In the 2004 addition of Forbes Greatest Investing Stories it lists Ben Graham’s ten criteria for valuing stocks. While this is not intended to be a criticism, it’s a great illustration of how this same criteria, which worked so well for many years, would be difficult to use when valuing … Read More
The First Question To Ask When Analysing Opportunities – What Is The Customer Value Proposition?
https://www.youtube.com/watch?v=1g84ApvFwRc?start=283 During his recent interview with Tobias, the man behind the pseudonymous Twitter account, Bluegrass Capital explains the importance of understanding the customer value proposition, when analysing potential investment opportunities. Here’s an excerpt from the interview: Tobias Carlisle: Okay. So you very kindly sent through a little bit about your … Read More
Jeff Bezos: Investors Should Focus On Free Cash Flow, Not Earnings
In Jeff Bezos’ 2004 Annual Shareholder Letter, he provided a great lesson for investors on the importance of focusing on free cash flow, as opposed to earnings. Here’s an excerpt from that letter: Our ultimate financial measure, and the one we most want to drive over the long-term, is free … Read More
Unit Economics – A Modern Value Approach
https://www.youtube.com/watch?v=1g84ApvFwRc?start=95 During his recent interview with Tobias, the man behind the pseudonymous Twitter account, Bluegrass Capital discusses how unit economics provide an alternative method for valuing companies today. Here’s an excerpt from the interview: Tobias Carlisle: Well, that’s very kind. I heard your podcast with Ryan Reeves and he had … Read More
Greenbackd: (S01 E01) The VALUE: After Hours Podcast
In addition to The Acquirers Podcast, Tobias has just launched a new weekly podcast called – VALUE: After Hours on his Greenbackd website. Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment. Tobias is joined by co-hosts Bill Brewster of Sullimar Capital Group, and … Read More
(Ep.40) The Acquirers Podcast: Bluegrass Capital – Unit Economics, Incremental Returns And Intangible Capital
Summary In this episode of The Acquirer’s Podcast Tobias chats with the man behind the pseudonymous Twitter account, Bluegrass Capital. During the interview Bluegrass provided some great insights into: Unit Economics – A Alternative Method For Valuing Companies Today The First Question To Ask When Analysing Opportunities – What Is … Read More
TAM Stock Screener – Stocks Appearing In Greenblatt, Simons, Grantham 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
David Abrams: Q3 2019 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
This Week’s Best Investing Articles, Research, Podcasts 11/29/2019
Here’s a list of this week’s best investing reads: The 5 Types of Market Crash Predictions (A Wealth of Common Sense) No More Gurus (Collaborative Fund) How Performance Reviews Can Kill Your Culture (Farnam Street) Warren Buffett Attempted To Buy Tech Data Corp. In Thwarted $5 Billion Deal (CNBC) Is It Time To Get … Read More
Michael Burry: Q3 2019 – 4 New Buys, 7 Sold Out Positions
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
Mohnish Pabrai: 2 Investing Lessons I Have Yet To Learn Well
Here’s a great presentation with Mohnish Pabrai at Boston College (Carroll School of Mgmt). During the presentation he spoke about the two investing lessons he has yet to learn well. Here’s an excerpt from the presentation: So someone like me is still trying to learn to pay up and it’s … Read More
Ferrari – The Billionaires Club – The Ultimate Idiosyncratic Business
https://www.youtube.com/watch?v=XNwhabhyi7o?start=2497 During their recent interview with Tobias, Sean Stannard-Stockton and Todd Wenning of Ensemble Capital discuss why the Ferrari brand makes it the ultimate idiosyncratic business. Here’s an excerpt from the interview: Tobias Carlisle: The second position that you have listed is Ferrari. So Todd, do you want to take … Read More
Forbes: Has Value Investing Stopped Working?
Here’s a recent article at Forbes which discusses how even though value investing has had an impressive long term record, has the strategy finally stopped working? Here’s an excerpt from the article: Historically, in the U.S. buying cheaper stocks helped improve performance. Over the past decade or so it generally … Read More
Joel Greenblatt: A Prudent Approach To Investing In Today’s Market
We’ve just been listening to Joel Greenblatt’s interview on the Value Investing with Legends podcast. During the discussion he provided some great insights into a prudent approach to investing in today’s market. Here’s an excerpt from the interview: Joel Greenblatt: Do negative yields make any sense? I’d say no. What … Read More
The Three Things Investors Should Target In A Potential Investment – Moat, Management, And Forecastability
https://www.youtube.com/watch?v=XNwhabhyi7o?start=777 During their recent interview with Tobias, Sean Stannard-Stockton and Todd Wenning of Ensemble Capital discuss the three things that investors should target in a potential investment. Here’s an excerpt from the interview: Tobias Carlisle: What would you say is your ideal target? Sean Stannard-Stockton: Todd, why don’t you take a … Read More
John Bogle On Active Managers – The Investment Business Has Really Done Itself A Big Disservice—And Its Clients A Greater Disservice
In April 2006, John Bogle spoke with members of the Journal of Investment Consulting Editorial Advisory Board about the experiences that shaped his philosophy, his views on the costs of financial intermediation, and his recommendations for improving corporate governance. There’s one passage in particular in which he shares his views … Read More
Hottest Short Stocks As Of November 19th
S3 Partners recently released its hottest short stocks as of November 19th. The top three stocks include: 1. Peloton Interactive (NASDAQ: PTON) with over 84% short interest % of float 2. Gamestop Corp (NYSE: GME) with almost 80% short interest % of float 3. Health Insurance Innovations (NASDAQ: HIIQ) with … Read More
Investors Should Focus On Idiosyncratic Businesses To Generate Outsized Returns
https://www.youtube.com/watch?v=XNwhabhyi7o?start=169 During their recent interview with Tobias, Sean Stannard-Stockton and Todd Wenning of Ensemble Capital explain why investors should focus on idiosyncratic businesses to generate outsized returns. Here’s an excerpt from the interview: Tobias Carlisle: Yeah, it’s a good place to be. I agree with you that you want to … Read More
(Ep.39) The Acquirers Podcast: Ensemble Capital – Competitive Advantage, Long-Only, Concentrated, High Conviction, High Quality
Summary In this episode of The Acquirer’s Podcast Tobias chats with Sean Stannard-Stockton and Todd Wenning of Ensemble Capital. The firm has a very traditional buffet style, highly concentrated high conviction, high quality investment strategy. During the interview Sean and Todd provided some great insights into: Why Investors Should Consider Idiosyncratic Businesses … Read More
TAM Stock Screener – Stocks Appearing in Burry, Greenblatt, Miller 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