During their recent interview on The Acquirers Podcast with Tobias, Jeffrey C. Hooke, finance professor and author of The Myth of Private Equity discussed The Mark-To-Market Fallacy In Private Equity. Here’s an excerpt from the interview: Tobias: There’s this mutual myth, I guess that they each agree on the customers and … Read More
Explosion In Retail Trading Accounts
In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed the Explosion In Retail Trading Accounts. Here’s an excerpt from the episode: Tobias: This is a factoid. I learned from Vincent Deluard yesterday. There are currently as many brokerage accounts as there … Read More
Mark Yusko: Markets Are Broken! You Would Have To Live 111 Years To Get A 10% Return
In his latest discussion on The Blockworks Podcast, Mark Yusko explains how we’ve broken the markets. Here’s an excerpt from the discussion: Yusko: We’ve broken the markets. The markets are broken. We don’t have price discovery. We have assets in the stock market that don’t reflect fair value. We pay … Read More
Terry Smith: 6 Criteria For Finding Exceptional Businesses
Fundsmith has just released its latest factsheet in which Terry Smith outlines his six criteria for finding exceptional businesses. Also included is the optimum number of stocks to hold. Here’s an excerpt from the factsheet: The Company will invest in equities on a global basis. The Company’s approach is to … 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
Is Groupthink Impacting Your Results?
In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed Is Groupthink Impacting Your Results? Here’s an excerpt from the episode: Bill: You’re a very thoughtful man, Jake. I guess this is what I’ve been thinking about. I’m going to put it … Read More
The 3 Pillars Of Private Equity That Hurt Investors
During their recent interview on The Acquirers Podcast with Tobias, Jeffrey C. Hooke, finance professor and author of The Myth of Private Equity discussed The 3 Pillars Of Private Equity That Hurt Investors. Here’s an excerpt from the interview: Jeffrey: Exactly. I don’t think I could summarize it any better. High … Read More
Warren Buffett: All Earnings Are Not Created Equal
In his 1984 Shareholder Letter, Warren Buffett discussed his dividend policy and why all earnings are not created equal. Here’s an excerpt from the letter: Dividend policy is often reported to shareholders, but seldom explained. A company will say something like, “Our goal is to pay out 40% to 50% … Read More
Rich Pzena: Why Returns Deteriorate As You Grow
In his recent interview on the ValueWalk Podcast, Rich Pzena discusses why returns deteriorate as you grow. Here’s an excerpt from the interview: This is one of those businesses where the bigger that you get the harder it is to win. It’s almost the opposite of every other business which … Read More
Rob Arnott: Value Stocks Only Asset Class Likely To Generate 5%–10% Real Return Over Coming Decade
In his latest article titled – Did I Miss The Value Turn?, Rob Arnott and associates discuss whether the recent value rebound, cresting in May, is over or is the start of a bigger rebound. Here’s an excerpt from the article: All indications are that 10 years from now Covid-19 … 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
Value Enticing Relative To Growth
In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed Value Enticing Relative To Growth. Here’s an excerpt from the episode: Tobias: So, I retweeted this this morning. It’s just showing the spread of growth over value, and it runs back … Read More
IRR – The Faulty Metric of Private Equity
During their recent interview on The Acquirers Podcast with Tobias, Jeffrey C. Hooke, finance professor and author of The Myth of Private Equity discussed IRR – The Faulty Metric of Private Equity. Here’s an excerpt from the interview: Tobias: The part of the problem I understand is the calculation of the … Read More
Terry Smith Top 10 Holdings (Q2 2021)
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
(Ep.130) The Acquirers Podcast: Jeffrey C Hooke – LBO MYTHS: Private Equity Myths
In this episode of The Acquirers Podcast, Tobias chats with Jeffrey C. Hooke, finance professor and author of The Myth of Private Equity. During the interview Jeffrey provided some great insights into: IRR – The Faulty Metric of Private Equity The 3 Pillars Of Private Equity That Hurt Investors The … Read More
Jim Simons: The Golden Rule Of Investing
In this presentation at the AMS Einstein Public Lecture, Jim Simons discusses his golden rule for investing. Here’s an excerpt from the presentation: And then the only rule is we never override the computer. No-one ever comes in any day and says the computer wants to do this that’s crazy … Read More
Rob Vinall: The Most Important Factor In Investing
In this interview with Good Investing, Rob Vinall discusses the most important factor in investing. Here’s an excerpt from the interview: But what I realized over time was that although I do my best to be a diligent analyst, a lot of the stuff you don’t really see from the … Read More
Warren Buffett: Putting 75% Of Your Net Worth Into A ‘Lead-Pipe Cinch’
During this Berkshire Annual Meeting, Warren Buffett discussed putting seventy five percent of his net worth into one position when you’re working with smaller sums. Here’s an excerpt from the meeting: There have been times… well initially I had 70, several times I had 75% of my net worth in … 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 … Read More
Ken Fisher: Investors Overlooking The Most Important Metric – GOPM
In his latest article on Linkedin titled – When Excess Fat Is GOPM Great for You, Ken Fisher discussed why Gross Operating Profit Margins (GOPM) are so much more important than net profit margins. Here’s an excerpt from the article: Earnings, earnings, earnings! Often, that is all pundits dissect. How … Read More