Here’s a list of this week’s best investing reads: Blogger wisdom: genuine surprises (Abnormal Returns) The Broker Who Saved America (The Reformed Broker) Why stock-picking skills do, in fact, exist (The Globe and Mail) ‘Super 6’ List of Deep Value Investing Thought Leaders (and their quotes) (einvesting) No A for Effort (Humble … Read More
Berkshire Hathaway (Warren Buffett) – Top 10 Holdings Q1 2019
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
How To Find Great Investment Opportunities In Closely Held Micro-Caps
https://www.youtube.com/watch?v=ZyKCjW_Q5vs?start=763 During his recent interview with Tobias, small cap value manager Eric Cinnamond discusses how investors can find great investment opportunities in closely held micro-caps. Here’s an excerpt from the interview: Tobias Carlisle: What sort of industries are you finding opportunities in? What sort of companies, can you talk about … Read More
Michael Mauboussin: The Five Principles of Good Capital Allocation
We’ve just been re-reading Michael Mauboussin’s great paper on capital allocation titled – Capital Allocation Evidence, Analytical Methods, and Assessment Guidance. At the end of the document Mauboussin provides his five principles of good capital allocation and his conclusions. Here’s an excerpt from the paper: Five Principles of Capital Allocation. … Read More
There’s A Lot Of Value In Cyclical Commodity Stocks, But You Have To Use A Different Valuation Method
https://www.youtube.com/watch?v=ZyKCjW_Q5vs?start=1004 During his recent interview with Tobias, small cap value manager Eric Cinnamond discusses how value investors can find opportunites in cyclical commodity stocks but it’s important to use a different valuation method. Here’s an excerpt from the interview: Eric Cinnamond: Why do you think cyclicals are not appreciated by … Read More
Charlie Munger: Great Investors Can Tune Out Standard Stupidities
In 2009 Charlie Munger did a great interview with The Stanford Lawyer. During the interview Munger discusses the skills of great investors, mistakes that he sees executives making, and the problem with banks increasing leverage in order to remain competitive saying. Here’s an excerpt from the interview: You’ve often said … Read More
Great Value Investors Have A Willingness To Look Stupid
https://www.youtube.com/watch?v=ZyKCjW_Q5vs?start=3080 During his recent interview with Tobias, small cap value manager Eric Cinnamond discusses how great value investors have a willingness to look stupid. Here’s an excerpt from the interview: Tobias Carlisle: It’s been a very rough five years for valuations just because it’s been such a long cycle where … Read More
(Ep.18) The Acquirers Podcast: Eric Cinnamond – Small Value, Absolute Return Small Cap Value Management
Summary In this episode of The Acquirer’s Podcast Tobias chats with Eric Cinnamond, Founder and Co-Chief Executive Officer at Palm Valley Capital. In 2016 he closed down a $400 million fund and returned money to investors because he believed he couldn’t find value for his clients. During the interview he … Read More
TAM Stock Screener – Stocks Appearing in Greenblatt, Dalio, 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
This Week’s Best Investing Reads 7/5/2019
Here’s a list of this week’s best investing reads: The Earnings Mirage: Why Corporate Profits are Overstated and What It Means for Investors (OSAM) The Best Ten Years Ever (The Irrelevant Investor) On The Benefits of Being Average (A Wealth of Common Sense) Quant Cassandra (Cliff Asness) We the Corrupt (Safal Niveshak) Fama vs … Read More
Seth Klarman – Top 10 Holdings Q1 2019
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
The Small Investor Advantage – Being Able To Make One’s Own Investing Decisions
https://www.youtube.com/watch?v=21-Dy4vv0cc?start=1883 During his recent interview with Tobias legendary Australian fund manager Peter Simpson-Morgan, who ran Perpetual, discusses the small investor advantage and the importance for investors to be able to make their own investing decisions saying: Tobias Carlisle: How was that period of time? Peter Simpson-Morgan: Well, it’s…again, sorry to … Read More
Daniel Kahneman: Can Investors Develop Expertise In Picking Stocks?
Here’s a great excerpt from Daniel Kahneman’s Keynote Address at the Amundi World Investment Forum – AmundiWIF19. Kahneman provides his thoughts on whether investors can develop expertise in picking stocks saying: Confidence & Expertise Can you develop expertise in picking stocks? This is very doubtful. In fact, it is probably not … Read More
Activism, Done Correctly, Protects Shareholders From Stupid Management Decisions
https://www.youtube.com/watch?v=21-Dy4vv0cc?start=1259 During his recent interview with Tobias legendary Australian fund manager Peter Simpson-Morgan, who ran Perpetual, discusses his approach to activism and the importance of protected shareholders from stupid management decisions saying: Peter Simpson-Morgan: It was entrepreneurial sort of start. And as we grew, I…again, not trying to be arrogant … Read More
Charlie Munger: How Do You Become A Better Investor
Here’s a great passage from Poor Charlie’s Almanac in which Charlie Munger provides some sage advice on how one can become a better investor saying: “How do some people get wiser than other people? Partly it is inborn temperament. Some people do not have a good temperament for investing. They’re … Read More
(Ep.17) The Acquirers Podcast: Peter Simpson-Morgan – Aussie Lynch, Peter Lynch-Style Investing In Australia
Summary In this episode of The Acquirer’s Podcast Tobias chats with Peter Simpson-Morgan, a legendary Australian fund manager who ran Perpetual managing $13 billion dollars until he started his own firm 452 Capital. Peter provided some great insights into: – The Differences In The Australian Market vs The US – … Read More
Investors Don’t Need Benchmark Comparisons, The Starting Point Is Not To Lose Money
https://www.youtube.com/watch?v=21-Dy4vv0cc?start=2691 During his recent interview with Tobias legendary Australian fund manager Peter Simpson-Morgan, who ran Perpetual, discusses why investors shouldn’t use benchmark comparisons, sharpe ratios, and the like saying: Tobias Carlisle: So, you no longer have multi-billions of dollars that you have to get into the companies, and you don’t … Read More
TAM Stock Screener – Stocks Appearing in Greenblatt, Loeb, 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, Ray Dalio, … Read More
This Week’s Best Investing Reads 6/28/2019
Here’s a list of this week’s best investing reads: Unlimited Upside (The Irrelevant Investor) Leveraged Investors Could Be Signaling A Bear Market Is Now Underway (The Felder Report) How to Win Any Argument About the Stock Market (A Wealth of Common Sense) Being on the wrong side of this decade’s investing mega-trend … Read More
George Soros – Top 10 Holdings Q1 2019
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