One of the new weekly additions 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 Joel Greenblatt, Carl Icahn, Jim Simons, Prem Watsa, Jeremy Grantham, Seth Klarman, Ray Dalio, and … Read More
Michael Mauboussin: What Separates Great Investors From Average Investors
Here’s a great interview with Michael Mauboussin in the latest Graham & Doddsville newsletter in which he discusses his insights on his value investing strategy and process. Also included in the interview are his thoughts on what separates great investors from average investors and how much of being a successful value … Read More
Charlie Munger: The First Rule Of Value Investing
Here’s a great interview with Charlie Munger and Yahoo Finance Editor-In-Chief Andy Serwer. During the interview Munger discusses the first rule of value investing: Value investing has changed over the years, but the fundamental way its disciples think about it hasn’t, according to Berkshire Hathaway (BRK.A, BRK.B) vice chair Charlie Munger. … Read More
Bruce Greenwald: “You Are Who You Are. That’s Why I’m Not Really A Professional Investor!”
We’ve just been reading through the latest issue of the Graham & Doddsville newsletter featuring a great interview with Mark Cooper and Bruce Greenwald. Mark Cooper is a co-portfolio manager of the International Small Cap Value strategy at First Eagle Investment Management. He’s also one of Greenwald’s former students and current collaborators. During the interview, … Read More
Warren Buffett’s Three Best Investing Tips — Including ‘Margin of Safety’ — Explained
Here’s a great article at CNBC discussing Warren Buffett’s three best investing tips, including margin of safety: Warren Buffett believes investors should buy stocks within their “circle of competence” and at attractive values to succeed in the stock market. Buffett’s track record is unparalleled. From 1965 to 2017, Berkshire Hathaway’s … Read More
Seth Klarman: Successful Value Investing Requires A Multi-Strategy Approach
Back in 2008 Columbia Business School celebrated the 75th anniversary of the publication of Benjamin Graham and David Dodd’s Security Analysis. The anniversary celebration, hosted by the Heilbrunn Center for Graham & Dodd Investing, consisted of a symposium featuring contributors to the sixth edition of Security Analysis, including David Abrams, Bruce … Read More
This Week’s Best Investing Reads
Here is a list of this week’s best investing reads: Is Book Value as Relevant as it used to be? (Part 1) (csinvesting) Inertia: The Force That Holds the Universe Together (Farnam Street) The Cost of Waiting (The Irrelevant Investor) BANG: Why The Gold Miners Could Soon Make FANG Look Tame (The Felder Report) 50 Shades of Warren Buffett (Vitaliy … Read More
TIP Mastermind Group Discussion (Including Tobias Carlisle) 2nd Qtr 2018
Every quarter the Mastermind Group from The Investor’s Podcast gets together to discuss their latest investment ideas. In this episode, each member of the group recommends a stock pick that might outperform the S&P 500. After each stock pick, the remaining members of the group pick-apart the idea. In this … Read More
Acquirer’s Multiple Stocks Appearing in Marks, Simons, Grantham Portfolios
One of the new weekly additions 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 Joel Greenblatt, Carl Icahn, Jim Simons, Prem Watsa, Jeremy Grantham, Seth Klarman, Ray Dalio, and … Read More
Barron’s: Are Value Stocks Ready To Grow Again
Here’s a great article from Barron’s which discusses the future of value investing. Here is an excerpt from that article: Quick: Name a famous investor. Whether you thought of a celebrity like Warren Buffett, a less famous (but no less successful) hedge fund manager like Seth Klarman, or reached into … Read More
John Maynard Keynes: Only In The Stockmarket Do We Frequently Attempt To Revalue Businesses Hourly, Daily, And Weekly
One of the best books ever written on investing and investor psychology is – The General Theory of Employment, Interest, and Money, by John Maynard Keynes. One passage in particular illustrates how the stock market is the only medium in which we frequently attempt to revalue businesses hourly, weekly, and monthly. … Read More
Charlie Munger: The Stock Picking Industry Is Four Or Five Percent Super-Rational, Disciplined People, And The Rest Of Them Are Sort Of Like Faith-Healers Or Shamans
One of the best resources for investors are the Daily Journal Annual Meetings chaired by Charles Munger. During the 2015 Annual Meeting Munger was asked the following question regarding indexing and what it might lead to: “Indexing has grown a lot in the last thirty years or so as a form … Read More
Seth Klarman: Interplanetary Visitors Would Question Our Intelligence If They Examined The Behavior Of Financial Market Participants
One of the best book’s ever written on investing is Margin of Safety, by Seth Klarman. In one passage in particular Klarman illustrates how interplanetary visitors would question the intelligence of human beings if they examined the behavior of financial market participants. Here is an excerpt from that book: If interplanetary visitors … Read More
This Week’s Best Investing Reads
Here is a list of this week’s best investing reads: 50 Ways The World is Getting Better (A Wealth of Common Sense) How? (The Irrelevant Investor) How The Flattening Yield Curve Could Lead To A Bear Market For Stocks (The Felder Report) We Only Get to Experience One Version of Reality (The Reformed Broker) Go Fast and Break … Read More
Acquirer’s Multiple Stocks Appearing in Dalio, Simons, Greenblatt Portfolios
One of the new weekly additions 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 Joel Greenblatt, Carl Icahn, Jim Simons, Prem Watsa, Jeremy Grantham, Seth Klarman, Ray Dalio, and … Read More
James Montier: “Finance Has Turned The Art Of Transforming The Simple Into The Perplexing Into An Industry”
Some years ago James Montier wrote a great paper called – Was It All Just A Bad Dream? Or, Ten Lessons Not Learnt. Montier’s states that we can learn a great deal about investing by looking back at the mistakes that gave rise to the worst period in markets since the Great Depression … Read More
Howard Marks: The Two Main Risks In The Investment World
One of the best resources for investors are Howard Marks’ memos. One of our favorite memos here at The Acquirer’s Multiple is one he wrote called – Warning Signs in which Marks discusses the two main risks in the investment world. Here is an excerpt from that memo: For about … Read More
Interview with Brad Lamensdorf of The ActiveAlts Contrarian ETF (NASDAQ: SQZZ)
Tobias Carlisle (TC): Today I have with me Brad Lamensdorf, who has an interesting background. He started his career in hedge funds working for the Bass family in Texas, ran his own partnership successfully for a number of years and then became a short seller helping to co-manage and launch … Read More
Charlie Munger: The Parable Of Basicland
Several years ago, Charles Munger wrote a great piece called – Basically, It’s Over – A parable about how one nation came to financial ruin. Munger provides a cautionary warning through the story of a fictional place called ‘Basicland’. A large, unpopulated island in the Pacific Ocean that is rich in … Read More
This Week’s Best Investing Reads
Here is a list of this week’s best investing reads: My Berkshire Hathaway Reflections (Farnam Street) The U.S. Stock Market’s Impressive Outperformance May Be Coming To An End (The Felder Report) More Than Never. Less Than Always (A Wealth of Common Sense) The Most Hated Tax Cut Ever? (The Reformed Broker) The What-Ifs (The Irrelevant Investor) Buffett at his Best (csinvesting) Some Things … Read More