https://www.youtube.com/watch?v=gJoyXVvvbdc?start=2178 During his recent interview with Tobias, Tim Melvin, who is a 31 year veteran of the financial services industry, discusses how the Graham Two Factor Model still provides great returns today. Here’s an excerpt from the interview: Tobias Carlisle: Right. Got it. Talk to us about the Graham two … Read More
Charlie Munger: The Two Markets That Are Most Inefficient
Here’s a great excerpt from Whitney Tilson’s notes on the 2007 Wesco Annual Meeting. During the meeting Charlie Munger provides some great insights on the growing popularity of value investing, efficient markets, and the two markets that are most inefficient: Is value investing becoming more widespread? I think our way … Read More
The Best Returns Can Be Found In Small Illiquid Value Stocks
https://www.youtube.com/watch?v=gJoyXVvvbdc?start=1786 During his recent interview with Tobias, Tim Melvin, who is a 31 year veteran of the financial services industry, discusses how the best returns can be found in small illiquid stocks. Here’s an excerpt from the interview: Tobias Carlisle: A lot of the positions we’ve been discussing so far … Read More
Michael Burry: How To Make 7x Plus On Your Investment
Here’s a great excerpt from Michael Burry’s Scion Capital 2001 Shareholder Letter in which he illustrates how investors can make 7x plus on their investment by valuing the entire business, not just the stock price: An Illustrative Situation The repercussions of the late 1990’s asset bubble continued to resonate through … Read More
There’s Two Places In The Market Where Book Value Is Still The Best Metric For Valuation
https://www.youtube.com/watch?v=gJoyXVvvbdc?start=1161 During his recent interview with Tobias, Tim Melvin, who is a 31 year veteran of the financial services industry, discusses the two places in the market where book value is still the best metric. Here’s an excerpt from the interview: Tobias Carlisle: That’s spoken like a true deep value investor. … Read More
(Ep.21) The Acquirers Podcast: Tim Melvin – Financial Value, Graham And Schloss Meets Kravis In Financials
Summary In this episode of The Acquirer’s Podcast Tobias chats with Tim Melvin who is a 31 year veteran of the financial services industry, as a broker, advisor, and a portfolio manager. During the interview Tim provided some great insights into: – How Does A High School Drop-Out Get Started … Read More
TAM Stock Screener – Stocks Appearing in Greenblatt, Simons, Fisher 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 7/26/2019
Here’s a list of this week’s best investing reads: The Optimal Portfolio (A Wealth of Common Sense) Pershing Square up 45% in the first half of 2019 as Bill Ackman win streak continues (CNBC) Financial Twitter Loses a Source of Humility and Wisdom, but Good Voices Remain (Jason Zweig) Playing the Odds (csinvesting) … Read More
Steven Romick – 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
Walter Schloss: It’s An Irrational World, So You Can’t Always Do Things Logically
Here’s an excerpt from a 1989 article featuring Walter Schloss titled – Searching for Value. In the article Schloss provides some great insights into the difficulty of investing logically in an irrational world: A value-minded investor. Schloss views his business as rational—finding securities that are objectively undervalued compared to their … Read More
Investors Can Bundle Multiple Trend Strategies To Smooth Out Returns And Reduce Volatility
https://www.youtube.com/watch?v=pEX-UlEfEBU?start=3272 In his recent interview with Tobias, Adam Butler, CIO of ReSolve Asset Management discusses how investors can bundle multiple trend strategies to smooth out earnings and reduce volatility over time. Here’s an excerpt from the interview: Tobias Carlisle: So then how do you then work out how much you … Read More
Warren Buffett: How Investors Lose Millions – If It [The Stock Price] Ever Gets Back There, I’ll Buy It!
Here’s a great excerpt from a CNBC interview with features Warren Buffett, Bill Gates, and Charlie Munger. During the interview Buffett illustrates how investors miss out on great opportunities because they stay anchored on a stock’s previously lower price, instead of focusing on the current price, which may still represent … Read More
Investors Can Develop An “All Weather” Risk Parity Portfolio That Will Outperform
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Joel Greenblatt: Selling: Know When To Hold ‘Em, Know When To Fold ‘Em
Here’s a great excerpt from Joel Greenblatt’s book – You Can Be A Stock Market Genius, on when is the right time to sell a stock, saying: This is probably as good a time as any to discuss the other half of the investment equation—when to sell. The bad news … Read More
Why Do Investors, That Are Given Proven Strategies That Work, Still Underperform
https://www.youtube.com/watch?v=pEX-UlEfEBU?start=1452 In his recent interview with Tobias, Adam Butler, CIO of ReSolve Asset Management discusses why investors that are given proven strategies that work, still underperform. Here’s an excerpt from the interview: Adam Butler: Absolutely. And I just love the story of … Oh, what was his name? Greenblatt, right? … Read More
(Ep.20) The Acquirers Podcast: Adam Butler – Adaptive Assets, The Philosophy Of Robust Quant
Summary In this episode of The Acquirer’s Podcast Tobias chats with Adam Butler, CIO of ReSolve Asset Management. Adam has developed a number of adaptive strategies that are designed to strive in changing environments and he is the author of Adaptive Asset Allocation: Dynamic Global Portfolios to Profit in Good … Read More
TAM Stock Screener – Stocks Appearing in Pzena, Greenblatt, Dalio 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 7/19/2019
Here’s a list of this week’s best investing reads: Paradigm Shifts (Ray Dalio) Value Is Dead, Long Live Value (OSAM) Joel Greenblatt – Keynote Presentation: Ben Graham VI (CFA Institiute) Trends That May End With The Baby Boomers (A Wealth of Common Sense) How I invest my own money (The Reformed Broker) … Read More
Daily Journal Corp (Charles Munger) – Top 10 Holdings Q2 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
Investors Can Find Some Of The Best Opportunities In The Smallest Listed Companies
https://www.youtube.com/watch?v=CLqepjONgtk?start=2669 During his recent interview with Tobias, Adrian Saville, CEO and founder of Cannon Asset Managers in South Africa, discusses how investors can find some of the best opportunities in the smallest listed companies. Here’s an excerpt from the interview: Tobias Carlisle: So, tell us a little bit about Indequity, … Read More