Alta Fox recently released its Q3 2020 commentary which includes a section titled “Makings of a Multibagger” and the Goal for Constant Improvement. Here’s an excerpt from the commentary: Alta Fox consistently seeks to identify exceptionally high-quality businesses at cheap multiples of normalized earnings over a medium-term time horizon of … Read More
GMO: Value Investing Is a Paradox…Just Like 1999
GMO recently released its latest commentary titled – Tonight, We Leave The Party Like It’s 1999, which includes the similarities for value investing between what we’re seeing today and 1999. Here’s some excerpts from the commentary: Growth Trouncing Value Today…Just Like 1999 In the late 1990s, Value managers were on the … Read More
Stock In Focus – TAM Stock Screener – United Therapeutics Corporation (NASDAQ: UTHR)
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 United Therapeutics Corporation (NASDAQ: UTHR). United Therapeutics specializes in drug … Read More
Risk-Taking & Bet Sizing
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Risk-Taking & Bet Sizing. Here’s an excerpt from the episode: Bill: I had said about Buffett back, I don’t know what letter, what meeting he said it but he said that he and Charlie would … Read More
This Week’s Best Investing Articles, Research, Podcasts 11/6/2020
Here’s a list of this week’s best investing reads: Schrodinger’s Market (Jamie Catherwood) Common Probability Errors to Avoid (Farnam Street) Presidential Terms & Market Cycles (A Wealth of Common Sense) A Tale of Two Cults (Epsilon Theory) This Is The Textbook Definition Of ‘Late Cycle’ In The Stock Market (Felder Report) Even if We Knew (The … Read More
David Einhorn: Focus On Low ROEs In Capital Intensive Businesses
In David Einhorn’s 2006 speech at the Value Investing Congress he provided some great insights on the importance of focusing on low ROEs in capital intensive businesses. Here’s an excerpt from the speech: Coming back to my main theme. I believe it is very important to analyze ROE and marginal … Read More
Acquirer’s Multiple Stock $CAH Appearing In Pzena, Greenblatt, Simons 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
VALUE: After Hours (S02 E43): Einhorn’s Bubble Hunting, Risk-Taking, And Lessons From Nuclear Meltdowns
In this episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle chat about: Risk-Taking & Bet Sizing Einhorn’s Bubble Hunting Lessons From Nuclear Meltdowns Airlines Unstable Equilibrium Ant Group vs Wells AT&T’s Fiber Play Starlink: SpaceX’s Satellite Internet Project What Cracks This Market? Bond Vigilantes Equity’s For Yield, … Read More
The Wantrepreneur
During his recent interview with Tobias, multi-startup founder Chris Bakke from Laskie discussed The Wantrepreneur. Here’s an excerpt from the interview: Tobias: There was this idea in San Francisco, and I was there, and I think it’s still– the wantrepreneur. What’s a wantrepreneur? How do you distinguish the real thing from … Read More
Ray Dalio: “I Was Such An Arrogant Jerk!”
Here’s a great presentation from Ray Dalio’s TED Talk a couple of years ago in which he shows a short clip of himself speaking to Congress, and Wall Street Week about his call on the debt crisis in the early eighties. Following the clip Dalio says, “I look at that … 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
UFO Cults – When Prophecy Fails
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed UFO Cults – When Prophecy Fails. Here’s an excerpt from the episode: Jake: One of the things I was thinking about– well, let’s talk about the UFO part of it, and this ties back in … Read More
Value Hacking And The Pivot
During his recent interview with Tobias, multi-startup founder Chris Bakke from Laskie discussed Value Hacking And The Pivot. Here’s an excerpt from the interview: Tobias: I love the idea of the pivot. I’m not in the startup VC San Francisco world. So, it might be me describing Goodnight Moon to you, … Read More
Lazard’s: Shareholder Activism – ESG Will Become A “Trojan Horse” To Advance Campaigns Where Management Has Failed
Lazard’s recently released their Review of Shareholder Activism – Q3 2020 which included answers to the following questions: When will activism fully return? Who will be most vulnerable? Will there be a new activist playbook? The new activist playbook includes ESG becoming a “trojan horse” to advance campaigns where management … 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
Mauboussin And The Rise Of Intangibles
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Mauboussin And The Rise Of Intangibles. Here’s an excerpt from the episode: Jake: All right. Well, Mauboussin has this white paper that came out, it’s probably a month ago now, I don’t know. I was … Read More
From Real Estate Tech To Recruiting Tech
Welcome to the captivating world of real estate with a fascinating interview featuring multi-startup founder Chris Bakke, as he shares his remarkable journey “From Real Estate Tech To Recruiting Tech.” In this insightful conversation with Tobias, Chris delves into his decade-long experience, starting from an early employee at a San … Read More
Terry Smith: The Ideal Company Doesn’t Pay A Dividend
In his latest interview with Fund Insiders Forum De Tijd & L’Echo, Terry Smith discusses a number of topics including why the ideal company to invest in doesn’t pay a dividend. Here’s an excerpt from the interview: Question: How important is this dividend yield for you and your selection of … Read More
Tom Gayner’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.90) The Acquirers Podcast: Chris Bakke – Startup Guru: Multiple Exit Entrepreneur On Raising And Investing Venture And Angel Capital
In this episode of The Acquirers Podcast Tobias chats with Chris Bakke from Laskie. He’s a multiple startup founder. During the interview Chris provided some great insights into: Value Hacking And The Pivot Beware The Wantrepreneur Starting And Scaling – Austen Allred, Co-Founder And CEO Of Lambda School Developing An … Read More