In his recent interview on the Invest Like The Best Podcast, Howard Marks discussed why investors need to take uncomfortable, idiosyncratic positions to achieve superior returns. Here’s an excerpt from the interview: Marks: Dave Swensen, who passed away recently, who ran the endowment at Yale with great effect for maybe … Read More
Options Trading Strategies
In their recent episode of the VALUE: After Hours Podcast, Taylor, Mitchell, Brewster, and Carlisle discussed Options Trading Strategies. Here’s an excerpt from the episode: Tobias: If there’s a lot of vol in the stock– I like writing puts when there’s something that I know really well and everything– there’s … Read More
Real Estate Gravity
In their recent episode of the VALUE: After Hours Podcast, Taylor, Mitchell, Brewster, and Carlisle discussed Real Estate Gravity. Here’s an excerpt from the episode: Jake: Yeah, sure. This is going to be titled Real Estate Gravity. Tobias: That’s good timing. Good segue. Jake: Right. Maybe it’s helpful. I don’t … Read More
Michael Mauboussin: The Impact Of Intangibles On Base Rates
In his latest paper titled – The Impact of Intangibles on Base Rates, Michael Mauboussin discusses how the dominance of intangibles will lead to higher growth and more dispersion in base rates. Here’s an excerpt from the paper: Accurate forecasts combine causal and statistical thinking in proper measure. Statistical thinking … Read More
Bill Nygren: What Determines The Multiple You Should Pay
In his latest interview on the Natixis Access Series, Bill Nygren discussed what determines the multiple you should pay. Here’s an excerpt from the interview: Nygren: Our view is that the quality of the business is what determines what a fair multiple would be for that business. We would gladly pay … 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
Buy Low-Correlated Stocks
During his recent interview on The Acquirers Podcast with Tobias, Bernard Horn, founder of Polaris Capital Management discussed Buying Low-Correlated Stocks. Here’s an excerpt from the interview: Tobias: Once you’ve found these ideas and validated them, add it to the portfolio, how do you think about sizing in the … Read More
Dan Loeb: The Risks Of Using Leverage
In the book Alpha Masters, Dan Loeb discusses the risks of using leverage. Here’s an excerpt from the book: “If you take a 10 percent return in security and lever it up four times and after financing costs generate 15 or 20 percent returns, you haven’t increased your returns. You’ve … Read More
Michael Burry: Risk Management Doesn’t Need To Be Complicated
In his 2001 Shareholder Letter, Michael Burry provided a great passage on risk management, and why it doesn’t need to be complicated. Here’s an excerpt from the letter: Although an outsider might think the goal of prevailing modern investment practice to be one of mediocrity, there in fact remains much … Read More
David Abrams Top 10 Holdings (Q1 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.119) The Acquirers Podcast: Bernard Horn – Global Master: International And Global Deep Value Investing
In this episode of The Acquirers Podcast, Tobias chats with Bernard Horn, founder and principal at Polaris Capital Management. During the interview Bernard provided some great insights into: When Value Investing Was Like Shooting Fish In A Barrel Building A Low-Correlation Global Portfolio Knowing When To Sell Made Easy Value … Read More
Stock In Focus – TAM Stock Screener – B2Gold Corp. (NYSEAMERICAN: BTG)
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 B2Gold Corp. (NYSEAMERICAN: BTG). B2Gold Corp is a gold mining … Read More
This Week’s Best Value Investing News, Research, Podcasts 6/25/2021
This week’s best investing news: Inner Game with Steven Cohen (Stray Reflections) Gundlach Predicts Inflation Nearing 5% (Validea) Doctor Copper (Verdad) Warren Buffett Filing Indicates Berkshire Hathaway Bought Back $6 Billion of Stock in 2nd Quarter (Barron’s) Virtual Value Investing Q&A Speaker Series Event at Brown University with Howard Marks (VI Q&A) … Read More
A Lesson In Option Pricing
In their recent episode of the VALUE: After Hours Podcast, Taylor, Mitchell, Brewster, and Carlisle discussed A Lesson In Option Pricing. Here’s an excerpt from the episode: Michael: It was so dumb on Qurate. It was right in those puts feeling like a hero, and it worked out quite … Read More
Warren Buffett Comments On His Annual Contribution Of Berkshire Hathaway Shares To Five Foundations
Warren Buffett recently contributed another $4.1 Billion to five foundations. Following are his comments on philanthropy and philanthropists: Today is a milestone for me. In 2006, I pledged to distribute all of my Berkshire Hathaway shares – more than 99% of my net worth – to philanthropy. With today’s $4.1 … Read More
This Acquirers Multiple Stock Is Appearing In Russo, Simons, 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 … Read More
Value Is Going To Be Momentum
During his recent interview on The Acquirers Podcast with Tobias, Vincent Deluard, Director – Global Macro Strategy at StoneX Group Inc discussed Value Is Going To Be Momentum. Here’s an excerpt from the interview: Vincent: The other one that that I find interesting is momentum. I have my doubt about the Fama-French study, … Read More
VALUE: After Hours (S03 E24): Option Pricing, $AMC, Lumber, Gravity and Real Estate
In this episode of the VALUE: After Hours Podcast, Jake Taylor, Mike Mitchell, Bill Brewster, and Tobias Carlisle chat about: Option Pricing Real Estate Gravity Jeff Moore – Distressed Real Estate Investor LEAPS, Rodman & MJ The Best Time To Write Put Options Using “Greeks” To Understand Options Unique Information … Read More
Steve Cohen: 3 Rules To Avoid Losing Money
In his latest interview with Stray Reflections, Steve Cohen discusses the three rules to avoid losing money. Here’s an excerpt from the interview: Cohen: Listen, you’re going to lose money. Your going to take risks your going to lose money. I think the three things are liquidity, leverage, and concentration. … Read More
One Stock Superinvestors Are Buying Or Holding
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