In this short interview Charles Munger explains how he made four or five hundred million dollars from just two decisions: “I talked about patience. I read Barron’s for fifty years. In fifty years I found one investment opportunity in Barron’s. I made about $80 Million, with almost no risk. I … Read More
Shareholder Activism Is On The Rise: Caution Required
Here’s a great article at Forbes about a new generation of activist shareholders: Historically, large institutional investors pursued purely financial strategies and kept a low profile in governance. This may no longer be the case. In a manner vaguely reminiscent of the corporate raiders of the 1980s, a new generation … Read More
Aswath Damodaran: The Inverted Yield Curve: Is There A Signal In The Noise?
Here’s a short presentation by Aswath Damodaran on the recent inverted yield curve and whether there is a signal in the noise. He writes: On December 4, 2018, the yield on a 5-year US treasury dropped below the yields on the 2-year and 3-year treasuries, causing a portion of the … Read More
Jeremy Grantham: Investing Was So Much Easier 40 Years Ago
Here’s a great podcast with Jeremy Grantham chatting to Barry Ritzholt at Boomberg. When asked about the difference between investing forty years ago compared with today he said: “The world was so straight forward forty years ago. There was such a limit on the talent in the business. If you … Read More
James Montier: How To Protect Yourself From Wall Street’s ‘Self-Serving’ Biases
In his book – The Little Book of Behavioral Investing, James Montier wrote a great passage on how investors can identify and protect themselves from becoming victims of Wall Street’s self-serving biases. Here’s an excerpt from that book: So much for nature. Nurture also helps to generate the generally rose-tinted … Read More
George Soros: Q3 2018 Top 10 Holdings
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
Ray Dalio: 20 Books That Every Investor Should Read
We recently started a series called – Superinvestors: Books That Every Investor Should Read. So far we’ve provided the book recommendations from: Charles Munger: 32 Books That Every Investor Should Read Seth Klarman: 32 Books That Every Investor Should Read Warren Buffett: 35 Books That Every Investor Should Read Bill … Read More
TAM Stock Screener – Stocks Appearing in Greenblatt, Hussman, Fisher 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
Alexander Roepers: “Is It Time For Value Now?”
Here’s a great lecture with Alexander Roepers asking the question – “Is it time for Value now?”: Part 2: (Source: International Value Investing Conference)
This Week’s Best Investing Reads 12/7/2018
Here’s a list of this week’s best investing reads: Love, Happiness, and Time (Farnam Street) The Market Right Now Doesn’t Care How Fantastic Your Stocks Are (Vitaliy Katsenelson) The 80-Hour Workweek (A Wealth of Common Sense) Facebook Is Undervalued (Base Hit Investing) The Law of Large Numbers (The Irrelevant Investor) Why Smart People Are Vulnerable to Putting Tribe Before Truth (Scientific … Read More
Daniel Kahneman: The Trouble With Confidence
Here’s a great little video by Daniel Kahneman on the trouble with confidence. Kahneman makes the point that from a societal perspective confidence is generally very good, but from an individual’s point of view confidence is typically not always good. Here’s an excerpt from the video: Society rewards overconfidence. We … Read More
Seth Klarman Protege – David Abrams: Q3 2018 Top 10 Holdings
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
Charles Munger: Why Did Ben Graham’s Net Nets Disappear
Just been re-reading Charles Mungers’ classic speech – A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business. In it Munger provides some great insights into what happened to the net nets stocks popularized by Ben Graham. Here’s an excerpt from that speech: The second basic … Read More
Seth Klarman: One Of Society’s Most Vexing Problems Is The Relentlessly Short-Term Orientation That Manifests Itself In Investing
We’ve just been reading Seth Klarman’s latest speech at the Harvard Business School. During the speech Klarman provides some great insights into the problems with a short-term orientation in investing. Here’s an excerpt from the speech: Consider corporate time horizons. It’s a choice to attempt to maximize corporate results over … Read More
Bruce Berkowitz: 15 Books That Every Investor Should Read
We recently started a series called – Superinvestors: Books That Every Investor Should Read. So far we’ve provided the book recommendations from: Charles Munger: 32 Books That Every Investor Should Read Seth Klarman: 32 Books That Every Investor Should Read Warren Buffett: 35 Books That Every Investor Should Read Bill … Read More
This Week’s Best Investing Reads 11/30/2018
Here’s a list of this week’s best investing reads: Battling Entropy: Making Order of the Chaos in Our Lives (Farnam Street) My favorite analogy for stocks vs the economy (The Reformed Broker) Why BRK? (The Brooklyn Investor) The Stock Market Doesn’t Care About You (A Wealth of Common Sense) Selfish Writing (Collaboratve Fund) The Nifty Fifty (The Irrelevant Investor) The Fed Warns The … Read More
TAM Stock Screener – Stocks Appearing in Tepper, Greenblatt, Dalio 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
Joel Greenblatt: Q3 2018 Top 10 Holdings
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
Charles Munger: A Parody About The Great Recession
One of the best articles ever written about the ‘Great Recession’ is Charles Munger’s – Parody Describing The Contributions of Wantmore, Tweakmore, Totalscum, Countwrong, and Obvilious To The Tragic ‘Great Recession’ in Boneheadia and The Thoughts of Some People Relating To The Disaster. While the entire article is six pages … Read More
Howard Marks: Avoiding All Losses Can Render Success Unachievable Almost As Readily As Can The Occurrence Of Too Many Losses
In his 2014 memo – Dare To Be Great, Howard Marks says successful investing includes dealing with some losses saying: “To succeed at any activity involving the pursuit of gain, we have to be able to withstand the possibility of loss. A goal of avoiding all losses can render success … Read More