Here’s a list of this week’s best investing reads: Five Questions: Tackling Some of the Toughest Questions in Investing with Michael Mauboussin (Validea) A Eulogy for the 60/40 Portfolio (A Wealth of Common Sense) Let Your Cash Flourish (bps and pieces) Global Stocks Starting to Inflect Higher (Reformed Broker) How did Mohnish Pabrai inspire … Read More
Bloomberg: A Real Shift May Be Underway Towards Value Investing
Here’s an article from Bloomberg titled – For a Strategy Left for Dead, Value Stocks Sure Do Return a Lot, which discusses the possibility that a real shift may be underway towards value investing: Ask any Wall Street wag and he’ll tell you: the time-honored strategy known as value investing is … Read More
Michael Price: 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
Investors Should Consider Companies That Utilize The Freemium Effect
https://www.youtube.com/watch?v=IMXXZTqIp8I?start=1305 During his recent interview with Tobias, Joseph Boskovich, Co-Founder and Partner at Old West Investment Management, discusses the significant revenues that mobile gaming companies generate utilizing the freemium effect. Here’s an excerpt from the interview: Tobias Carlisle: Right. So I think the one spin that we didn’t discuss was … Read More
David Einhorn: Our Research Process Reverses The Analytical Framework That Most Traditional Value Investors Use
We’ve just been re-reading David Einhorn’s book – Fooling Some of the People All of the Time, A Long Short Story, in which he discusses how Greenlight’s research process reverses the analytical framework that most traditional value investors use. Einhorn also provides insights into his portfolio construction. Here’s some excerpts … Read More
One Of The Best Investors You’ve Never Heard Of – Howard Jonas
https://www.youtube.com/watch?v=IMXXZTqIp8I?start=379 During his recent interview with Tobias, Joseph Boskovich, Co-Founder and Partner at Old West Investment Management, discusses one of the best investors you’ve never heard of – Howard Jonas. Here’s an excerpt from the interview: Tobias Carlisle: I’ve got you. Right. So the next biggest position is RFL, Rafael. Talk … Read More
Peter Lynch: Lessons From An Investing Legend
Here’s a recent interview that Peter Lynch did at Fidelity in which he discusses a number of insightful investing lessons: When Peter Lynch began work at Fidelity 50 years ago, you could buy lunch for less than a dollar, you had to wait for the mail to read an annual … Read More
Investors Should Focus On Companies That Are Owner Managed – Here’s Why
https://www.youtube.com/watch?v=IMXXZTqIp8I?start=58 During his recent interview with Tobias, Joseph Boskovich, Co-Founder and Partner at Old West Investment Management, discusses why investors should focus on companies that are owner-managed. Here’s an excerpt from the interview: Tobias Carlisle: My absolute pleasure. Tell me a little bit about Old West. How did you get … Read More
(Ep.33) The Acquirers Podcast: Joseph Boskovich – Owner Managers, Content, Uranium, Spectrum, Proxies & 13Ds
Summary In this episode of The Acquirer’s Podcast Tobias chats with Joseph Boskovich. Joseph is the Co-Founder and Partner at Old West Investment Management. Old West manages long only and long/short investment strategies based upon the companies that they uncover through a simple yet sound investment process. The firm is … Read More
TAM Stock Screener – Stocks Appearing in Greenblatt, Tepper, 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
Charles Munger: 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 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