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
Dan Loeb: Latest Activist Positions
As a new weekly feature here at The Acquirer’s Multiple, we’re going to take a look at the latest activist positions from some of our favorite superinvestors based on their latest 13D/13G filings. Activist investors like Warren Buffett, Carl Icahn, David Einhorn, Bill Ackman, Paul Singer, Howard Marks. John Paulson, … Read More
The Golden Age In Duration
During his recent interview with Tobias, Dylan Grice, co-founder of Calderwood Capital Research, and author of the Popular Delusion Reports, discussed the golden age of duration. Here’s an excerpt from the interview: Tobias Carlisle: Last question and then I’ll let you go, but it’s sort of a bigger one. It … Read More
VALUE: After Hours (S02 E07): Gayner’s Sizing, 700 Year Decline In Rates And Marathon’s Capital Account
Summary In this episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle chat about: Tom Gayner’s Take On Position Sizing And Strategy Marathon Asset Management and Capital Account What Can We Learn From Capital Spectator’s – 700-Year Decline In Interest Rates Ram Bhupatiraju – If You Like Everything … Read More
Warren Buffett: Top Buys, Top Sells
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
Ray Dalio: The Magic Behind The Holy Grail Of Investing Strategy
Here’s a great short video by Ray Dalio in which he explains the magic behind his ‘holy grail of investing’. The holy grail strategy consists of 15-20 uncorrelated investments that will provide the best return-to-risk-ratio. Here’s an excerpt from the video: What that taught me is the magic is in… … Read More
Richard Feynman on Economics – Cargo Cult Science
During his recent interview with Tobias, Dylan Grice, co-founder of Calderwood Capital Research, and author of the Popular Delusion Reports, discussed Richard Feynman on Economics – Cargo Cult Science. Here’s an excerpt from the interview: Tobias Carlisle: I think there’s been a lot of introspecting by Austrian economists and value … Read More
Bruce Greenwald’s Theory of Local Scale Advantages
In this week’s episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Bruce Greenwald’s theory of ‘local scale advantages’. Here’s an excerpt from the episode: Bill Brewster: All right. I’ve been noodling on Greenwald speeches lately, and it actually sort of goes to Jake’s point and maybe … Read More
Howard Marks: One Of The Most Essential Ingredients In Investing Is The Ability To Look Stupid
In this interview with Shane Parrish on The Knowledge Project Podcast, Howard Marks provides some great insights into the importance of looking stupid in order to become a successful investor. Here’s an excerpt from the interview: Some people don’t get contrarian thinking. And one of the things I say is … Read More
Warren Buffett: Top 10 Holdings (Q4 2019)
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
Origins Of High Performance Conglomerate Jack Henry $JKHY
In this week’s episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed the origins of high performance conglomerate, Jack Henry $JKHY. Here’s an excerpt from the episode: Tobias Carlisle: So I’m talking Jack Henry. It’s another high-performance compounder, because that’s one I’m obsessed with at the moment. … Read More
The Anatomy Of A Forecast Error
During his recent interview with Tobias, Dylan Grice, co-founder of Calderwood Capital Research, and author of the Popular Delusion Reports, discussed the anatomy of a forecast error. Here’s an excerpt from the interview: Tobias Carlisle: That’s a nice segue into one of the articles that I liked in your more … Read More
Charles Munger: Classical Moats Are Rapidly Disappearing
During the recent Daily Journal annual meeting (2/12/2020), Charles Munger was asked about the impact that technology is having on traditional moats. Here’s the question and his response: Question: I have a question for you related to technology. There is this common sentiment that technology is both accelerating the pace … Read More
(Ep.53) The Acquirers Podcast: Dylan Grice – Pop Delusions – The Golden Age Of Duration, Richard Feynman, Cargo Cults And Anatomy Of A Forecast
In this episode of The Acquirer’s Podcast Tobias chats with Dylan Grice. He is the co-founder of Calderwood Capital Research, and writes the Popular Delusion Reports. During the interview Dylan provided some great insights into: Popular Delusions Allocating To Different Managers Provides The Holy Grail Of Portfolio Robustness The Anatomy Of … Read More
TAM Stock Screener – Stocks Appearing In Greenblatt, Dalio, Tudor Jones 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, … Read More
How An Oil Spike Will Pop The Everything Bubble
In this week’s episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed how an oil spike could pop the Everything Bubble. Here’s an excerpt from the episode: Jake Taylor: All right, so my topic this week is about what if a spike in the oil price is … Read More
This Week’s Best Investing Articles, Research, Podcasts 2/14/2020
Here’s a list of this week’s best investing reads: Some Bull Market Reminders (A Wealth of Common Sense) An Astronaut’s Guide to Mental Models (Farnam Street) History is Only Interesting Because Nothing is Inevitable (Collaborative Fund) When You Were Born > Everything Else (The Irrelevant Investor) Crisis Investing (Verdad) What New Investors Should … Read More
Charles Munger: Daily Journal Annual Meeting 2020: Fish Where The Fish Are, And That’s Not The U.S!
This week Charles Munger spoke at the Daily Journal Annual Meeting 2020. During the meeting Munger was asked a question from our very own Bill Brewster, co-host on the VALUE: After Hours Podcast with Tobias Carlisle, and Jake Taylor. Here’s Bill’s question: (50:37) Bill Brewster: Mr Munger, Bill Brewster here … Read More
John Paulson: Top Buys, Top Sells
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
Manage Risk By Diversifying Your Diversifiers
During his recent interview with Tobias, Corey Hoffstein, co-founder and Chief Investment Officer at Newfound Research discussed his approach to managing risk using a strategy that he calls – diversifying your diversifiers. Here’s an excerpt from the interview: Tobias Carlisle: I’ve had Adam Butler on the show, who’s Gestalt at … Read More
VALUE: After Hours (S02 E06): Greenwald on Local Competition, Oil Pops the Bubble, Jack Henry JKHY
Summary In this episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle chat about: Bruce Greenwald: We’re Moving Into An Economy Based On Local Scale Advantages Will A Spike In The Oil Price Be The Pin That Pierces The Everything Bubble High Performance Compounder Jack Henry & Associates … Read More