During his recent conversation with Tobias, Stephen Clapham, founder of Behind The Balance Sheet, discussed why Most Companies Will Use This Turmoil To Re-Base Their Earnings. Here’s an excerpt from the interview: Tobias Carlisle: John Kenneth Galbraith used to call the difference between the reported numbers and what was actually happening underneath … Read More
Bill Ackman: Top Buys, Top Sells (Q4 2019)
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
Bill Ackman: There Are Many Compelling Bargains In The Equity Markets
Bill Ackman has just released his 2019 Annual Report in which he reported that during the year ended December 31, 2019, PSH’s NAV increased 58.1%, ending the year at $26.94 per share. Over the same period, the S&P 500 increased 31.5%. He also recommended that investors ignore price-earnings multiples in … Read More
Howard Marks: Waiting For The Market Bottom Is Folly
Howard Marks has written yet another memo recently titled Calibrating in which he discusses his views on why investors should consider a change in their portfolio’s positioning over time, in response to what’s going on in the current environment saying: As the environment becomes more precarious, (with prices high, risk … Read More
Value Portfolio Upgrade
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed the Value Portfolio Upgrade. Here’s an excerpt from the discussion: Tobias Carlisle: Let’s move on to another finance related topic, I guess this months up. Jake Taylor: Toby, you’re up. Bill Brewster: Oh, peanut butter. … Read More
Beware Of Companies With Complicated Accounting Policies
During his recent conversation with Tobias, Stephen Clapham, founder of Behind The Balance Sheet, discussed the need to beware of companies with complicated accounting policies. Here’s an excerpt from the interview: Tobias Carlisle: Let’s talk about an individual name, or a few. Are you familiar with Tesla? Stephen Clapham: Oh, I don’t … Read More
Daniel Kahneman: COVID-19: It Could Take Several Years, But Ultimately Life Will Go On
Here’s a great interview with Daniel Kahneman speaking on the Politics And More podcast about the impact of the Coronavirus on society. Here’s an excerpt from the interview: For old people like me the prospects are not good. I see very little reason for optimism. I mean at the best … Read More
David Tepper: Top 10 Holdings (Q4 2019)
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
Blowups In Hedge Fund Hotels
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Blowups In Hedge Fund Hotels. Here’s an excerpt from the discussion: Tobias Carlisle: Well, let’s do the next topic because we’re about a third away through. Do you want to jump on it, Bill? Bill … Read More
Quick Ways To Spot Company Frauds Or Manipulations
During his recent conversation with Tobias, Stephen Clapham, founder of Behind The Balance Sheet, discussed Quick Ways To Spot Company Frauds. Here’s an excerpt from the interview: Tobias Carlisle: When you’re examining companies … so you’re a detailed analyst. You invest both long and short. When you are looking at them, … Read More
James Chanos: The Two Areas Of Fraud That Investors Should Be Wary Of Right Now
Here’s a recent interview with James Chanos in which he discusses the two major areas of fraud that investors should be wary of right now. Here’s an excerpt from that Interview: I think two areas are really areas to watch out for. The first is the fraud, I think the … Read More
Oaktree: This Shock Will Lead To Further Price Dislocation, Which Should Expand The Number Of Stocks That Enter “Value” Territory
Here’s a edited excerpt from a March 11 conversation among Oaktree’s chief product officer and a trio of portfolio managers titled – Special Edition: Risks And Opportunities In EM Amid A Global Slowdown, in which they discuss the best opportunities and associated risks of investing in emerging markets today. Here’s … Read More
(Ep.61) The Acquirers Podcast: Stephen Clapham – CSI: Financials, Financial Accounting, And Financial Statement Shenanigans
In this episode of The Acquirer’s Podcast Tobias chats with Stephen Clapham, the founder of Behind The Balance Sheet, which provides research, forensic accounting training courses, and consultancy for professional analysts and private investors. During the interview Stephen provided some great insights into: Some Quick Ways To Spot Company Frauds … Read More
Don’t Miss The LIVE Value Hours Podcasts Tuesdays
If you’re enjoying the Value After Hours Podcasts with Tobias Carlisle, Bill Brewster, and Jake Taylor you can now watch them live on YouTube, rather than waiting for the replay a week later. You can watch the Value After Podcasts Live on Tuesdays at 1.30pm Eastern / 10.30am Pacific / … Read More
Stock In Focus – TAM Stock Screener – FutureFuel Corp. (NYSE: FF)
As part of a new series here at The Acquirer’s Multiple, we’re providing a new feature called ‘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 FutureFuel Corp. (NYSE: FF). FutureFuel Corp manufactures and sells biofuels and chemicals … Read More
TAM Stock Screener – Stocks Appearing In Greenblatt, Marks, Asness 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, … Read More
Michael Mauboussin’s Paper – BIN There, Done That
During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Michael Mauboussin’s Paper – BIN There, Done That. Here’s an excerpt from the discussion: Jake Taylor: Yeah, let’s eat our veggies upfront. Now this paper, if you’re making any kind of decisions, discretionary in an … Read More
This Week’s Best Investing Articles, Research, Podcasts 4/3/2020
Here’s a list of this week’s best investing reads: What You Truly Value (Farnam Street) Life is Beautiful (The Reformed Broker) When Dollar Cost Averaging Matters the Most (A Wealth of Common Sense) The Dow Just Had Its Worst First Quarter in History. Here’s What History Says Could Happen Next (Barron’s) Bill Gates: … Read More
Highest Returning Stocks This Week – TAM Stock Screeners
As part of a new weekly series here at The Acquirer’s Multiple we’re going to be focusing on some of the best returning stocks from our stock screeners this week. This week we’ll take a look at: All Investable Stock Screener Enerplus Corp (NYSE: ERF) ⇑ (+12.9%) The best return … Read More
One Stock Superinvestors Are Buying (6)
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