In their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discuss Small-Caps Cheaper Than The Market. Here’s an excerpt from the episode: Tobias: So, cool. Let me kick it off. A few things that I wanted to note. So, we’ve blown through 40 on the Shiller … Read More
Charles Ellis: Chasing Icarus-Like Returns
In his book – Wining The Loser’s Game, Charles Ellis discusses the problem with chasing Icarus-Like returns. Here’s an excerpt from the book: Once an efficient portfolio has been constructed at the level of risk that is appropriate for a particular investor, it would not make sense to incur more … Read More
Aswath Damodaran: Don’t Put Great Investors On A Pedestal!
In this short Q&A session, Aswath Damodaran discusses a number of topics including why you should not put great investors on a pedestal. Here’s an excerpt from the session: I tell people that the person you need to most understand to be a good investor is yourself. I tell people … Read More
Seth Klarman Top 10 Holdings – Latest 13F, Buys Dropbox, Sells eBay
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 E43): David Gardner, Small Value And Market Value, Yoshiaki Murakami And Japanese Value
In this episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle chat about: Small Caps Cheaper Than The Market David Gardner’s Investing Strategy Yoshiaki Murakami – Japan’s First Successful Hostile Takeover Chancellor: Japan Tortoise Will Outpace U.S. Hare There’s A Lot To Like About Musk … Read More
Stock In Focus – TAM Stock Screener – AutoNation, Inc. (NYSE: AN)
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: AutoNation, Inc. (NYSE: AN) AutoNation is the largest automotive dealer … Read More
Seth Klarman: Liquidity Can Be Illusory
In his book – Margin of Safety, Seth Klarman discusses why liquidity can be illusory. Here’s an excerpt from the book: Liquidity can be illusory. As Louis Lowenstein has stated, “In the stock market, there is liquidity for the individual but not for the whole community. The distributable profits of … Read More
Howard Marks: The Problem With Paying Up For A Popular Stock
In his book – The Most Important Thing, Howard Marks discusses the problem with paying up for a popular stock. Here’s an excerpt from the book: If you make cars and want to sell more of them over the long term—that is, take permanent market share from your competitors— you’ll … Read More
This Week’s Best Value Investing News (11/12/2021)
This week’s best investing news: Are We Panicking Yet? (Jamie Catherwood) Berkshire Hathaway’s Fate After Buffett Up To Its Board Members (Validea) Whatever Happened to FX? (Verdad) Lions and Tigers and Bears … Oh My! (Epsilon Theory) Ray Dalio: On Inflation and Wealth (LinkedIn) Seth Klarman and Stan Druckenmiller today on bubbles and … Read More
The Anti-Factor Year
In this recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discuss The Anti-Factor Year. Here’s an excerpt from the episode: Tobias: Corey’s got a question, [laughs] Yeah. Corey’s got a question. Here’s my open question: is value in public markets a “dead play” … Read More
This Acquirers Multiple Stock Appearing In Ainslie, Grantham, Greenblatt 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
Aswath Damodaran: Developing The ‘Right’ Investing Philosophy For You
In his book – Investment Philosophies: Successful Strategies and the Investors Who Made Them Work, Aswath Damodaran discusses how to develop the right investing philosophy for you. Here’s an excerpt from the book: Once you understand the basics of investing, form your views on human foibles and behavior, and review the … Read More
Charles Munger: Pay More Attention To Your Failures
In the book – Seeking Wisdom: From Darwin to Munger, Charles Munger discusses the point that we should pay more attention to our failures. Here’s an excerpt from the book: It is assumed by many business school graduates, and by almost all consultants, that a corporation can easily improve its outcome … Read More
Warren Buffett: Growth Can Have Both A Positive And Negative Impact For The Investor
In his 1992 Berkshire Hathaway Letter, Warren Buffett explained that growth can have both a positive and negative impact for the investor. Here’s an excerpt from the letter: Similarly, business growth, per se, tells us little about value. It’s true that growth often has a positive impact on value, sometimes … Read More
Bessembinder’s Lessons For Finding Outliers
In this recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discuss Bessembinder’s Lessons For Finding Outliers. Here’s an excerpt from the episode: Bill: Hey, real quick. This is from the lessons from Bessembinder that Baillie Gifford had. So, the four big ones that … 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
Burton Malkiel: Risk Tolerance – What’s Your Sleeping Point?
In his book – A Random Walk Down Wall Street, Burton Malkiel discusses the investor’s risk tolerance using what calls the ‘sleeping point’. Here’s an excerpt from the book: Determining clear goals is a part of the investment process that too many people skip, with disastrous results. You must decide … Read More
James Montier: Growth Stocks Are The Attractive Defendants Of The Finance World
In his book – Value Investing: Tools and Techniques for Intelligent Investment, James Montier provides a great illustration of the human bias towards growth/glamour stocks. Here’s an excerpt from the book: Interestingly a recent psychology study may well relate to these findings. Taylor and Butcher (2007) gave 96 students identical accounts … Read More
The Cynefin Portfolio Framework
In this recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discuss The Cynefin Portfolio Framework. Here’s an excerpt from the episode: Jake: Sure. Do some veggies. So, I recently came across this decision-making framework, that’s called Cynefin and its spelled C-Y-N-E-F-I-N. So, nothing … 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