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
How Warren Buffett Consistently Borrowed Money At Rates Lower Than The US Government
In Chris Mayer’s Book – 100 Baggers, he explains how Warren Buffett consistently borrowed money at rates lower than the US government. Here’s an excerpt from the book: Along with more than 40,000 other people, I was in Omaha, NE, for the Berkshire annual meeting, which also celebrated the 50th … Read More
This Acquirers Multiple Stock Appearing In Gabelli, Simons, Tudor-Jones 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
Terry Smith: CEOs Are Better Investors Than Most Fund Managers
In this article by Trustnet, Terry Smith explains why CEOs have one major advantage over most fund managers. Here’s an excerpt from the article: The Fundsmith Equity manager says that as a long-term investor, he is in effect sub-contracting to the CEOs of the companies he invests in. Terry Smith … Read More
Peter Lynch: Far More Money Has Been Lost By Investors Trying To Time Corrections Than In All Corrections Combined
In his book – Learn to Earn, Peter Lynch discusses why more money has been lost by investors trying to time corrections than has been lost in all corrections combined. Here’s an excerpt from the book: It’s natural that we should try to take action to protect ourselves from bear … Read More
Is Averaging Down A Good Investment Strategy?
In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed Is Averaging Down A Good Investment Strategy? Here’s an excerpt from the episode: Jake: There is an interesting game theory that plays out in this take-under situation, where you almost have a … Read More
George Soros: I Believe That Market Prices Are Always Wrong
In his book – The Alchemy of Finance, George Soros discusses why he always starts with a view that market prices are wrong in the sense that they present a biased view of the future. Here’s an excerpt from the book: When I became a fund manager I was putting … Read More
David Einhorn: Sometimes You Just Need To Own The ‘Now’ Stocks
This article on FT discusses one of David Einhorn’s comments from the recent Simplify ETF’s event in which he discusses the need to own the ‘now’ stocks even though he doesn’t understand why they’re good investments. Here’s an excerpt from the article (h/t to Cundhill Capital): We were long a retailer … 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
Why Is $ATUS Share Price Dropping?
In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed Why Is $ATUS Share Price Dropping? Here’s an excerpt from the episode: Bill: All right. So, Altice showing people why hedge fund hotels and leverage is probably not a great combination. It … Read More
Joel Greenblatt: Enterprising Investors Should Focus On Small-Cap Stocks
In his book – The Big Secret, Joel Greenblatt recommends enterprising investors should focus on small-cap stocks. Here’s an excerpt from the book: Nevertheless, investing in small stocks still has some major advantages over investing in larger-cap companies. These stocks, because of their smaller size, are subject to less research … Read More
James Montier: Investors Sell More Winners Than Losers
In his book – The Little Book of Behavioral Investing, James Montier discloses that investors sell more winners than losers. Here’s an excerpt from the book: Putting the dislike of losses and the willingness to gamble in the face of potential losses together gives us some powerful insights into investors’ … 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