In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed Most Of The Time You’re In A Drawdown. Here’s an excerpt from the episode: Tobias: As Meb Faber points out, there’s only two states in the market. You’re either at an all-time … 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
Warren Buffett: Most Major Acquisitions Don’t Make Sense
In his 1994 Shareholder Letter, Warren Buffett explained why most major acquisitions don’t make sense. Here’s an excerpt from the letter: The sad fact is that most major acquisitions display anegregious imbalance: They are a bonanza for the shareholders of the acquiree; they increase the income and status of the … Read More
Nassim Taleb: When I Don’t Have Skin In The Game, I Am Usually Dumb
In his book – Skin In The Game, Nassim Taleb discusses the importance of having skin in the game, particularly as it relates to investing. Here’s an excerpt from the book: Let us return to pathemata mathemata (learning through pain) and consider its reverse: learning through thrills and pleasure. People … Read More
Sir John Templeton: Buy When Things Look Darkest
In Sir John Templeton’s paper – 16 Rules For Investment Success, he discusses why the best time to buy is when things look darkest. Here’s an excerpt from the paper: Of course, you say, that’s obvious. Well, it may be, but that isn’t the way the market works. When prices … Read More
Inverse Performance Between Quality & Value
In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed the Inverse Performance Between Quality & Value. Here’s an excerpt from the episode: Tobias: Verdad, this was written by Greg Obenshain. I’ve heard Dan Rasmussen on the podcast. The article was how … 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
Joel Greenblatt: The Optimum Number Of Positions To Hold In Your Portfolio
In his book – You Can Be A Stock Market Genius, Joel Greenblatt discusses the optimum number of positions to hold in your portfolio. Here’s an excerpt from the book: The strategy of putting all your eggs in one basket and watching that basket is less risky than you might … Read More
Terry Smith: Investors Should Reconsider Using The Bond Rate As A Base Rate For Returns
At a recent event organised by Jupiter Asset Management, Terry Smith suggests investors should reconsider using the bond rate as a base rate for returns. Here’s an excerpt from the event: Critics of these defensive stocks argue they have become too expensive. But while Smith concedes that the sort of … Read More
Seth Klarman: Madness of Crowds Creates Opportunities For Value Investors
In his book – Margin of Safety, Seth Klarman discusses how the madness of crowds creates opportunities for value investors. Here’s an excerpt from the book: A second important reason to examine the behavior of other investors and speculators is that their actions often inadvertently result in the creation of … Read More
Adopting Kaufman’s Win-Win Approach To Investing
In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed Adopting Kaufman’s Win-Win Approach To Investing. Here’s an excerpt from the episode: Bill: It’s interesting that people talk about the dangers of talking publicly about a specific name. I think that one … Read More
Peter Lynch: Invest Over The Long-Term Like A ‘Dumb Mule’
In his book Learn to Earn, Peter Lynch recommends investing over the long term like a ‘dumb mule’ to achieve maximum results. Here’s an excerpt from the book: Twenty years or longer is the right time frame. That’s long enough for stocks to rebound from the nastiest corrections on record, … Read More
Michael Mauboussin: Reclassifying Cash Flow Items Provides Investors With Greater Insights
In his latest paper titled – Categorizing for Clarity, Michael Mauboussin shows how reclassifying certain items in the cash flow statement can substantially improve the description of a business, without impacting the integrity of the cash flow statement. Here’s an excerpt from the paper: Understanding the magnitude and prospective return … Read More
Jeremy Grantham: Value Stocks Outside The U.S Will Have A Positive Return Over The Next 10 Years
In his recent interview on CNBC, Jeremy Grantham discusses what to own in a broad overpriced world, which includes value stocks outside the U.S. Here’s an excerpt from the interview: I do hold some gold and it’s not… it’s not helping me much, I will say that. It’s a strange … Read More
Charles Munger Top 10 Holdings (Q3 2021) – Increased Stake In (NYSE: BABA)
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 E38): Drawdowns, How Does Quality Work? And Love And Meditation
In this episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle chat about: Adopting Kaufman’s Win-Win Approach To Investing How Does Quality Work? Dealing With Drawdowns Was Covid Our Cambrian Explosion? Fewer Big Winners In Future Strong Inverse Link Between Stock Returns & Hospital Admissions … Read More
Stock In Focus – TAM Stock Screener – Louisiana-Pacific Corporation (NYSE: LPX)
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 Louisiana-Pacific Corporation (NYSE: LPX). Louisiana-Pacific is primarily an oriented strand … Read More
This Week’s Best Value Investing News, Research, Podcasts 10/8/2021
This week’s best investing news: How Does Quality Work? (Verdad) Betting the House (Humble Dollar) Nature Shows How This All Works (Collaborative Fund) What is Your Investment Edge? (Validea) Big Change in the Narrative Weather (Epsilon Theory) The Indian Smartphone Revolution: Paytm’s Coming of Age IPO! (Aswath Damodaran) Returns, Values, and Outcomes: A Counterfactual History … Read More
Using Kahneman’s Advice On An ‘Outside View’
In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed Using Kahneman’s Advice On An ‘Outside View’. Here’s an excerpt from the episode: Jake: Kahneman would say or would probably describe this proceed– he calls it estimate talk estimate. What you do … Read More
David Einhorn: Apathetic Investors In Today’s Market
In his recent interview on Real Vision, David Einhorn discussed apathetic investors in today’s market. Here’s an excerpt from the interview: DAVID EINHORN: Well, I don’t, look, eventually the cycle turns, because cycles are cycles. I think where we are now is well beyond the types of arguments that we … Read More