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
Daniel Kahneman: The Illusion of Stock-Picking Skill
For the majority of stock pickers successful investing is thought to be based on some degree of skill. The truth is however that successful stock picking for most amateur and professional investors is due mainly to ‘luck’ not skill. Everyone knows investing is important, but it can also be overwhelming. … Read More
Warren Buffett: The Prototype Of A Dream Business
Warren Buffett has often spoken about the importance of a business moat. In a presentation to the MBA students at the University of Florida Buffett said: “I want a business with a moat around it. I want a very valuable castle in the middle… and then I want the Duke who’s … Read More
Charlie Munger Can Be Merciless If He Believes He Has Caught Someone In An Act Of Silly Self-Deception
One of the most commonly used terms in the world of investing is – Cost of Capital. According to the Harvard Business Review website: – “The cost of capital is simply the return expected by those who provide capital for the business”. Warren Buffett provides his own explanation for the cost … Read More
Seth Klarman: “Most Investments Are Dependent On Outcomes That Cannot Be Accurately Foreseen”
Much has been written about the best way to calculate the present and future values of a business for investment. But as Seth Klarman points out in his book – Margin of Safety, the reality is: “Even if the present could somehow be perfectly understood, most investments are dependent on outcomes … Read More
This Week’s Best Investing Reads
Here is a list of this week’s best investing reads: EVERYTHING You need to understand Markets (csinvesting) First Principles: The Building Blocks of True Knowledge (Farnam Street) Why We May Be Headed For Another ‘Minsky Moment’ (The Felder Report) Here We Go Again? (The Irrelevant Investor) Will it hold? (The Reformed Broker) How the Bear Stearns Meltdown Wrecked Something More Valuable … Read More
Acquirer’s Multiple Stocks Appearing in Greenblatt, Simons, Gabelli, Paulson, 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
Active Managers Shifting To Smaller, More Focused Portfolios To Achieve Outperformance
Here’s a great article at Bloomberg that discusses the changing landscape for active investors. The article reports that more and more active managers are moving to smaller, more focused portfolios. The logic behind the shift is that a smaller, more focused portfolio is more likely to achieve outperformance as it … Read More
Seth Klarman: Mainstream Investing Has It Backwards
Some years ago Seth Klarman gave a fantastic speech at the MIT Sloan Investment Management Club. During his speech Klarman suggested that the mainstream approach to investing has is backwards saying: “Right at the core, the mainstream has it backwards. Warren Buffett often quips that the first rule of investing is … Read More
Howard Marks: “Extreme Predictions Are Rarely Right, But They’re The Ones That Make You Big Money”
One of the best resources for investors are Howard Marks’ annual memos. They provide a number of valuable investing insights for investors. One such example can be found in the 1993 missive titled – The Value of Predictions, or Where’d All This Rain Come From?. In this memo Marks discusses a … Read More
Joel Greenblatt: You’re Not Likely To Be The Next Buffett Or Lynch. Figuring Out Which Businesses Are The Great Ones Is The Tough Part
One of the best investing books ever written was – You Can Be A Stock Market Genius, by Joel Greenblatt. It’s a must read for all investors. There’s one passage in particular in which Greenblatt discusses the difficulty of making investment decisions like Warren Buffett or Peter Lynch saying: “The … Read More
This Week’s Best Investing Reads
Here is a list of this week’s best investing reads: Break the Chain: Stop Being a Slave (Farnam Street) Yeah I said it (The Reformed Broker) The Limits to Data (The Irrelevant Investor) The Stock Market’s Most Popular ETF Puts In A Long-Term ‘Spinning Top’ (The Felder Report) How to Talk to People About Money (Collaborative Fund) Jimmy John’s … Read More
Acquirer’s Multiple Stocks Appearing in Marks, Dalio, Druckenmiller 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
Michael Burry: “Ick” Stocks Provide Fertile Ground For Rare Neglected Deep Value Situations
One of our favorite investors here at The Acquirer’s Multiple is Michael Burry, founder of Scion Capital. His annual letters provide some great insights for value investors. One such example can be found in his 2001 letter in which he discusses two important concepts. The first is a mistake that … Read More
Mohnish Pabrai: “The good thing about getting wealthy is we don’t need to understand a lot of things!”
Here’s a great recent video of Mohnish Pabrai’s presentation at the Peking University (Guanghua School of Management) in December, 2017. The presentation is full of a number of value investing insights but there’s one part in particular in which Pabrai provides a great example on how investing can be made much … Read More
14 Of Charlie Munger’s Funniest Quotes
Charlie Munger is known for his quick wit and sense of humor, and one of the best sources of Munger’s humorous quotes is Poor Charlie’s Almanack. Here are fourteen of Munger’s funniest quotes from the book: 1. I’d rather throw a viper down my shirt front than hire a compensation … Read More
This Week’s Best Investing Reads
Here is a list of this week’s best investing reads: On The One Hand… (A Wealth of Common Sense) Sometimes This Sucks (The Irrelevant Investor) Transition (The Reformed Broker) It’s Not Just LIBOR Pointing To Rising Financial Stress (The Felder Report) So Two Stoics Walk Into a Bar… (Farnam Street) Why We Listen To Bad Forecasts (Collaborative Fund) How Warren Buffett … Read More
Acquirer’s Multiple Stocks Appearing in Soros, Einhorn, 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, and Howard Marks. … Read More
Todd Combs: The Billionaire Whisperer
Here’s a great article at Bloomberg about Todd Combs titled – The Billionaire Whisperer Who United Bezos, Buffett and Dimon. The article provides some great insights into Combs, the young hedge fund manager who runs a significant portion of Berkshire’s investment portfolio, and is being heavily touted as Buffett’s successor. … Read More
Ed Thorp: The Best Thing You Can Do Is To Educate Yourself To Think Clearly And Rationally
Here’s a great interview with Ed Thorp at Barron’s in which Thorp discusses how he was able to beat the casinos. How the stock market is like a casino. His current portfolio. And some of the important lessons he’s learnt in investing. An excerpt from that article: In 1962, the … Read More