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
Howard Marks: Moderate Returns Push Investors Toward Dangerous Risk
During his recent interview with Bloomberg, Howard Marks directly addresses the speculative enthusiasm surrounding new technologies. He draws a critical distinction, noting, “there are bubbles which are based on technological progress… And these actually push society ahead and change it irreversibly.” He believes AI fits this transformative category, yet cautions … Read More
How David Einhorn Is Positioning for Deep Value and Cyclical Upside
The latest 13F filing from Greenlight Capital (David Einhorn) provides a clear window into how one of the most recognizable value investors is positioning his equity book today. Einhorn has long been known for contrarian bets, concentrated value positions, and a willingness to size up where he believes the market … Read More
VALUE: After Hours (S07 E44): Value Stock Geek on the Magnificent 7, tech, $AZO, the Weird Portfolio
During their recent episode, Taylor, Carlisle, and Value Stock Geek discussed: The Weird Portfolio Narratives Follow Price — Not the Other Way Around Why Price-to-Sales Matters More Than Earnings at the Cycle Extremes Why Liquor Stocks Are Screening Cheap Again A Quality-First Approach to Finding Cheap Stocks Cyclical Pain Creates … Read More
Apple Inc. (AAPL): 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: Apple Inc. (AAPL). Profile Apple is one of the world’s largest technology companies, known for its integrated hardware–software ecosystem spanning the iPhone, Mac, iPad, Apple Watch, and rapidly expanding Services segment. … Read More
Weekly Investing Roundup – News, Podcasts, Interviews (12/12/2025)
This week’s best investing news: Howard Marks: Is It a Bubble? (OakTree) Bridgewater’s Ray Dalio on AI, Fighting Debt and the Investment Landscape (Bloomberg) Mohnish Pabrai’s Fireside chat with Ben Graham Centre on October 14, 2025 (MP) The Price of Borrow (Verdad) DIMON’S WARNING: America might not be ready for … Read More
Bath & Body Works (BBWI): Undervalued Retail Leader With Strong FCF
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 gem hiding in plain sight. This week’s spotlight is Bath & Body Works, Inc. (BBWI) — a specialty retailer with one of the strongest … Read More
VALUE: After Hours (S07 E43): Can ESG and Buffett-Style Investing Coexist?
During their recent episode, Taylor, Carlisle, and Todd Wenning discussed Can ESG and Buffett-Style Investing Coexist?. Here’s an excerpt from the episode: Jake: Todd, are you able to reconcile Buffett– I know all the things– moats and everything that you’ve learned over the years. With ESG, is there a synthesis … Read More
Mohnish Pabrai: Become A Better Investor By Watching Paint Dry
In the fireside chat with the Ben Graham Centre, Mohnish Pabrai returned again and again to the foundational idea that, as he put it, “cloning is the best mental model.” For Pabrai, the reluctance of investors to adopt what already works remains one of the market’s enduring advantages. As he … Read More
Steve Cohen’s Q3 2025 Portfolio: AI & Semiconductor Bets Paired with Major Market Hedges
The latest 13F filing from Steve Cohen’s Point72 Asset Management reveals significant portfolio adjustments, characterized by aggressive expansions in semiconductor and mega-cap tech holdings, paired with substantial derivative positions that indicate sophisticated risk management. Here are some of the largest position moves. 1. SPDR S&P 500 ETF Trust (SPY): +3,144,900 … Read More
VALUE: After Hours (S07 E43): Old Dominion Freight Line: A Case Study in Network-Effect Moats
During their recent episode, Taylor, Carlisle, and Todd Wenning discussed Old Dominion Freight Line: A Case Study in Network-Effect Moats. Here’s an excerpt from the episode: Todd: Yeah, I think cyclical could be moaty. I think when they have downswings in their industry, that’s a good time to pick them … Read More
Howard Marks: How to Invest in AI Without Getting Destroyed by the Bubble
In his recent memo “Is It a Bubble?” Howard Marks examines the speculative fervor surrounding artificial intelligence. He observes that “bubbles usually coalesce around new financial developments or technological progress” and notes that “newness plays a huge part in this. Because there’s no history to restrain the imagination, the future … Read More
Deep Value Still Dominates: Energy and Financials Lead This Week’s Acquirer’s Multiple Screen
This Week’s Deep-Value Landscape Energy and Financials once again dominate the upper tier of this week’s Acquirer’s Multiple® Large Cap Screen, reinforcing a now-familiar pattern: the market continues to discount highly cash-generative cyclical businesses despite leaner balance sheets, disciplined capital allocation, and structurally improved economics. Energy Still Sets the Pace … Read More
VALUE: After Hours (S07 E43): Leading Economic Indicators Can Mislead
During their recent episode, Taylor, Carlisle, and Todd Wenning discussed Why Trucking Cycles May Be Turning. Here’s an excerpt from the episode: Tobias: Are you seeing any recovery outside of transport? Do you think it’s all trucking? Do you think it’s trucking specific? Todd: Yeah, I have in the portfolio … Read More
Ray Dalio: The Future Belongs to “Brilliant People Working With Brilliant AI”
In his interview with Oxford Union, Ray Dalio distills the forces shaping markets, stating “everything is driven by five big forces,” beginning with the critical “money, credit, debt, economic and market force.” The current debt dynamic is central, as “when debts rise relative to incomes… debt service payments rise relative … Read More
Major Superinvestors Increase Stakes in Union Pacific (UNP) Amid Rising Confidence in Rail Sector
According to the latest 13F filings, several top investors increased their holdings in Union Pacific Corp. (UNP), signaling continued confidence in the railroad’s pricing power, wide economic moat, and long-term cash-compounding ability. Below are the most notable additions from the quarter: Point72 Asset Management, L.P. (Steve Cohen) Shares: 1,450,812 Change: +719,042 Value: … Read More
VALUE: After Hours (S07 E43): Inside the Warhammer Flywheel: Why Games Workshop Has a Real Moat
During their recent episode, Taylor, Carlisle, and Todd Wenning discussed Inside the Warhammer Flywheel: Why Games Workshop Has a Real Moat. Here’s an excerpt from the episode: Todd: Sure. So, one of the companies that we have in the KNA Capital portfolio is a UK company called Games Workshop. If … Read More
Terry Smith: Index Funds Are Not Actually Passive; They Are A Momentum Strategy
In a recent interview with EXPANSIÓN, Terry Smith, the co-founder and CEO of Fundsmith, offered a clear-eyed assessment of current market dynamics. His investment philosophy, which has earned him the nickname “the English Warren Buffett,” is being tested by an environment he views with skepticism. Smith states plainly, “I think … Read More
Howard Marks’ Latest 13F: Inside Oaktree’s Highest-Conviction Equity Positions
The latest 13F filing from Oaktree Capital Management LP (Howard Marks) provides a clear look into how one of the world’s great credit investors positions his equity book. While Marks is best known for distressed debt, high-yield bonds, and cycle analysis, Oaktree’s equity holdings reveal a consistent pattern: deep-value cyclicals, … Read More
VALUE: After Hours (S07 E43): Todd Wenning on Flyover Stocks and Small Cap Moats $GMWKF, $ODFL, and $CPRT
During their recent episode, Taylor, Carlisle, and Todd Wenning discussed: Inside the Warhammer Flywheel: Why Games Workshop Has a Real Moat Why Trucking Cycles May Be Turning Old Dominion Freight Line: A Case Study in Network-Effect Moats Can ESG and Buffett-Style Investing Coexist? How To Find Durable Small-Cap Moats Copart’s $5 Billion … Read More
Walmart Inc. (WMT): 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: Walmart Inc. (WMT). Profile Walmart Inc. is the world’s largest retailer, operating more than 10,500 stores under the Walmart and Sam’s Club banners across the U.S. and international markets. The company … Read More