Is iPhone The Best Toll Road Ever Created?

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In their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discuss Is iPhone The Best Toll Road Ever Created? Here’s an excerpt from the episode: Jake: Let me try to ask a question, Bill. At any point in history, has there ever been a technology that … Read More

Rob Vinall: Moat vs Execution

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In his latest 2021 Co-Investor Letter, Rob Vinall discusses moat vs execution. Here’s an excerpt from the letter: Ben Graham famously said: Investment is most intelligent when it is most business-like. The quote resonated so strongly with me that it is part of the reason why I called my fund … Read More

Bill Ackman: Lessons In Asymmetric Hedging

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In his recent letter to investors regarding his purchase of 3.1 million shares in Netflix, Bill Ackman provided some lessons in asymmetric hedging. Here’s an excerpt from the letter: In order to fund our purchase of Netflix, beginning on Friday and over the last few days, we unwound the substantial … Read More

This Week’s Best Value Investing News (1/28/2022)

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This week’s best investing news: A Poisoned Chalice (Jamie Catherwood) How to Worry about Duration (Verdad) A Shortseller’s Perspective (Epsilon Theory) Jeremy Grantham: Tesla Is A Bubble (Validea) Are Big Tech Stocks Following In The Footsteps Of Their Chinese Counterparts? (Felder) Big Skills (Collaborative Fund) It’s Never a Market Crash Problem (Safal) Transcript: Tina Vandersteel (Barry Ritholz) Are You … Read More

Greenwald on Buffett’s Moats

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In their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discuss Greenwald on Buffett’s Moats. Here’s an excerpt from the episode: Tobias: Yeah, Greenwald. I’m always looking for a little hack for figuring out moats. I’ve never really seen a good one. I’ve never really seen … Read More

Sequoia: Why Long-Term Value Investors Fail

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In this recent interview with Value Investor Insight, Sequoia’s Arman Gokgol-Kline, Trevor Magyar, and Chase Sheridan discuss why long-term value investors fail. Here’s an excerpt from the interview: Q: Is there a risk that the type of high-quality value investing you’ve long espoused becomes too popular and it’s harder to … Read More

Wally Weitz: Emperor’s New Clothes Moments Ahead

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In his latest Q4 2021 Market commentary, Wally Weitz discussed the likelyhood of some emperor’s new clothes moments ahead. Here’s an excerpt from the commentary: “Deep value” had its moments, especially as energy jumped from the performance doghouse to the top of the charts. Innovative new companies threatening to “disrupt” … Read More

Lyapunov Time

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In their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discuss Lyapunov Time. Here’s an excerpt from the episode: Jake: Yeah, sure. [laughs] All right, so, this topic is called the Lyapunov time. That’s spelled L-Y-A-P-U-N-O-V. That was a Russian mathematician. This has to do with … Read More

David Poppe: Arguing With Mr. Market

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In his latest Q4 2021 Letter, David Poppe discusses arguing with Mr. Market. Here’s an excerpt from the letter: At various points we pruned Alphabet, Carmax, Arista Networks, Credit Acceptance, Eurofins, and JP Morgan. Of those, we reduced JP Morgan to make room for M&T Bank, but the others were … Read More

One Stock Superinvestors Are Selling

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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

Second Derivative Suffering

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In their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discuss Second Derivative Suffering. Here’s an excerpt from the episode: Tobias: It’s funny how hot all of these topics get. Someone reminded me that I had something nasty to say about beyond meat right at the … Read More