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
Rob Arnott: Unlock 20% Returns From Unloved Underdogs
During his recent interview on the Meb Faber Podcast, Rob Arnott discusses the inefficiencies in cap-weighted indexation, particularly around additions and deletions in indexes like the S&P 500 and Russell. Stocks added to indexes tend to be overpriced and underperform, while deleted stocks, often deeply discounted, tend to outperform by … Read More
Howard Marks: How to Identify Skilled Investors
In Part 1 of his series – How To Think About Risk, Howard Marks discusses the importance of understanding risk in investing, highlighting that returns alone do not reflect an investor’s skill. He compares various types of managers, from those who merely track market performance to those who show either … Read More
Bill Ackman – 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 (S06 E33): Big Short’s Vincent Daniel and Porter Collins on Gold, Oil, and Housing
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, Vincent Daniel, and Porter Collins discuss: A Real-Life Paul Volcker Story and Its Impact on Banking Gold Is Acting More Like a Growth Stock Than a Value Investment How the Shift to Short-Term Trading Impacts Value … Read More
Adobe Inc (ADBE) DCF Valuation: Is The Stock Undervalued?
As part of a new series, each week we typically conduct a DCF on one of the companies in our screens. This week we thought we’d take a look at one of the stocks that is not currently in our screens, Adobe Inc (ADBE). Profile Adobe provides content creation, document … Read More
This Week’s Best Value Investing News, Podcasts, Interviews (09/13/2024)
This week’s best investing news: Howard Marks: How to Think About Risk (OakTree) Ray Dalio – Great Powers Index 2024: The Most Important Facts and Charts (LinkIn) Diversifying Equity Portfolios (Verdad) Whitney Tilson on lessons learned from knowing Warren Buffett, Charlie Munger & Bill Ackman (WealthTrack) Guy Spier – Becoming … Read More
Comcast Corp Class (CMCSA): Is It a Buy? – Acquirer’s Multiple Stock Screener Analysis
As part of our ongoing series here at The Acquirer’s Multiple, each week we focus on one of the stocks from our Stock Screeners, and why it’s a ‘buy’ based on key fundamentals. One of the cheapest stocks in our Stock Screeners is: Comcast Corp Class (CMCSA) Comcast is made up of three parts. … Read More
Mitigating Take-Under Risk When Stocks Drop 50% or More
During their recent episode, Taylor, Carlisle, and Whit Huguley discussed Mitigating Take-Under Risk When Stocks Drop 50% or More. Here’s an excerpt from the episode: Jake: Whit, have you ever gotten in a situation where, I know I personally have and it’s really frustrating is, let’s say you buy something … Read More
Jeremy Grantham: The Biggest Inefficiency in the Stock Market Is…
During this keynote address at Columbia University, Jeremy Grantham discussed the inefficiency of momentum in stock markets, emphasizing that while there are many inefficiencies, momentum is the largest. Over time, he argues, asset prices gravitate back to their fair value, which he defines as their replacement cost. Using the analogy … Read More
Warren Buffett: Our Reward Program Bet That Went South
In his 2006 Berkshire Hathaway Annual Letter, Warren Buffett reflects on his and Charlie Munger’s early venture into the rewards business by purchasing Blue Chip Stamps in 1970. At the time, the trading stamp company was thriving with $126 million in sales and widespread popularity. However, despite initial optimism, the … Read More
The One Stock That Superinvestors Are Dumping: Is It Time to Sell?
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
How to Stay a Value Investor When It’s Time to Sell
During their recent episode, Taylor, Carlisle, and Whit Huguley discussed How to Stay a Value Investor When It’s Time to Sell. Here’s an excerpt from the episode: Whit: Yeah, we just weren’t thinking about that. And it’s something I’ve been thinking about a lot recently. The one pushback I’ve heard … Read More
Michael Mauboussin: It’s The Size Of Your Winners, Not The Number
In his book – More Than You Know, Michael Mauboussin explains that in probabilistic endeavors, such as investing, the frequency of being right is less important than the magnitude of success when you’re right. A portfolio manager, despite having a poor percentage of winning stocks, achieved strong overall results due … Read More
Warren Buffett: The Key to Great Investing: Insulating Thoughts and Emotions
In his 1987 Berkshire Hathaway Annual Letter, Warren Buffett emphasizes that investment success comes from sound business judgment and resisting emotional market influences. He advocates following Ben Graham’s “Mr. Market” concept, focusing on a company’s operating results rather than short-term stock price movements. Buffett highlights that while the market may … Read More
The Undervalued Stock That Superinvestors Are Loading Up On
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
Uncovering Hidden Value in Overlooked Small-Cap Companies
During their recent episode, Taylor, Carlisle, and Whit Huguley discussed Uncovering Hidden Value in Overlooked Small-Cap Companies. Here’s an excerpt from the episode: Jake: What do you think that does with a large amount of indexing then that’s happening? Do you feel like in the amount of time that you’ve … Read More
Bill Nygren: Value Investors Shouldn’t Turn Into Momentum Investors When Selling
In this interview with Value Investor Insight, Bill Nygren discussed the importance of discipline in selling investments when they reach around 90% of their estimated business value. He questions why some value investors, who are methodical when buying, switch to a momentum-based approach when selling—waiting for the market to signal … Read More
Howard Marks: The ‘Sitting On Your Hands’ Investing Strategy
In his memo titled – What Really Matters, Howard Marks discusses the value of long-term investing over short-term market timing. He encourages investors to focus on holding quality investments rather than frequently trading, arguing that over-diversification and excessive trading often lead to suboptimal outcomes. He highlights Bill Miller’s insight that … Read More
VALUE: After Hours (S06 E32): Microcap Investor Whit Huguley on Citizens Bank, FitLife, and Greenfirst
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and Asif Suria discuss: Uncovering Hidden Value in Overlooked Small-Cap Companies How to Stay a Value Investor When It’s Time to Sell What Computational Irreducibility Teaches Us About Investing Mitigating Take-Under Risk When Stocks Drop 50% … Read More
Stanley Druckenmiller – 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