Here’s a list of this week’s best investing reads: There’s Seldom Any Traffic on the High Road (Farnam Street) Surveying the Damage in Stocks (A Wealth of Common Sense) Yards After Contact (The Reformed Broker) To Succeed In The Markets You Must Become A ‘Second Level Thinker’ (The Felder Report) Humble Exits (Collaborative Fund) Price is set at the margin (csinvesting) … Read More
Aswath Damodaran: The One Thing You Need To Do To More Accurately Value Businesses
Here’s a great presentation with Aswath Damodaran and the team at Google. During the presentation Damodaran reveals the one thing investors need to do to more accurately value businesses. Here’s an excerpt from the presentation: So here’s my final point about valuation. One of my favorite movies of all time is … Read More
Charles Munger: The Trouble With Economists & Economics
Some years ago Shane Parrish at Farnam Street did a podcast in which he read the full text of Charlie Munger’s presentation – Academic Economics: Strengths and Weaknesses, after Considering Interdisciplinary Needs. It’s a must listen to for all investors. Here’s an excerpt from Munger’s presentation: 3) Physics Envy The third … Read More
Seth Klarman: Q3 2018 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
Michael Burry: Measuring Money Managers By ‘Relative Performance’ Harms Their Ability To Invest Intelligently
Seth Klarman has often spoken about the nonsense of measuring fund managers by their ‘relative performance’. That is, measuring the performance of their investments against various market benchmarks. A quick read through Michael Burry’s Scion Capital shareholder letters shows that he’s also not a fan of relative performance as a … Read More
Value Invest New York – December 4th, 2018
Value Invest New York will take place on December 4 View Conference Agenda The line-up for Value Invest New York was announced last week and it will feature speakers who will give insights and investment ideas at the conference – with the presentation titles below. The line-up includes Joel Greenblatt, … Read More
Elon Musk: 8 Books That Every Investor Should Read
We recently started a series called – Superinvestors: Books That Every Investor Should Read. So far we’ve provided the book recommendations from: Charles Munger: 32 Books That Every Investor Should Read Seth Klarman: 32 Books That Every Investor Should Read Warren Buffett: 35 Books That Every Investor Should Read Bill … Read More
This Week’s Best Investing Reads 11/16/2018
Here’s a list of this week’s best investing reads: How This All Happened (Collaborative Fund) Defensive Decision Making: What IS Best v. What LOOKS Best (Farnam Street) Family Inc. (Humble Dollar) Playing with Fire (The Reformed Broker) What If You Retire At a Stock Market Peak? (A Wealth of Common Sense) Why Warren Buffett Would Be Buying Precious Metals Again Today … Read More
TAM Stock Screener – Stocks Appearing in Cohen, Greenblatt, 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, Ray Dalio, … Read More
Warren Buffett: “Berkshire Could Be A Rest Home For Activists”
Here’s a great interview with Warren Buffett at Fortune’s Most Powerful Women Conference in which he discusses why he’s not a fan of activists, and the importance of having good communication with your shareholders in the case of an activist surfacing. Here’s an excerpt from the interview: Buffett: Activism is … Read More
David Einhorn: Top 10 Holdings, New Buys, Sold Out Positions
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
Stanley Druckenmiller: What Should Investors Do If They’re In A ‘Slump’
Here’s a great interview with investing legend Stanley Druckenmiller at Real Vision in which he discusses the importance of investors knowing whether they’re currently ‘hot’ or ‘cold’ with regards picking investments. He also provides some great insights into what you should do if you find yourself in an investing slump. … Read More
Dan Loeb: We Continue To Invest In The Integration Of Our Fundamental Process And The “Rise of the Machines”
Dan Loeb recently released his Q32018 shareholder letter in which he discusses the difficulty of investing in the market this year, the current market environment, and how he plans to invest in the future. Here’s an excerpt from that letter: In the hit NBC television show The Good Place, (spoiler … Read More
Nassim Taleb: In Investing The People You Understand Most Easily Are Necessarily The Bull***tters.
Here’s a great passage from Skin In The Game by Nassim Taleb in which he discusses how easily investors can be hoodwinked by smooth talking salepeople promising outsized returns and, how often the best investing advice comes from those least able to explain it best. Here’s an excerpt from the … Read More
Michael Mauboussin: 12 Books That Every Investor Should Read
We recently started a series called – Superinvestors: Books That Every Investor Should Read. So far we’ve provided the book recommendations from: Charles Munger: 32 Books That Every Investor Should Read Seth Klarman: 32 Books That Every Investor Should Read Warren Buffett: 35 Books That Every Investor Should Read Bill … Read More
TAM Stock Screener – Stocks Appearing in Cohen, Watsa, Greenblatt 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
John Paulson: How Investors Can Benefit From Risk Arbitrage Done Correctly
We’ve just finished re-reading The Alpha Masters: Unlocking the Genius of the World’s Top Hedge Funds, written by Maneet Ahuja. There’s a great passage in the book in which legendary risk arbitrageur John Paulson explains how investors can benefit by doing risk arbitrage correctly. Here’s an excerpt from the book: … Read More
This Week’s Best Investing Reads 11/09/2018
Here’s a list of this week’s best investing reads: What’s Staying the Same (Farnam Street) The McRib Effect (Of Dollars & Data) Tiny Improvements, Big Results (A Wealth of Common Sense) I Remember When (The Irrelevant Investor) When Things Get Wild (Collaborative Fund) Will the stock market celebrate gridlock? (The Reformed Broker) The Quant Frontier (Jamie Catherwood) In Praise of Mediocrity, Being Happy, … Read More
Bill Ackman: Top 10 Holdings, New Buys, Sold Out Positions
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
Jim Chanos: “Being Short With A Good Short Seller Who’s Producing Nominally Minor Positive Returns In A Bull Market Enables You To Be More Long”
One of our favorite Jim Chanos interviews is one he did with FT Alphachatterbox in which he explained how short selling provides ‘long-side’ investors with an insurance policy saying: “Being short with a good short seller who’s producing nominally minor positive returns in a bull market enables you to be … Read More