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
Charles Munger Top 10 Holdings (Q4 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
Tom Gayner: Four Lenses For Finding The Best Opportunities
In his recent interview on The Investors Podcast, Tom Gayner discussed the art of investing, why indexing has been overdone, and his four lenses for finding companies that deliver outsized returns. Here’s an excerpt from the interview: Stig Brodersen: Let’s start there. You famously identified four pillars in your investment … Read More
(Ep.98) The Acquirers Podcast: Eric Cinnamond – Small Value 2 – Absolute Return Small Cap Value Management And Silver
In this episode of The Acquirers Podcast Tobias chats with Eric Cinnamond of Palm Valley Capital. During the interview Eric provided some great insights into: Don’t Stress It, Press It – Tilting to Growth Value Investing Parallels Between The Late 1990s And Now The Stock Market Bubble Snowball Small & … Read More
Stock In Focus – TAM Stock Screener – PROG Holdings Inc (NYSE: PRG)
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 PROG Holdings Inc (NYSE: PRG). PROG Holdings Inc is a … Read More
Cliff Asness: The Odds Are Getting Better For Value
Here’s a great interview with Cliff Asness on Bloomberg’s Front Row with Erik Schatzker. Asness discusses his faith in factors after 2 1/2 years of poor returns. He remains as confident as ever in the quantitative strategies that powered the firm’s growth for two decades. He also discusses the emotional … Read More
GMO’s Last Dance
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed GMO’s Last Dance. Here’s an excerpt from the episode: Tobias: It’s called our Waiting for the Last Dance referencing the MJ documentary, which was excellent. He says that all of the quantitative signs are there. … Read More
This Week’s Best Value Investing News, Research, Podcasts 1/15/2021
Here’s a list of this week’s best investing news: Political Conflict & Markets (Jamie Catherwood) The Irony of Growth (Verdad) Howard Marks: Something of Value (Oaktree) Cliff Asness Predicts Comeback for Quant Algorithms (Full Interview) (Bloomberg) Ten rising star hedge funds with surprisingly small AUMs. These managers are worth watching in 2021 … Read More
Acquirer’s Multiple Stock $QRTEA Appearing In Burry, Dalio, Greenblatt 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
David Einhorn: One Of My Biggest Investing Lessons From ‘The Druck’
At the Value Investing Congress in 2009, David Einhorn gave a presentation titled – Liquor Before Beer… In the Clear”, in which his main topics included the two basic problems on how government is designed. He also discussed one of the biggest investing lessons he learned from Stanley Druckenmiller. Here’s … Read More
VALUE: After Hours (S03 E01): GMO’s Last Dance, Challenger “O” Ring And Internet-Scale Businesses
In this episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle chat about: GMO’s Last Dance The Challenger “O” Ring Disaster Internet Scale Businesses How To Build Out Your Circle Of Competence How To Quantify The Quality Of Management Carlota Perez’s Technological Revolutions James Surowiecki – The Wisdom … Read More
$DBX And That #2 Idea
During his recent interview with Tobias, Andrew Walker, Portfolio Manager at Rangeley Capital discussed $DBX And That #2 Idea. Here’s an excerpt from the interview: Tobias: How well do you know Dropbox? Andrew: Very well. Tobias: Do you want to give us the Dropbox thesis because it looks it’s transitioned from … Read More
Marathon Asset Management: Value And Growth (2013)
The book Capital Returns, edited by Edward Chancellor, provides a great collection of essays from Marathon Asset Management – some of which were written by the elusive investing legend Nicholas Sleep. With the recent release of Howard Marks’ memo titled – Something of Value, one of the essays titled – Value … 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
Why #neversell Is Cyclical
During his recent interview with Tobias, Andrew Walker, Portfolio Manager at Rangeley Capital discussed Why #neversell Is Cyclical. Here’s an excerpt from the interview: Tobias: Where do you fall on never sell or selling as a value guy? What’s the process? Andrew: I think you sell, but you sell– I’m not … 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
Howard Marks: The False Dichotomy of Value and Growth
In his most recent memo titled – Something of Value, Howard Marks discusses the false dichotomy of value and growth investing, which is best summarized by his quote from Warren Buffett, “We don’t consider ourselves to be value investors. . . . Discounted cash proceeds is the appropriate way to … Read More
Bill Nygren: Strong Opinions Weakly Held
In his recent Q4 2020 Market Commentary, Bill Nygren discussed his review of 2020, the rise of Barstool Sports’ Dave Portnoy as the new market guru, his sum-of-the-parts valuation of Facebook, and how value investors can benefit from ‘strong opinions weakly held’. Here’s an excerpt from the commentary: Unlike many … Read More
Howard Marks 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
(Ep.97) The Acquirers Podcast: Andrew Walker – Special Ops: SPACS, Dropbox, Transitioning From Small And Micro Deep Value To Compounders
In this episode of The Acquirers Podcast Tobias chats with Andrew Walker, Portfolio Manager at Rangeley Capital. During the interview Andrew provided some great insights into: Great Opportunities In SPACs Why #neversell Is Cyclical $DBX And That #2 Idea History Rhymes: $FB attacks $MTCH / $ANGI $IAC & $MTCH Special … Read More
Opportunities In SPACs
During his recent interview with Tobias, Andrew Walker, Portfolio Manager at Rangeley Capital discussed Opportunities In SPACs. Here’s an excerpt from the interview: Tobias: When I first encountered SPACs was probably a little bit more than a decade ago, when the way that you played SPACs was you found the … Read More