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
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
Ruane Cunniff: Mr. Market Has Evolved Into A Much More Formidable Foe
In their latest Q4 2021 Letter, Ruane Cunniff explain why Mr. Market has evolved into a much more formidable foe. Here’s an excerpt from the letter: We would be lying if we said we didn’t occasionally long for the days when value investing was still a secret, “scuttlebutt” research was … Read More
Paul Tudor Jones Top 10 Holdings – Latest 13F, Buys SPY, VER, JNJ, SCR, KSU
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 (S04 E04): Markets in Turmoil! Growth vs Value Sell-offs, Gravity, $NFLX
In this episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle chat about: Is iPhone The Best Toll Road Ever Created? Mega Bear Market Coming Netflix Gets Torched CAPE’s Predictivity Five Levels of Gravity The ARKK, Tesla, Bitcoin Correlation To Sell Or Never Sell The … Read More
Stock In Focus – TAM Stock Screener – Boise Cascade Co (NYSE: BCC)
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: Boise Cascade Co (NYSE: BCC) Boise Cascade Co is a producer … Read More
Vitaliy Katsenelson: Investors Have To Differentiate Between A Good Company And A Good Stock
In his latest interview with The Millennial Investing Podcast, Vitaliy Katsenelson explains why investors have to differentiate between a good company and a good stock. Here’s an excerpt from the interview: Well, it’s a first level of thinking and second level of thinking. First level thinking is something that’s basically … Read More
Bill Ackman: Lessons In Asymmetric Hedging
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)
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
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
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
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
This Acquirers Multiple Stock Appearing In Marks, Simons, Cohen, 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, Ray Dalio, … Read More
Lyapunov Time
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
Horizon Kinetics: How the Markets Might Distract, or Harm (or help)
In their latest Q4 2021 Quarterly Review, Horizon Kinetics provide some great illustrations of how the markets might distract, or harm (or help) investors. Here’s an excerpt from the review: This section was prompted by a professional-investor client, who suggested an update on the concentration in the S&P 500. It’s … Read More
David Poppe: Arguing With Mr. Market
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
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
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
David Herro: Volatility Is Not A Proxy For Risk
In his latest presentation with the ALIGN Spotlight Series, David Herro explains why volatility is not a proxy for risk. Here’s an excerpt from the presentation: The object is to beat the index, and I would also add I mean there has to be a real rate of return. Now we … Read More
Terry Smith: Good Companies Don’t Become Bad Companies
In his latest presentation with MeDirect Malta, Terry Smith illustrates why good companies don’t become bad companies. Here’s an excerpt from the presentation: This slide (below) shows quite a long period of time back to 1966 and it shows the return on capital for companies, the ones in the red … Read More