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 10/18/2019
Here’s a list of this week’s best investing reads: Howard Marks Latest Memo – Mysterious (Oaktree Capital) Focused and Diffuse: Two Modes of Thinking (Farnam Street) Terrible Business Plans, Wonderful Businesses (A Wealth of Common Sense) Improving the Odds (HumbleDollar) A Reckoning for Value Investing as Quants Gather in London (BNN Bloomberg) Non-Ergodicity and … Read More
Daniel Kahneman: What Can All Investors Learn From Ray Dalio When It Comes To Making Better Decisions
Shane Parrish recently interviewed Daniel Kahneman on his Knowledge Project Podcast. During the podcast Kahneman reveals the actions we can take to overcome the biases that cripple our decision-making, damper our thinking, and limit our effectiveness. He also discusses what everyone, including investors, can learn from Ray Dalio at Bridgewater … Read More
Reframe Value Versus Growth – It’s Value Creation: Buying Things For Less Than They’re Worth
https://www.youtube.com/watch?v=AfnMHXGnqQg?start=904 During his recent interview with Tobias, Michael Mauboussin, the Director of Research at Blue Mountain Capital Management, discusses why the debate over value versus growth should be reframed to value creation – buying things for less than they’re worth. Here’s an excerpt from that interview: Tobias Carlisle: When we … Read More
Nassim Nicholas Taleb: If You Read An Investment Proposal That Looks Like An Investment – Don’t Invest!
Here is Nassim Nicholas Taleb being interviewed about his book Skin in the Game, by author and journalist Katrine Marçal. He explains the concepts of Skin in the Game and Soul in the Game. He also talks about rationality and honour. Taleb is not a fan of economists Paul Krugman, … Read More
How Should We Calculate The Cost Of Capital?
https://www.youtube.com/watch?v=AfnMHXGnqQg?start=520 During his recent interview with Tobias, Michael Mauboussin, the Director of Research at Blue Mountain Capital Management, discusses how we should consider calculating the cost of capital. Here’s an excerpt from that interview: Tobias Carlisle: There’s a few questions that fall out of that for me. When you’re thinking … Read More
Mohnish Pabrai: At The Core, Investing Is Straightforward. It’s Simple, But It’s Not Easy
In the latest edition of the Graham & Doddsville Newsletter, there’s a great interview with Mohnish Pabrai in which he discusses his investing philosophy saying: “At the core, investing is straightforward. It’s simple, but it’s not easy.” Here’s an excerpt for that interview: G&D: Can you talk in more detail … Read More
The 3 Most Powerful Ideas From Expectations Investing
https://www.youtube.com/watch?v=AfnMHXGnqQg?start=77 During his recent interview with Tobias, Michael Mauboussin, the Director of Research at Blue Mountain Capital Management, discusses the three most powerful ideas from Expectations Investing. Here’s an excerpt from the interview: Tobias Carlisle: So much the better for chatting with you right now. I can’t tell you how … Read More
GMO: Are We Witnessing The Best Opportunity Set For Value Investors In The Past 20 Years
GMO recently released its Q3 2019 quarterly letter titled – Shades of 2000, which reports that value investors could be seeing the best opportunity set in the past 20 years. Here’s an excerpt from the letter: The years leading up to the 2000 stock market bubble were extraordinary and unprecedented. … Read More
(Ep.32) The Acquirers Podcast: Michael Mauboussin – Big Decisions, Luck, Skill, Complexity And Success In Investing
Summary In this episode of The Acquirer’s Podcast Tobias chats with Michael Mauboussin. He’s the Director of Research at Blue Mountain Capital Management. He’s been an adjunct professor at Columbia for more than 25 years, earning multiple awards for doing so. He’s the Chair of the board of trustees of the Santa Fe … Read More
TAM Stock Screener – Stocks Appearing in Greenblatt, Watsa, 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, … Read More
This Week’s Best Investing Articles, Research, Podcasts 10/11/2019
Here’s a list of this week’s best investing reads: Recession is Coming, “Code Red” Yield Curve Indicator Seals the Deal (The Reformed Broker) Unified American Discourse (The Irrelevant Investor) Would the Market Care if the President Was Impeached? (A Wealth of Common Sense) Three Big Things: The Most Important Forces Shaping the World … Read More
Howard Marks: Q2 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
Morgan Housel: Three Big Things – The Most Important Forces Shaping the World
Here’s a great new paper by Morgan Housel at The Collaborative Fund titled – Three Big Things – The Most Important Forces Shaping the World, which discusses the three ‘Big Things’ that will have a profound impact on coming decades because they’re both transformational and ubiquitous. Here’s an excerpt from … Read More
The Low Volatility Anomaly – Low-Volatility Stocks Have Higher Returns Than High-Volatility Stocks
https://www.youtube.com/watch?v=rUHqdIH56lU?start=2714 During his recent interview with Tobias, Lawrence Hamtil, Principal and author at Fortune Financial Advisors, discusses the low volatility anomaly – why low-volatility stocks have higher returns than high-volatility stocks, and how investors can take advantage of that. Here’s an excerpt from the interview: Tobias Carlisle: You raised it … Read More
Joel Greenblatt: How To Apply Value Investing In An Overvalued Market
The WSJ recently wrote an article titled – A Value Investor Defends Value Investing (Despite Its Recent Track Record), which includes a short interview with Joel Greenblatt. Greenblatt discusses his definition of value investing, whether there’s a secret sauce to the strategy, how to apply it in an overvalued market, and … Read More
Michael Mauboussin: 5 Ways That Investors Can Effectively Take Advantage Of Behavioral Inefficiencies
In Michael Mauboussin’s great research paper titled – Who Is On The Other Side, he provides five key insights into how investors can effectively take advantage of behavioral inefficiencies, which he listed as: Be Mindful Of Sentiment And Overextrapolation Rely On Valuation Lean On Facts Timing Or, Listen To Benjamin … Read More
Mid-Cap Stocks Sit In The Sweet Spot Of The Markets
https://www.youtube.com/watch?v=rUHqdIH56lU?start=1706 During his recent interview with Tobias, Lawrence Hamtil, Principal and author at Fortune Financial Advisors, discusses why mid-cap stocks are better performers and rebound more quickly than other sectors. Here’s an excerpt from the interview: Tobias Carlisle: One of the interesting things for me that came out of that … Read More
Daniel Kahneman: The Illusion Of Understanding – Just How Lucky Were The Founders Of Google
Here’s a great passage from Daniel Kahneman’s book – Thinking Fast and Slow, in which he discusses the ‘Illusion of Understanding’, illustrated by the role that luck had on the founders of Google saying: The trader-philosopher-statistician Nassim Taleb could also be considered a psychologist. In The Black Swan, Taleb introduced … Read More
The Sin Premium – Sin Stocks Can Be Very Profitable
https://www.youtube.com/watch?v=rUHqdIH56lU?start=2107 During his recent interview with Tobias, Lawrence Hamtil, Principal and author at Fortune Financial Advisors, discussed the ‘Sin Premium’ and how sin stocks can be very profitable. Here’s an excerpt from the interview: Tobias Carlisle: And one of the things that I’ve seen you speak about or tweet about … Read More