Here’s a list of this week’s best investing reads: Howard Marks Memo – This Time It’s Different (Oaktree Capital) When Does the Stock Market Go Up? (A Wealth of Common Sense) Meatless Future or Vegan Delusions? The Beyond Meat Valuation (Aswath Damodaran) This Is One Of The Worst Risk/Reward Setups In History (Felder … Read More
Wall Street’s Endangered Species
Twenty years ago in the spring of 1999, Piper Jaffray’s Daniel J. Donoghue, Michael R. Murphy and Mark Buckley*, produced a research report called Wall Street’s Endangered Species (the link is broken) that was hugely influential on my investment process. The thesis of the paper was that there were a … Read More
Joel Greenblatt – Top 10 Holdings Q12019
This content is restricted to registered paid users who are logged in. Click here to register or log in.
What Are The 20 Best And Worst Countries To Invest In According To The Human Freedom Index
https://www.youtube.com/watch?v=sec51fFMSPQ?start=2457 During her recent interview with Tobias, Perth Tolle who is the Founder of Life + Liberty Indexes discusses some of the best and worst countries to invest in according to the ‘human freedom index’. Here’s an excerpt from the interview: Tobias Carlisle: You may be not allowed to say … Read More
Michael Burry: Don’t Try To Dig Your Way Out
Following is an excerpt from Michael Burry’s MSN Case Studies in which he provides some great advice for investors who are tempted to take increased risks in order to dig themselves out of a hole. A key phenomenon driving the recent stock market advance is the need for so many fund … Read More
Investing In ‘Freer’ Countries Helps Avoid Taleb’s Absorption Barrier Risk
https://www.youtube.com/watch?v=sec51fFMSPQ?start=1424 During her recent interview with Tobias, Perth Tolle who is the Founder of Life + Liberty Indexes discusses how investing in ‘freer’ countries helps avoid Taleb’s absorption barrier risk. Here’s an excerpt from the interview: Tobias Carlisle: Let me just play devil’s advocate for a moment. You and I … Read More
Walter Schloss: Criteria For Liquidations Where Money Is Held By A Company
Following is a May 1952 memo written by Walter Schloss which outlines his criteria for liquidations where money is held by a company: You can find the original document here: Walter Schloss: Criteria For Liquidations Where Money Is Held By Company
Emerging Markets Provide Investors With Opportunities To Capture A ‘Freedom Premium’
https://www.youtube.com/watch?v=sec51fFMSPQ?start=591 During her recent interview with Tobias, Perth Tolle who is the Founder of Life + Liberty Indexes discusses how emerging markets provide investors with opportunities to capture a ‘freedom premium’. Here’s an excerpt from the interview: Tobias Carlisle: So I saw that you retweeted something by Meb Faber which … Read More
(Ep.14) The Acquirers Podcast: Perth Tolle – Freedom Weight, Life + Liberty In Emerging Markets
Summary In this episode of The Acquirer’s Podcast Tobias chats with Perth Tolle, who is the Founder of Life + Liberty Indexes and the Freedom 100 Emerging Markets Index. Perth provides some great insights into how investors can find opportunities in emerging markets utilizing the human freedom index. Other topics … Read More
TAM Stock Screener – Stocks Appearing in Pzena, Greenblatt, 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
This Week’s Best Investing Reads 6/7/2019
Here’s a list of this week’s best investing reads: Tobias Carlisle – The Risks And Rewards Of Deep Value Investing (Bloomberg) The Danger of Comparing Yourself to Others (Farnam Street) Tesla’s Travails: Curfew for a Corporate Teenager? (Aswath Damodaran) Financial Advice For My New Daughter (Collaborative Fund) The Coddling of the American Investor … Read More
Carl Icahn – Top 10 Holdings Q1 2019
This content is restricted to registered paid users who are logged in. Click here to register or log in.
Seth Klarman: “Value Investing Is At Its Core The Marriage Of A Contrarian Streak And A Calculator.”
We’ve just been re-reading Michael Mauboussin’s book – The Success Equation. There’s a great passage in the book with discusses investor psychology, and some of the findings of Daniel Kahneman and Amos Tversky. There’s also an great explanation of one of Seth Klarman’s most famous investing quotes: “Value investing is … Read More
Investors Must Continue To Challenge Their Long Held Beliefs
https://www.youtube.com/watch?v=PUGIb1SfpvU?start=2518 During his recent interview with Tobias chats with Jim O’Shaughnessy, best selling author and Co-Chief Investment Officer at O’Shaughnessy Asset Management (OSAM), discusses why investors must continue to challenge their long held beliefs. Here’s an except from the interview: Jim O’Shaughnessy: This is a classic example of a practice … Read More
Mohnish Pabrai – Investors Can Take Advantage When Markets Get Confused Between Risk And Uncertainty
At his recent presentation at Trinity College in Dublin, Mohnish Pabrai explained how investors can take advantage when markets get confused between risk and uncertainty, saying: If you have a business which exhibits very high uncertainty then that business generally will get very extreme kind of valuations in a auction … Read More
Investors Should Beware When They Start To See ‘Information Cascades’
https://www.youtube.com/watch?v=PUGIb1SfpvU?start=2056 During his recent interview with Tobias chats with Jim O’Shaughnessy, best selling author and Co-Chief Investment Officer at O’Shaughnessy Asset Management (OSAM), discusses why investors should beware when they start to see ‘information cascades’. Here’s an except from the interview: Jim O’Shaughnessy: The stock market is a complex adaptive … Read More
(Ep.13) The Acquirers Podcast: Jim O’Shaughnessy – What Works, Legendary Entrepreneur, Investor And Author
Summary In this episode of The Acquirer’s Podcast Tobias chats with Jim O’Shaughnessy. Jim is Chairman and Co-Chief Investment Officer at O’Shaughnessy Asset Management (OSAM). He is also the author of the investment classic, What Works On Wall Street. During the interview Jim provides some great insights into: – Why … Read More
Value portfolios formed on price-to-earnings are underperforming glamour for the longest time *EVER* going back to 1951 — 9 years
The chart below shows the relative performance (blue, left-hand side) and underperformance from the nearest peak (orange, right-hand side) of equal-weighted decile portfolios formed on price-to-earnings from 1951 to April 2019. The blue line (left-hand side) is the cumulative value premium-the outperformance of value over glamour. The blue line is … Read More
As Long As Human Beings Price Securities, There Will Always Be Investment Opportunities
https://www.youtube.com/watch?v=PUGIb1SfpvU?start=3796 During his recent interview with Tobias chats with Jim O’Shaughnessy, best selling author and Co-Chief Investment Officer at O’Shaughnessy Asset Management (OSAM), discusses why there will always be investment opportunities as long as human beings price securities. Here’s an except from the interview: Jim O’Shaughnessy: People used to say … Read More
This Week’s Best Investing Reads 5/31/2019
Here’s a list of this week’s best investing reads: Five Lessons from History (Collaborative Fund) What I Learned from Doing a Financial Plan (The Irrelevant Investor) Jeff Bezos: Big Things Start Small (Farnam Street) The David Bowie Hedge When Buying a Home (A Wealth of Common Sense) Danger Ahead (Humble Dollar) This is Why … Read More