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
Charlie Munger: Look For Businesses Using The Cancer Surgery Formula
In a 1995 edition of The Outstanding Investor Digest, Charlie Munger recounted the types of business models that he and Warren Buffett like to invest in. Most noteworthy is what he calls the ‘cancer surgery formula’ model saying: “I’ve had many friends in the sick-business-fix-up-game over a long lifetime. And … Read More
Joel Greenblatt: 17 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
TAM Stock Screener – Stocks Appearing in Tepper, Greenblatt, Griffin Portfolios
Some 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
This Week’s Best Investing Reads 09/07/2018
Here’s a list of this week’s best investing reads: The Decision Matrix: How to Prioritize What Matters (Farnam Street) I Quit My Dream Job Because There’s Sadly No Such Thing (Financial Samurai) The Unreachables (The Reformed Broker) What Does it Mean to be a Financial Expert? (The Irrelevant Investor) Lessons Learned Since the Financial Crisis (Validea) Could Index Funds Become Too … Read More
George Soros: 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
Bruce Flatt (Brookfield): “Being Contrarian And Not Being Where The Crowd Is Going – Is Hard To Do – But The Most Lucrative If Accomplished”
Here’s a great presentation from Bruce Flatt, CEO of Brookfield Asset Management, speaking to the folks at Google about – Durable Principles for Real Asset Investing. Flatt makes some great points on the importance of going against the crowd and maintaining a contrarian approach to investing saying: “We’ve always tried to adhere … Read More
David Einhorn: Greenlight Capital’s Big August Loss Compounds 2018 Woes
Here’s an article at Institutional Investor which discusses David Einhorn’s ongoing underperformance. According to this article at Reuters – Billionaire investor David Einhorn’s Greenlight Capital hedge fund, whose bets on car companies General Motors and Tesla both moved against him in August, lost 7.6 percent this month, leaving the fund … Read More
Howard Marks: At Oaktree We Say, “Well Bought Is Half Sold.”
One of our favorite books from our list of 50 Of The Best Investing Books Of All Time is – The Most Important Thing: Uncommon Sense for the Thoughtful Investor, by Howard Marks. There’s one passage in particular in which Marks highlights the importance of buying at the right price without consideration … Read More
Chuck Royce: Deep Value Investing Using Enterprise Value To EBIT As A Valuation Metric
One of the investors we like to follow closely here at The Acquirer’s Multiple is Chuck Royce and his team at The Royce Funds. The Royce Funds recently released their commentary (see video below) on the success that they’re having with their deep value investing strategy using Enterprise Value to EBIT … Read More
Charles Munger: “If You Won’t Attack A Problem While It’s Solvable And Wait Until It’s Unfixable, You Can Argue That You’re So Damn Foolish That You Deserve The Problem”
While not specifically an investing book, The Art of the Good Life: Clear Thinking for Business and a Better Life, by Rolf Dobelli provides some great lessons for investors. There’s one passage in particular titled – Reality Doesn’t Care About Your Feelings; or, Why Every False Step Improves Your Life – which basically says … Read More
Seth Klarman: Value Investing In Bull Markets
According to CNBC (August 22, 2018) we are currently in the midst of the longest bull market in history, since World War II: The current bull market rally, which started March 9, 2009, became the longest one on record since World War II on Wednesday by avoiding a 20 percent … Read More
Bill Ackman: 11 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 Together with … Read More
TAM Stock Screener – Stocks Appearing in Stahl, Greenblatt, Griffin Portfolios
Some 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
This Week’s Best Investing Reads 08/31/2018
Here is a list of this week’s best investing reads: Why Doesn’t The Stock Market Care About the News? (A Wealth of Common Sense) The Disproportional Power of Anecdotes (Farnam Street) Show me the incentives and I will show you the outcome (The Reformed Broker) The Forgotten Bear Market (The Irrelevant Investor) For Whom The Economy Grows (NY … Read More
Joel Greenblatt: 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
Mario Gabelli: There Are No Such Things As “Can’t Miss” Stocks. Habits evolve, Technologies Change, And Companies Mature. It’s A Cycle As Old As Capitalism Itself
Mario Gabelli recently released his Q2 2018 shareholder letter. Gabelli reported for the quarter ended June 30, 2018, the net asset value (“NAV”) per Class A Share of The Gabelli Value 25 Fund increased 3.2% compared with increases of 3.4% and 1.3% for the Standard & Poor’s (“S&P”) 500 Index and the … Read More
Christopher Davis: Value Investing Opportunities Exist When A Company Is In The Headlines For Unfavorable Reasons
Value investor Christopher Davis just released his 2018 Fall Review for the Clipper Fund. The Clipper Fund returned 6.1% in the first seven months of 2018, and over the last three years has slightly outperformed the S&P 500 Index with a cumulative return of 43% versus 42% for the index. … Read More
Mohnish Pabrai: Volatility Is The Friend Of A Long-Term Investor
Here’s a great recent interview with Mohnish Pabrai at The Economic Times. Pabrai discusses how he finds opportunities in todays bull market, portfolio concentration, his investing checklist, cloning, and why he’s shifted his stock-picking focus from the U.S to India saying: “One of the reasons it’s probably becoming harder is … Read More