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
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
Pzena: The Opportunity In Value Stocks Is Compelling
In their latest Q3 2021 Market Commentary, Pzena discuss the compelling opportunity in value stocks. Here’s an excerpt from the commentary: We have argued for some time that the opportunity in value stocks is compelling: valuations are cheap, operating metrics are strong, and they offer high single-digit to low double-digit … Read More
Bill Miller: Forget The Headlines And Focus On Stocks
In his latest and final market commentary, Bill Miller discusses why investors should forget headlines and focus on stocks. Here’s an excerpt from the commentary: When I am asked what I worry about in the market, the answer usually is “nothing”, because everyone else in the market seems to spend … Read More
Peter Lynch: Invest In Small-Cap Stocks, If You Have The Stomach
In his book – Learn to Earn, Peter Lynch discusses why you should invest in small-cap stocks instead of large-cap. Here’s an excerpt from the book: Over time, it’s been more profitable to invest, in small companies than in large companies. The successful small companies of today will become the … Read More
Late Innings Complacency
In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed Late Innings Complacency. Here’s an excerpt from the episode: Jake: Sure. Like I said at the intro, sometimes, there’s a lot of sometimes people complaining that I don’t share personal things, whatever. … Read More
Daniel Kahneman: The Illusion Of Skill In Investing
In Daniel Kahneman’s book – Thinking Fast and Slow, he provides some research that exposes the illusion of skill in investing. Here’s an excerpt from the book: Some years ago I had an unusual opportunity to examine the illusion of financial skill up close. I had been invited to speak … 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
Jim Chanos: China’s “Leveraged Prosperity” Model is Doomed
In this interview with the Institute For New Economic Thinking, Jim Chanos discusses all things China, Evergrande, and China’s doomed leverage prosperity model. Here’s an excerpt from the interview: Chanos: What distinguishes China and what makes it so unique from my perspective, putting on the financial historian’s hat, is that … Read More
Aswath Damodaran: Humility Is The Single Most Important Characteristic You Need To Be A Successful Investor
In his latest webinar titled – The Illusion of Smart Money, Aswath Damodaran says that humility is the single most important characteristic you need to be a successful investor. Here’s an excerpt from the webinar: Humble vs Arrogant: I think that investors are better grouped into humble and arrogant, with: … Read More
Stanley Druckenmiller: There’s Less Than A Handful Of People That Can ‘Pull The Trigger’ When It’s All On The Line
In Michael Kaufman’s book – Soros: The Life and Times of a Messianic Billionaire, there’s a great passage on Stanley Druckenmiller in which he discusses that there is less than a handful of people that can pull the trigger when its all on the line. Here’s an excerpt from the … Read More
Gamification Of Digital Advertising
In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed the Gamification Of Digital Advertising. Here’s an excerpt from the episode: Bill: Well, I think Facebook is a good example of something that is not an old-world company. But Facebook to me … Read More
Howard Marks: The Impact Of Investor Psychology On Markets
In Howard Marks’ Book – Mastering The Market Cycle, he provides some great statistical data that shows just how much investor psychology impacts markets. Here’s an excerpt from the book: Putting it all together, fluctuations in attitudes and behavior combine to make the stock market the ultimate pendulum. In my … Read More
Rich Pzena: Earnings Growth Rates Higher For Value Stocks Than Growth Stocks Next Two Years
In his recent interview on ValueWalk, Rich Pzena discussed why earnings growth rates are higher for value stocks than growth stocks for the next two years. Here’s an excerpt from the interview (H/T Forbes): “A typical value cycle that’s tied to an economic cycle lasts for quite some time,” Pzena … Read More
James Montier: The Dangers Of Diversification
In his book – Value Investing: Tools and Techniques for Intelligent Investment, James Montier discusses the dangers of diversification. Here’s an excerpt from the book: If religion has been the cause of most wars, then ‘diversification’ lies close to the heart of many financial disasters. All too often, too narrow … Read More
Dan Loeb Top 10 Holdings – Latest 13F
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
VALUE: After Hours (S03 E39): Value Cheap For A Reason? Late-Innings Complacency, Munger Buys More $BABA
In this episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle chat about: Value Is Cheap For A Reason Gamification Of Digital Advertising Late Innings Complacency Consider Asset Classes Other Than Stocks Munger Doubled Down On $BABA How $MO And Big Tobacco Can Still Survive … Read More
Returns to Companies with Negative and Positive Cash Flow from Operations (Russell 3000 OCF TTM <= 0 vs OCF TTM > 0) January 1999 to October 2021
Companies that generate cash flow from operations consistently outperform those that don’t, but not always. Since 1999 companies in the Russell 3000 that generate cash flow have returned about ten times more than the cash incinerators. That’s probably what you expected to see. But the scale of outperformance might be … Read More
Stock In Focus – TAM Stock Screener – Vale SA (NYSE: VALE)
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 Vale SA (NYSE: VALE). Vale is the world’s largest iron … Read More
Charles Munger: Bet Heavily When An Opportunity Presents
In Tren Griffin’s Book – Charlie Munger: The Complete Investor, there’s a great quote by Munger on betting heavily when an opportunity presents in investing. Here’s an excerpt from the book: “Experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act … Read More
Peter Lynch: The Next 10-Bagger Is Staring You In The Face
In his book – One Up On Wall Street, Peter Lynch discusses how 10-baggers are in plain sight, but for some reason investors like to invest in companies and industries they know little about. Here’s an excerpt from the book: Can’t think of any such opportunity in your own life? … Read More