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
Stock In Focus – TAM Stock Screener – Travelzoo (NASDAQ: TZOO)
As part of a new series here at The Acquirer’s Multiple, we’re providing a new feature called ‘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 Travelzoo (NASDAQ: TZOO). Travelzoo acts as a publisher of travel … Read More
TAM Stock Screener – Stocks Appearing In Greenblatt, Fisher, Griffin 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
Restoration Hardware’s Recent Earnings Call
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Restoration Hardware’s Recent Earnings Call. Here’s an excerpt from the episode: Bill Brewster: I’m fine to talk. I thought Restoration Hardware, I was just saying, I listened to a call yesterday, it was just a … Read More
This Week’s Best Investing Articles, Research, Podcasts 4/10/2020
Here’s a list of this week’s best investing reads: Coronavirus and Credibility (Paul Graham) No, This is Not the Great Depression (The Irrelevant Investor) The 6 Commandments of Value Investing (Vitaliy Katsenelson) The Relationship Between Earnings and Bear Markets (A Wealth of Common Sense) The Shock Cycle (Collaborative Fund) Unlikely Optimism: The Conjunctive Events Bias (Farnam … Read More
Nassim Taleb: Advised Tail Risk Fund Returned 3,600% in March
Here’s an article from Bloomberg which reports that a tail-risk fund advised by Nassim Taleb returned a staggering 3,612% in March. Here’s an excerpt from the article: A tail-risk hedge fund advised by Nassim Taleb, author of “The Black Swan,” returned 3,612% in March, paying off massively for clients who … Read More
One Stock Superinvestors Are Buying (7)
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
VALUE: After Hours (S02 E14): Grain-of-Salt Indicator, Restoration Hardware, and Consensus Consensus
In this episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle chat about: What Can We Learn From Restoration Hardware’s Recent Earnings Call The New Grain Of Salt Index The Consensus Of The Consensus Is That The Market’s Going Down And Coming Back Up Different Strategies For Different … Read More
The Bezel: Most Companies Will Use This Turmoil To Re-Base Their Earnings
During his recent conversation with Tobias, Stephen Clapham, founder of Behind The Balance Sheet, discussed why Most Companies Will Use This Turmoil To Re-Base Their Earnings. Here’s an excerpt from the interview: Tobias Carlisle: John Kenneth Galbraith used to call the difference between the reported numbers and what was actually happening underneath … Read More
Bill Ackman: Top Buys, Top Sells (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
Bill Ackman: There Are Many Compelling Bargains In The Equity Markets
Bill Ackman has just released his 2019 Annual Report in which he reported that during the year ended December 31, 2019, PSH’s NAV increased 58.1%, ending the year at $26.94 per share. Over the same period, the S&P 500 increased 31.5%. He also recommended that investors ignore price-earnings multiples in … Read More
Howard Marks: Waiting For The Market Bottom Is Folly
Howard Marks has written yet another memo recently titled Calibrating in which he discusses his views on why investors should consider a change in their portfolio’s positioning over time, in response to what’s going on in the current environment saying: As the environment becomes more precarious, (with prices high, risk … Read More
Value Portfolio Upgrade
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed the Value Portfolio Upgrade. Here’s an excerpt from the discussion: Tobias Carlisle: Let’s move on to another finance related topic, I guess this months up. Jake Taylor: Toby, you’re up. Bill Brewster: Oh, peanut butter. … Read More
Beware Of Companies With Complicated Accounting Policies
During his recent conversation with Tobias, Stephen Clapham, founder of Behind The Balance Sheet, discussed the need to beware of companies with complicated accounting policies. Here’s an excerpt from the interview: Tobias Carlisle: Let’s talk about an individual name, or a few. Are you familiar with Tesla? Stephen Clapham: Oh, I don’t … Read More
Daniel Kahneman: COVID-19: It Could Take Several Years, But Ultimately Life Will Go On
Here’s a great interview with Daniel Kahneman speaking on the Politics And More podcast about the impact of the Coronavirus on society. Here’s an excerpt from the interview: For old people like me the prospects are not good. I see very little reason for optimism. I mean at the best … Read More
David Tepper: 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
Blowups In Hedge Fund Hotels
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Blowups In Hedge Fund Hotels. Here’s an excerpt from the discussion: Tobias Carlisle: Well, let’s do the next topic because we’re about a third away through. Do you want to jump on it, Bill? Bill … Read More
Quick Ways To Spot Company Frauds Or Manipulations
During his recent conversation with Tobias, Stephen Clapham, founder of Behind The Balance Sheet, discussed Quick Ways To Spot Company Frauds. Here’s an excerpt from the interview: Tobias Carlisle: When you’re examining companies … so you’re a detailed analyst. You invest both long and short. When you are looking at them, … Read More
James Chanos: The Two Areas Of Fraud That Investors Should Be Wary Of Right Now
Here’s a recent interview with James Chanos in which he discusses the two major areas of fraud that investors should be wary of right now. Here’s an excerpt from that Interview: I think two areas are really areas to watch out for. The first is the fraud, I think the … Read More
Oaktree: This Shock Will Lead To Further Price Dislocation, Which Should Expand The Number Of Stocks That Enter “Value” Territory
Here’s a edited excerpt from a March 11 conversation among Oaktree’s chief product officer and a trio of portfolio managers titled – Special Edition: Risks And Opportunities In EM Amid A Global Slowdown, in which they discuss the best opportunities and associated risks of investing in emerging markets today. Here’s … Read More
(Ep.61) The Acquirers Podcast: Stephen Clapham – CSI: Financials, Financial Accounting, And Financial Statement Shenanigans
In this episode of The Acquirer’s Podcast Tobias chats with Stephen Clapham, the founder of Behind The Balance Sheet, which provides research, forensic accounting training courses, and consultancy for professional analysts and private investors. During the interview Stephen provided some great insights into: Some Quick Ways To Spot Company Frauds … Read More