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
This Week’s Best Investing Articles, Research, Podcasts 10/30/2020
Here’s a list of this week’s best investing reads: The Great Equalizer (Verdad) Oh No, Here It Comes Again, That Funny Feeling (Epsilon Theory) Descriptions Aren’t Prescriptions (Farnam Street) Tobias Carlisle – Diamonds In The Rough (Premium) (Real Vision) Making an Impact (Jamie Catherwood) Who Owns the Stock Market? (Irrelevant Investor) ‘Our Recent Performance Sucks.’ … Read More
Thematic Investing
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Thematic Investing. Here’s an excerpt from the episode: Bill: So, I’ve been spending a lot of time thinking about some of what I perceive to have worked recently, what people missed. I guess that I … Read More
Stock In Focus – TAM Stock Screener – Oshkosh Corp (NYSE: OSK)
As part of our ongoing series here at The Acquirer’s Multiple, we provide this feature article titled ‘Stock in Focus‘ where we focus on one of the stocks from our Stock Screeners. One of the cheapest stocks in our Stock Screeners is Oshkosh Corp (NYSE: OSK). Oshkosh is a leading maker of … Read More
Bill Nygren: The Right Time To Sell A Stock
In the latest Graham and Doddsville Newsletter there’s a great interview with Bill Nygren in which his discusses a number of topics including the reasons to sell a stock. Here’s an excerpt from the newsletter: G&D: What is your approach to selling? Nygren : I’ve always thought that the reason … Read More
AQR: Ways To Improve Your Active Risk
In their latest paper titled – Was That Intentional? Ways to Improve Your Active Risk, the team at AQR discuss a number of intentional and unintentional active risks, and how investors can improve their active risk saying: Investors try to outperform their strategic asset allocation benchmarks by taking active risks. … Read More
Acquirer’s Multiple Stock $PBR Appearing In Marks, Simons, Grantham 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
$CVNA Disrupting The Used Car Industry
During his recent interview with Tobias, Joe Frankenfield, Portfolio Manager at Saga Partners, discussed $CVNA Disrupting The Used Car Industry. Here’s an excerpt from the interview: Tobias: Let’s talk about Carvana a little bit because that is one that is a little bit more controversial. I don’t follow it closely, but … Read More
VALUE: After Hours (S02 E42): Mauboussin And UFO Cults, Small And Micro Value And Thematic Investing
In this episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle chat about: Thematic Investing Mauboussin And The Rise Of Intangibles UFO Cults – When Prophecy Fails David Gardner – Don’t Sell Stocks Capital Cycle Theory For Software Small Value Is Really Cheap Buffett Caught The Perfect Wave … Read More
Streaming Wars And The Future Of $CMCSA
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Streaming Wars And The Future Of $CMCSA. Here’s an excerpt from the episode: Tobias: What’s your topic segue onto the– Who does this hurt? So, if Netflix and Disney both win, who gets bloodied in … Read More
$TTD Focusing Only On The “Buy Side” Of Online Advertising Demand
During his recent interview with Tobias, Joe Frankenfield, Portfolio Manager at Saga Partners, discussed $TTD Trade Desk Inc – Focusing Only On The “Buy Side” Of Online Advertising Demand. Here’s an excerpt from the interview: Tobias: Do you want to talk about a few names that you have in the portfolio? … 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
David Einhorn: 10 Signs The Bubble Has Already Popped
In his latest Q3 2020 Letter, David Einhorn discusses why he believes September 2, 2020 was the top and the bubble has already popped, which means investor sentiment is in the process of shifting from greed to complacency. Here’s an excerpt from the letter: As for the question of sanity, … Read More
One Stock Superinvestors Are Buying Or Holding
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
Loeb’s Mickey Mouse Activism $DIS
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Loeb’s Mickey Mouse Activism $DIS. Here’s an excerpt from the episode: Tobias: All right, let’s talk a little bit about Disney. Dan Loeb, fearsome activist, used to write the nasty letters, as we’ve discussed previously, … Read More
Catching Compounders’ Inflection Point
During his recent interview with Tobias, Joe Frankenfield, Portfolio Manager at Saga Partners, discussed Catching Compounders’ Inflection Point. Here’s an excerpt from the interview: Tobias: Well, let’s talk a little bit about the strategy. So, I read through your papers, would it be fair to say you’re looking for high-quality … Read More
Tweedy Browne: Green Shoots Appearing For Value Investing
In their latest Q3 2020 Market Commentary value investing firm provides some great insights on where they believe the ‘green shoots’ are starting to appear for value investors. Here’s an excerpt from the letter: It has been an extraordinarily difficult stretch of time for value investors, with zero interest rates … Read More
Bill Ackman’s Top 10 Holdings (Q3 2020)
One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More
Aswath Damodaran: 4 Reasons Why Value Investing Hasn’t Worked Over The Last Decade
In his latest article Aswath Damodaran discusses four reasons why value investing hasn’t worked over the past decade and whether it’s time for value investors to consider the possibility that it’s time to change the way we practice value investing. Here’s an excerpt from the article: The attempt to explain … Read More
(Ep.89) The Acquirers Podcast: Joe Frankenfield – Value Saga: Concentrated High-Growth Value Investing
In this episode of The Acquirers Podcast Tobias chats with Joe Frankenfield, Portfolio Manager at Saga Partners. During the interview Joe provided some great insights into: Catching Compounders On Their Inflection Point Post IPO $TTD Focusing Only On The “Buy Side” Of Online Advertising Demand $CVNA Disrupting The Used Car … Read More
Mark Leonard: Dealing With Potential Investments That Don’t Quite Meet Your Hurdle Rate
In the 2017 Constellation Software President’s Letter, Mark Leonard discussed his process for dealing with potential investments that don’t quite meet their hurdle rate. Here’s an excerpt from that letter: Maintaining Investment Discipline: I recently worked on a large transaction. With every day that passed, I could feel my commitment … Read More