Here’s a great interview with value investing legend Peter Lynch in which he discusses how he made his first stock pick a 10-Bagger. This illustrates the point that all investors, even the great ones, need a little bit of luck, in terms of timing. Here’s an excerpt from that interview: … Read More
Howard Marks: 6 Classic Investment Mistakes That Every Investor Should Avoid
In his 2006 memo titled ‘Pigweed’ Howard Marks provided investors with six classic investment mistakes that every investor should avoid using the real-life case study of hedge fund – Amaranth Advisors. Amaranth Advisors was an American multi-strategy hedge fund founded by Nicholas Maounis and headquartered in Greenwich, Connecticut. During its peak, the firm had up to … Read More
Michael Mauboussin: Five Common Mistakes That Investors Make
Here’s a great video by Michael Mauboussin in which he highlights five common mistakes that investors make. These are: 1. “First is it is really important to try to minimize your own mistakes.” 2. “The second big mistake is the failure to understand regression toward the mean.” 3. “The third … Read More
Prem Watsa: 12 Books That Every Investor Should Read
We recently started a series called – Superinvestors: Books That Every Investor Should Read. So far we’ve provided 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 Ackman: … Read More
This Week’s Best Investing Reads 09/21/2018
Here’s a list of this week’s best investing reads: Predicting the Future with Bayes’s Theorem (Farnam Street) Jeff Bezos with David Rubenstein at the Economic Club of Washington DC (The Reformed Broker) Revisiting the Fall of 2008 (A Wealth of Common Sense) Fool Me Three Times And I Give Up (Collaborative Fund) Siegel vs. Shiller: Is the Stock … Read More
Carl Icahn: Top 10 Holdings, New Buys, 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
TAM Stock Screener – Stocks Appearing in Simons, Greenblatt, Griffin 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
Murray Stahl: We Find Things That Nobody Wants To Buy For A Reason That Is Not Related To Fundamentals Of Valuation
One of the investors we like to follow closely here at The Acquirer’s Multiple is Murray Stahl, CEO of Horizon Kinetics. Stahl has a particular knack of finding investment opportunities in ‘special situations’. In this interview with Ticker he discusses areas where investors can find these opportunities saying: “In a … Read More
Richard Zeckhauser: Mere Mortals Should Not Try To Imitate Warren Buffett or Bill Miller
Some years ago Richard Zeckhauser, a professor of political economy and bridge player, wrote a very interesting paper called – Investing in the Unknown and Unknowable (UU). His paper discusses how the wisest investors have earned extraordinary returns by investing in the unknown and the unknowable (UU). But they have done so on a reasoned, sensible … Read More
Michael Burry (1999): It Seems To Me That AAPL Is Incredibly Undervalued @ $1.59
Back on 5/17/1999 Michael Burry, a self confessed value investor, wrote a post on an investing message-board called – The Silicon Investor. His post detailed his valuation on AAPL stock, which at that time traded at around $1.59. Currently the stock trades at around $218. Here’s an excerpt from that post: … Read More
Howard Marks: One Thing That Makes Great Investors Great
Here’s a great interview with Howard Marks from his own series called – The Marks Investor Series. In this Q&A session Marks discusses what makes great investors great. Here’s an excerpt from that interview: I think we can lump the explanation under the heading of emotion. You mentioned Seth Klarman … Read More
Ken Fisher: Time In The Market Beats Timing The Market – Almost Always
Ken Fisher, founder of Fisher Investments, wrote a great article in USA Today which illustrates the importance of spending time in the market as opposed to trying to time the market, in order to achieve outstanding results. Here’s an excerpt from that article: Riding all of the stock market’s ups … Read More
Mohnish Pabrai: 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 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 Ackman: … Read More
This Week’s Best Investing Reads 09/14/2018
Here’s a list of this week’s best investing reads: Ser Jamie (The Reformed Broker) Trillion Dollar Toppers: Market Triggers, Value Drivers and Pricing Catalysts! (Aswath Damodaran) Is Software Eating Value Investing (A Wealth of Common Sense) Long-Term News (Collaborative Fund) Fraud, Lies, Social Proof, and the Will to Believe: Theranos (csinvesting) Comprehensive Review of EV/EBITDA (Michael Mauboussin) … Read More
TAM Stock Screener – Stocks Appearing in Dalio, Greenblatt, Griffin 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
Prem Watsa: Top 10 Holdings, New Buys, 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
Francis Chou: Value Investors Must Remain Confident When Your Strategy Does Not Appear To Be Working
One of the value investors we like to follow closely here at The Acquirer’s Multiple is Francis Chou, founder of Chou Associates Fund. Chou recently released his 2018 semi-annual report in which he urged value investors to stick with their value investing principles in the current market environment saying: “The … Read More
WSJ: How Did Warren Buffett Respond To Lehman and AIG When They Asked For Help In 2008
Here’s a great video from the WSJ in which Warren Buffett discusses the 2008 financial crisis, how he was approached by both Lehman Brothers and AIG when they asked for help, and why he turned them down. Buffett recalls being contacted by AIG saying: On Friday, preceding the weekend, I got … Read More
Bill Nygren: Intangibles Are The Key To Business Valuation Today
Bill Nygren, Portfolio Manager at The Oakmark Funds, has just released a video which highlights the importance of considering intangibles when valuing businesses today saying: “The linkage between book value and business value has been broken because so many important assets today are intangibles and don’t even show up on … Read More
Ray Dalio – FREE Book – A Template For Understanding Big Debt Crises
Ray Dalio has just released a new book titled – A Template For Understanding Big Debt Crises, which he’s giving away for FREE. Here’s what he had to say about the book on his Linkedin page: Ten years ago this month, the world’s financial system nearly ground to a halt. … Read More