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 E40): Inflation And Value By Decade, Small Caps And Interest Rates, And Wu Wei
In this episode of the VALUE: After Hours Podcast, Jake Taylor, Mike Mitchell, and Tobias Carlisle chat about: Munger’s View On Inflation John Malone’s Compensation Theory The Future of Work Is Hybrid The Wu Wei Investing Strategy Knowing Your Investing Personality When’s The Next Crash? Hybrid Work Means Urban Sprawl … Read More
Michael Mauboussin: How To Use The Expectations Investing Process
In their book – Expectations Investing: Reading Stock Prices for Better Returns, Michael Mauboussin and Alfred Rappaport discuss how to use the expectations investing process. Here’s an excerpt from the book: THE EXPECTATIONS INVESTING PROCESS In the following chapters, we’ll walk you carefully through the three-step process of expectations investing. Step … Read More
Stock In Focus – TAM Stock Screener – West Fraser Timber Co. Ltd. (NYSE: WFG)
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 West Fraser Timber Co. Ltd. (NYSE: WFG). West Fraser Timber … Read More
Munger Doubles Down On BABA
In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed Munger Doubles Down On BABA. Here’s an excerpt from the episode: Bill: People can’t stop asking us about Alibaba as if something happened over the last three weeks that we had– [crosstalk] … Read More
Charles Munger: Knowing The Limits Of Your Knowledge Will Help You Survive
In Tren Griffin’s Book – Charlie Munger: The Complete Investor, there’s a great quote by Munger on knowing the limits of your knowledge. Here’s an excerpt from the book: Confucius said that real knowledge is knowing the extent of one’s ignorance. Aristotle and Socrates said the same thing. Is it a … Read More
Terry Smith: Investing Lessons From The Tour de France
In his book – Investing For Growth, Terry Smith discusses investing lessons from the Tour de France. Here’s an excerpt from the book: Searching for an investment strategy or fund manager who can outperform the market in all reporting periods and varying market conditions is as pointless as trying to … Read More
This Week’s Best Value Investing News (10/22/2021)
This week’s best investing news: Panic Series (Pt. V) – 1857 (Jamie Catherwood) Understanding the Spike in Oil Prices (Verdad) Building For The Growing 50% (Collaborative Fund) 1987 Market Crash Culprits Remain A Mystery (Validea) The Common Knowledge OF Central Banks (Epsilon Theory) Adaptability (DGI) Full List of Investment Letters Q3 2021 (LV) Triggered Disclosures: Escaping … Read More
This Acquirers Multiple Stock Appearing In Grantham, Dalio, 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
David Einhorn: Losing Money When You’re Holding High-Performing Winners
In his latest Shareholder Letter, David Einhorn discusses the frustration associated with owning two of the companies in his portfolio, GRBK and BHF, that have performed above expectations, but their share price it falling. Here’s an excerpt from the letter (H/T ValueWalk): What we (and we assume you) find frustrating … Read More
Howard Marks: This Latest Cycle Was Like A Meteor Hitting Earth From Outer Space
In his latest interview at The Milken Institute Global Conference, Howard Marks described this latest cycle like a meteor hitting earth from outer space. Here’s an excerpt from the interview: Marks: We’re in an unusual circumstance. First of all the cycle we’ve gone through in the last 18 months of … Read More
Daniel Kahneman: How Investors Can Make Significantly Better ‘Noise-Free’ Decisions
In his latest book – Noise: A Flaw in Human Judgment, Daniel Kahneman provides a simple method that will help investors make significantly better ‘noise-free’ decisions. Here’s an excerpt from the book: There is a limit to the accuracy of our predictions, and this limit is often quite low. Nevertheless, we … Read More
Even The Best Strategy Will Go Backwards Sometimes
In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed Even The Best Strategy Will Go Backwards Sometimes. Here’s an excerpt from the episode: Bill: Dude, just real quick, because you turn yourself quant. So, I’m curious of your thoughts on this. … 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
Pzena: The Opportunity In Value Stocks Is Compelling
In their latest Q3 2021 Market Commentary, Pzena discuss the compelling opportunity in value stocks. Here’s an excerpt from the commentary: We have argued for some time that the opportunity in value stocks is compelling: valuations are cheap, operating metrics are strong, and they offer high single-digit to low double-digit … Read More
Bill Miller: Forget The Headlines And Focus On Stocks
In his latest and final market commentary, Bill Miller discusses why investors should forget headlines and focus on stocks. Here’s an excerpt from the commentary: When I am asked what I worry about in the market, the answer usually is “nothing”, because everyone else in the market seems to spend … Read More
Peter Lynch: Invest In Small-Cap Stocks, If You Have The Stomach
In his book – Learn to Earn, Peter Lynch discusses why you should invest in small-cap stocks instead of large-cap. Here’s an excerpt from the book: Over time, it’s been more profitable to invest, in small companies than in large companies. The successful small companies of today will become the … Read More
Late Innings Complacency
In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed Late Innings Complacency. Here’s an excerpt from the episode: Jake: Sure. Like I said at the intro, sometimes, there’s a lot of sometimes people complaining that I don’t share personal things, whatever. … Read More
Daniel Kahneman: The Illusion Of Skill In Investing
In Daniel Kahneman’s book – Thinking Fast and Slow, he provides some research that exposes the illusion of skill in investing. Here’s an excerpt from the book: Some years ago I had an unusual opportunity to examine the illusion of financial skill up close. I had been invited to speak … 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