In his latest Q1 2021 Market Commentary, Eric Cinnamond describes the current market mania as similar to that of the 1991 Lemmings video game. Here’s an excerpt from the letter: Thirty years ago, Lemmings quickly became one of the most popular video games just like link w88. Lemmings are small … Read More
Michael Mauboussin: MEROI – Bridging Accounting and Valuation
In his latest paper titled – Market-Expected Return on Investment (MEROI), Michael Mauboussin explains why MEROI, which measures the return at which the present value of a company’s profits equals the present value of the investments a company makes, is a better measurement of corporate returns that the traditional measurements … 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
Undervalued Quality Resurgence
In this week’s episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Undervalued Quality Resurgence. Here’s an excerpt from the episode: Toby: All right. Let me do my silly topic. I saw this tweet this morning, pretty interesting, that quality has been beaten up– everybody knows that … Read More
Which Creditors Get Paid First?
In their recent episode of The Acquirers Podcast with Tobias, Max Frumes and Sujeet Indap, co-authors of The Caesars Palace Coup discussed Which Creditors Get Paid First? Here’s an excerpt from the interview: Tobias: You don’t have some protect– the debt they take into the bankruptcy has certain rights for … Read More
Peter Cundill’s Investment Advice To Warren Buffett
In the book – Routines and Orgies, The Life of Peter Cundill, Financial Genius, Philosopher, and Philanthropist, there’s a great passage which includes a response by Peter Cundill to Warren Buffett on why he could not take a job at Berkshire Hathaway, and some investment advice. Here’s an excerpt from the book: … Read More
Stephen Mandel: Finding Scuttlebutt On Company Management
In his recent interview on the Family Centers’ Titan Series, Stephen Mandel discussed a number of topics including how he finds scuttlebutt on a company’s management, in addition to interviewing management directly. Here’s an excerpt from the interview: Mandel: But also one thing that has evolved and we’ve really… we … 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
Original Value vs Expected Mean Reversion
In this week’s episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Original Value vs Expected Mean Reversion. Here’s an excerpt from the episode: Jake: One approach is what we might call original value, which is really like, I’m understanding the company’s history looking backwards, I know … Read More
High-Profile Chapter 11s
In their recent episode of The Acquirers Podcast with Tobias, Max Frumes and Sujeet Indap, co-authors of The Caesars Palace Coup discussed High-Profile Chapter 11s. Here’s an excerpt from the interview: Tobias: Let’s talk a little bit about high-profile Chapter 11s. What are these Neiman, Toys“R”Us, PG&E and Hertz, what … Read More
Buffett & Munger On The Evolution Of Value Investing
In Robert Hagstrom’s book – Warren Buffett: Inside the Ultimate Money Mind, there’s a great passage on the evolution of value investing, which includes thoughts from Warren Buffett and Charles Munger on why investors need to change their thinking on traditional value investing, as originally defined by Ben Graham. Here’s an … Read More
(Ep.109) The Acquirers Podcast: Max Frumes & Sujeet Indap – Caesar’s Coup: Value Investing, Corporate Restructuring, Debt & A Bankruptcy Brawl
In this episode of The Acquirers Podcast Tobias chats with Max Frumes and Sujeet Indap, co-authors of The Caesars Palace Coup. During the interview Max and Sujeet provided some great insights into: The Caesar’s Palace Coup High-Profile Chapter 11s Which Creditors Get Paid First? Elliott & Appaloosa Formidable In Distressed … Read More
Charles Munger’s 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
Li Lu: The Right Temperament
In his latest fireside chat with Bruce Greenwald, Li Lu discusses the temperament required to be a successful investor. Here’s an excerpt from the chat: It is a hallmark of a good investor that you can sit through watching your portfolio down by 50 and not being affected at all. … Read More
Bill Nygren: Value Outperforms Growth Two Consecutive Quarters
In his latest Q1 2021 Market Commentary, Bill Nygren discusses value’s recent outperformance over growth in two consecutive quarters. Here’s an excerpt from the commentary: Following a painful four years for value investors, we’ve finally had two consecutive quarters where value has outperformed growth, the first time in more than … Read More
Stock In Focus – TAM Stock Screener – Meritage Homes Corp (NYSE: MTH)
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 Meritage Homes Corp (NYSE: MTH). Meritage Homes Corp is an … Read More
Adaptive Radiation
In this week’s episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Adaptive Radiation. Here’s an excerpt from the episode: Jake: Today’s veggie segment is on this idea from evolutionary biology called adaptive radiation. I’ll read a couple of definitions of it that might help start us. … Read More
This Week’s Best Value Investing News, Research, Podcasts 4/8/2021
Here’s a list of this week’s best investing news: Fireside Chat – Value Investing in China with Himalaya Capital’s Li Lu and professor Bruce Greenwald (CBS Greater China Society) Death to the Lost Decade (Verdad) The Big Lessons of the Last Year (Collaborative Fund) Drawing the Narrative Battle Lines (Epsilon Theory) We Might Be … Read More
Acquirer’s Multiple Stock $CMC Appearing In Dalio, Grantham, 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
Punishing Mistakes Of Others
In his recent interview on The Acquirers Podcast with Tobias, Evan Tindell, co-founder of Bireme Capital discussed Punishing Mistakes Of Others. Here’s an excerpt from the interview: Evan: I basically think that mispricings in the market are caused by mistakes that people make. I used to be a professional poker … Read More