the consequences will we might be approaching a rather similar Minsky moment in the not too distant … Read More
This Acquirers Multiple Stock Appearing In Ainslie, Simons, Marks Portfolios
Part of the weekly research here at The Acquirer’s Multiple features some of the top picks from our Stock Screeners and some top investors who are holding these same picks in their portfolios. Investors such as Warren Buffett, Joel Greenblatt, Carl Icahn, Jim Simons, Prem Watsa, Jeremy Grantham, Seth Klarman, Ray Dalio, … Read More
Shoot First, Ask Questions Later On Buy Decisions
In their recent 100th episode of the VALUE: After Hours Podcast, Taylor, Brewster, Carlisle, and friends discuss Shoot First, Ask Questions Later On Buy Decisions. Here’s an excerpt from the podcast: Ian: One of the things I was I was journaling about– I was thinking about coming on today, I … Read More
Joel Greenblatt: How To Think About Position Sizing
In this interview on The Investor’s Podcast, Joel Greenblatt discusses how to think about position sizing. Here’s an excerpt from the interview: Most people say, oh I took a 10% position. I took a 20% position. Oh I’d never take a 30% position and I don’t think that’s the right … Read More
Li Lu On Munger’s Patience To Wait For The Right Opportunity
In his 2019 speech at the Peking University, Li Lu discussed an example of the patience of Charles Munger. Here’s an excerpt from the speech: The next character is also quite special. This person has to be extremely patient and very decisive. This is a contradiction. When there is no chance, … Read More
One Stock Superinvestors Are Selling
As part of the weekly research here at The Acquirer’s Multiple we’re always interested in superinvestors who hold the same stocks that appear in our Acquirer’s Multiple Stock Screeners, based on their latest 13F’s. Investors such as Warren Buffett, Joel Greenblatt, Carl Icahn, Jim Simons, Prem Watsa, Jeremy Grantham, Seth … Read More
Compound Wealth With A Cockroach Portfolio
In their recent 100th episode of the VALUE: After Hours Podcast, Taylor, Brewster, Carlisle, and friends discuss Compounding Wealth With A Cockroach Portfolio. Here’s an excerpt from the podcast: Tobias: How would you characterize yourself, Jason? I think of you as vol but you are broader than that, aren’t you … Read More
Morgan Housel: Investing Behavior Is Inborn
In his book – The Psychology of Money, Morgan Housel shares a story about two investors which demonstrates how investing behavior is inborn. Here’s an excerpt from the book: Grace Groner was orphaned at age 12. She never married. She never had kids. She never drove a car. She lived … Read More
Aswath Damodaran: Growth Investors Have Become Lazy
In his latest interview with the Prague Finance Institute, Aswath Damodaran explains why growth investors have become lazy. Here’s an excerpt from the interview: Damodaran: I would argue that growth investors are becoming lazy now. Host: And are they becoming lazy… are they becoming lazy because of cheap money, quantitative … Read More
Animal Spirits: There Is No Link Between Stock Prices And Fundamentals
In the book – Animal Spirits, Akerlof and Shiller discuss why there is no link between stock prices and fundamentals. Here’s an excerpt from the book: Over the years economists have tried to give a convincing explanation tor aggregate stock price movements in terms of economic fundamentals. But no one … Read More
One Stock Superinvestors Are Buying
As part of the weekly research here at The Acquirer’s Multiple we’re always interested in investing gurus who hold the same stocks that appear in our Acquirer’s Multiple Stock Screeners, based on their latest 13F’s. Investors such as Warren Buffett, Joel Greenblatt, Carl Icahn, Jim Simons, Prem Watsa, Jeremy Grantham, … Read More
This Is The Best Time Of Year To Find Opportunities
In their recent 100th episode of the VALUE: After Hours Podcast, Taylor, Brewster, Carlisle, and friends discuss This Is The Best Time Of Year To Find Opportunities. Here’s an excerpt from the podcast: Ian: Yeah, it’s something I think we see every year, but I think this year, it’s been … Read More
James Clear: The Search For Novelty Is The Greatest Threat To Success
In his book – Atomic Habits, James Clear discusses why the search for novelty is the greatest threat to success, something which is highly applicable to successful investing. Here’s an excerpt from the book: As a result, many of us get depressed when we lose focus or motivation because we … Read More
Charles Munger: Override Your Subconscious Using Two-Track Analysis
In the book – Poor Charlie’s Almanack, Charles Munger discusses overriding your subconscious by using two-track analysis. Here’s an excerpt from the book: Personally, I’ve gotten so that I now use a kind of two-track analysis. First, what are the factors that really govern the interests involved, rationally considered? And … Read More