We’ve just been watching the 2017 Daily Journal Annual Meeting in which Charlie Munger, at 12:18 on the video below, discloses some of the secret ingredients that have made Berkshire and The Daily Journal successful. Here’s an excerpt from the meeting where Munger is speaking about DJCO’s software business: When … Read More
Mohnish Pabrai’s Advice For Value Investors – Forbes
Here’s a great recent interview with Mohnish Pabrai and Kevin Harris at SumZero in which Pabrai provides some valuable investing insights: Kevin Harris: What or who have been your most important investing influences? Mohnish Pabrai: That’s an easy one. My important influences have been Warren Buffet and Charlie Munger. I … Read More
Michael Mauboussin: ‘Procyclicality’- How It Drives Market Cycles To Extremes
Michael Mauboussin recently released a great paper called – Procyclicality And Its Extremes in which he discusses ‘Procyclicality’ and how it drives market cycles to extremes. He also provides indicators of procyclicality and methods for coping with, and profiting from it. Here is an excerpt from that paper: In economics, procyclical … Read More
George Soros: How Investors Can Stay Ahead Of The Game
One of our favorite investing books here at The Acquirer’s Multiple is Soros on Soros by George Soros, It’s written in an interview-style narrative with Byron Wien, Managing Director at Morgan Stanley, and with German journalist Krisztina Koenen. There’s a great passage in the book in which Soros discusses his approach … Read More
This Week’s Best Investing Reads 06/29/2018
Here is a list of this week’s best investing reads: 36 Obvious Investment Truths (A Wealth of Common Sense) Double Loop Learning: Download New Skills and Information into Your Brain (Farnam Street) Cliff Asness Sets The Quant and Hedge Fund Record Straight (video) (WealthTrack) Same Old Greed In A Shiny New Wrapper (The Felder Report) It’s a … Read More
AM Stock Screener – Undervalued Peabody Energy Corporation (NYSE: BTU)
One of the cheapest stocks in our Large Cap 1000 Stock Screener is Peabody Energy Corporation (NYSE: BTU). Peabody Energy Corporation (Peabody) mines and sells coal though 26 coal mines in the United States and Australia. Peabody also markets and brokers coal, both as principal and agent, and trades coal and freight-related … Read More
AM Stock Screener – Stocks Appearing in Buffett, Miller, Tepper 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 Warren Buffett, Joel Greenblatt, Carl Icahn, Jim Simons, Prem Watsa, Jeremy Grantham, Seth Klarman, Ray … Read More
Tobias Carlisle: Thinking Like An Acquirer (Podcast)
Here’s a great interview with our Commander-in-Chief here at The Acquirer’s Multiple Tobias Carlisle speaking to Corey Hoffstein at Flirting With Models: This episode I chat with Toby Carlisle, a managing member at Carbon Beach Asset Management and author of popular value investing books such as Deep Value and The … Read More
Daniel Kahneman: Investors Should Consider A “Regret Proof” Policy To Overcome Loss-Aversion
Here’s a great article from Morningstar in which Daniel Kahneman provides financial advisors with advice on how to better steer clients towards their investment goals using a “regret proof” policy. The policy could also be adapted by individual investors in managing their own portfolios. Here’s an excerpt from that article: Finding … Read More
Schroders: Why Value Investing May Be Primed To Bounce Back
Schroders have just released a great report on the future of value investing saying value investing may now be primed for a comeback. Here’s an excerpt from that report: It has been a miserable decade for the value style of investing, whose performance has languished behind its rival growth style. The … Read More
Mohnish Pabrai: The Yellowstone Factor In Investing
Some years ago Mohnish Pabrai wrote a great piece about valuing investments called – The Yellowstone Factor. In the article Pabrai provided some great insights on the importance of not relying on absolute and precise mathematics in investing saying: “Investing is not a discipline based on absolutes or precise mathematics. There simply … Read More
Bill Miller Reveals The Biggest Mistake Value Investors Are Making Now
Here’s a interesting article about value investing legend Bill Miller at CNBC which discusses how Miller has modified his value investing approach over the years. It also highlights the biggest mistake that value investors are making today by excluding FAANG stocks: It happens late in nearly every bull market: Complaints … Read More
Warren Buffett: “Anytime That The Market Takes A Sharp Dive And You Get Tempted To Sell Or Something, Just Pull Out This Book And Reread It!
Here’s a nostalgic video with Bill Gates and Warren Buffett. At 2:13 Buffett says: “This is a book that first came out in 1949, The Intelligent Investor by Ben Graham. When I read this book it changed my life. Anytime that the market takes a sharp dive and you get tempted to … Read More
Peter Lynch Protege Joel Tillinghast: How To Avoid Value Traps
One of our favorite investing books here at The Acquirer’s Multiple is – Big Money Thinks Small, by Joel Tillinghast. Tillinghast is a protege of value investing legend Peter Lynch. In the Foreword of the book Lynch provides glowing praise for Tillinghast saying: “I have been an active stock picker for … Read More
This Week’s Best Investing Reads 06/22/2018
Here is a list of this week’s best investing reads: 100 to 1; Sales; Hedge Fund Pop Quiz (csinvesting) Why The Next Bear Market May Feel More Painful (A Wealth of Common Sense) Tails, You Win (Collaborative Fund) Hostages (The Reformed Broker) Pain Plus Reflection Equals Progress (Farnam Street) The Geometry of Wealth (The Irrelevant Investor) The Evil Hours (Of Dollars and Data) … Read More
AM Stock Screener – Undervalued Fortuna Silver Mines Inc (NYSE: FSM)
One of the cheapest stocks in our All Investable Stock Screener is Fortuna Silver Mines Inc (NYSE: FSM). Fortuna Silver Mines Inc (Fortuna) is a Canadian-based precious metals producer. Its business operations are comprised of mining and related activities in Latin America, including exploration, extraction, and processing of silver-lead, zinc, and silver-gold, … Read More
AM Stock Screener – Stocks Appearing in Abrams, Greenblatt, Price 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
T. Rowe Price: Value Investing Is Not Dead
Here’s a great article by Sebastien Mallet, Portfolio Manager at T. Rowe Price on the future of value investing saying: “So getting back to the original question, “Is value investing dead?”: The answer is a firm no. The only caveat to that statement is that in this current environment, where everyone … Read More
Li Lu: “The Market Is A Mechanism That Discovers Your Weaknesses. Any Fault/Defect You Have Will Be Magnified Infinitely, To The Point Of Complete Destruction.”
One of our favorite investors to follow here at The Acquirer’s Multiple is Li Lu, Founder and Chairman of Himalaya Capital. In 2015 Li Lu did a value investing lecture at Peking University titled – The Prospect of Value Investing in China, in which he provided a number of fantastic value … Read More
Howard Marks: The Route To Superior Performance Will Continue To Be Humans With Superior Insight
Howard Marks has just released his latest memo titled – Investing Without People. Marks also released a short video (below) which summarizes the memo saying: “If the day comes when intelligent machines run all the money, won’t they all see everything the same? Won’t they reach the same conclusions? Design … Read More