Some years ago Daniel Kahneman and Gary Klein wrote a paper titled – Conditions for intuitive expertise: a failure to disagree, in which they explored the differences between two approaches to intuition and expertise that are often viewed as conflicting: Heuristics and Biases (HB) and Naturalistic Decision Making (NDM). Starting … Read More
Michael Burry: Volatility Does Not Determine Risk
In his April 2001 Shareholder Letter, Michael Burry issued a stern warning to his shareholders who may have been upbeat about the fact the Scion Value Fund had beaten the S&P 500 by 33.79%, five months following its inception. Here’s an excerpt from the letter: During the first quarter of … Read More
Tobias Carlisle Interview: Business Brew Podcast
Here’s a recent interview with Tobias Carlisle on The Business Brew Podcast with host Bill Brewster. This is great opportunity to hear both the lads chatting casually about all sorts of things, including investing. For those of you that don’t know, Bill joins Tobias each week together with Jake Taylor … 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
Solitude & Leadership
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Solitude & Leadership. Here’s an excerpt from the episode: Jake: Yeah. All right. So, this veggie segment is called Solitude and Leadership, and that’s the name of a paper and a talk actually, that William … Read More
Low-Turnover Compounding
During his recent interview with Tobias, Elliot Turner, Managing Partner at RGA Investment Advisors and Twitter guru discussed Low-Turnover Compounding. Here’s an excerpt from the interview: Tobias: How do you characterize what you do now? How would you describe an optimal opportunity or your process for getting to that optimal … Read More
Bill Miller: Value Investing In High-Tech Growth Companies
Here’s a piece from Janet Lowe’s book – The Man Who Beats The S&P, in which Bill Miller provides some great insights into valuing high-tech growth companies. Here’s an excerpt from the book: “We buy businesses that sell at large discounts to our assessment of their underlying value,” he explains. … Read More
Broyhill: Value Set For Sweet Revenge
In their latest market outlook, Broyhill discusses the unprecedented dispersion between the ‘haves’ and the ‘have-nots’, notable examples of current market madness, and why value could be set for sweet revenge. Here’s an excerpt from the commentary: Word of an effective vaccine sent the world’s cheapest stocks surging the most … Read More
Boyar’s Forgotten Forty Report 2020
Each year, Boyar Research publishes their Forgotten Forty Report featuring the forty stocks that they believe have the greatest potential for capital appreciation in the year ahead due to a catalyst they see on the horizon. To give you an example, Boyar have provided our readers with sample reports from … Read More
Joel Greenblatt’s Top 10 Holdings (Q3 2020)
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.95) The Acquirers Podcast: Elliot Turner – Low Turner: Low-Turnover Compounding And Valuing Twitter And PayPal
In this episode of The Acquirers Podcast Tobias chats with Elliot Turner, Managing Partner at RGA Investment Advisors. He is the Twitter guru. During the interview Elliot provided some great insights into: Low-Turnover Compounding Valuing $TWTR Valuing $PYPL Why $TWTR Is More Sticky Kant’s Categorical Imperative $TWTR Doesn’t Compete With … Read More
Stock In Focus – TAM Stock Screener – Emcor Group Inc (NYSE: EME)
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 Emcor Group Inc (NYSE: EME). Emcor Group is one of … Read More
The Fear & Greed Index
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed The Fear & Greed Index. Here’s an excerpt from the episode: Tobias: I don’t mind, I’ll take it away because I’ve got a show on here. Fear & Greed. Got to give a shoutout to … Read More
This Week’s Best Value Investing News, Research, Podcasts 12/11/2020
Here’s a list of this week’s best investing news: Billionaires Build (Paul Graham) Forecasting Bond Upgrades and Downgrades (Verdad) The Great Dispersion (Scott Galloway) A Few Things I’m Pretty Sure About (Collaborative Fund) Lockdowns, Innovation, and Businesses (Jamie Catherwood) You’re Only As Good As Your Worst Day (Farnam Street) Warren Buffett: Rare speech from Omaha … Read More
VALUE: After Hours (S02 E48): Fear And Greed, $SPR And Solitude And Leadership
In this episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle chat about: The Fear & Greed Index Solitude & Leadership $SPR & Investor Behavior Your Favorite Buffett Deal The Opportunity Cost Of Buying Bitcoin Mauboussin – Process vs Outcomes Inevitable Businesses Bill Miller’s Early Calls Fading FANMAG’s … Read More
William Blair: Prolonged Outperformance Of Value Stocks Going Forward
In a recent article from global investment bank William Blair, they discuss the prospect of a return to normalcy leading to prolonged outperformance of value stocks going forward. Here’s an excerpt from the article: While it has been challenging to be a value investor over the past 10 or more … Read More
Fred Liu: Invert DCF – Future Cashflows Are ‘Free Options’ In The Future
In a recent interview with Aaron Edelheit on the mindsetvalue.substack, value manager and Founder of Hayden Capital Fred Liu discussed his value investing strategy and valuation process. He recommends not trying to forecast future cashflows but instead focusing on what the business is worth today and whether it can maintain … Read More
Michael Mauboussin: Why Companies Die
Several years ago, Michael Mauboussin and his colleagues wrote a great paper titled – Corporate Longevity – Index Turnover and Corporate Performance, which provides some great insights on why some companies manage to successfully survive over time while others capitulate. Here’s an excerpt from the paper: Why Companies Die Imagine … Read More
Acquirer’s Multiple Stock $HBI Appearing In Dalio, Greenblatt, Gabelli 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
Best Of 2020 – The Acquirers Podcast: Christopher Bloomstran – Tulip Mania, Berkshire, Buffett And Long-Term Compounding
As part of our ‘Best of 2020 Acquirers Podcast Series’, earlier this year Tobias had a great interview with Christopher Bloomstran, President and CIO of Semper Augustus Investments Group, a fundamental, value-driven firm that manages concentrated equity portfolios of well-run, well-capitalized businesses. During the interview Chris provided some great insights into: Berkshire … Read More