One of the problems that we face as investors is making comparisons between investment opportunities. Similarly, company management has to make comparisons between strategic merger and acquisition opportunities. So the question is, what is the best way to do this? One answer can be found in Michael Mauboussin’s recent paper … Read More
Ray Dalio – The Holy Grail Investing Strategy
Bridgewater founder Ray Dalio has written a lot about his principles, but not so much about his investing principles. In his latest book – Principles: Life and Work, Dalio discusses the purpose and importance of having principles, his most fundamental life principles, and his management principles at Bridgewater. But in terms … Read More
Mohnish Pabrai – “Stop Losses Make No Sense” – Here’s Why
Mohnish Pabrai recently did a great interview with BloombergQuint, the Indian financial news organisation. While Pabrai has said many times that he’s not a fan of stop-losses, in this interview he provides a great example of how stop-losses can seriously hurt your performance. Here’s an excerpt from the interview: Pabrai: … Read More
This Week’s Best Investing Reads
Here is a list of this week’s best investing reads: The Experts Are Wrong Again (csinvesting) One Final Puff (The Irrelevant Investor) You’re on your own now (The Reformed Broker) It’s never been a better time to be a contrarian. (13D Research) The Urban Dictionary is surprisingly up-to-date: nocoiner edition (Bronte Capital) Stock Market Valuations Won’t Predict the Next Crash (A Wealth … Read More
Undervalued Quarterhill Inc (QTRH) FCF/EV Yield 15%, Acquirer’s Multiple 3.55
One of the cheapest stocks in our All Investable Stock Screener is Quarterhill Inc (NASDAQ:QTRH). Quarterhill Inc (Quarterhill), formerly Wi-LAN Inc, is a Canada-based investment holding company focused on growing its business by acquiring technology companies in the Industrial Internet of Things (IIoT) across multiple verticals. A quick look at Quarterhill’s share price history … Read More
This Week’s Best Investing Reads
Here’s a list of this week’s best investing reads: 2017 Has Been a Remarkable Run For Stocks (A Wealth of Common Sense) Disrupt Yourself and Grow (MicroCapClub) Why Young Investors Should Hope For a Crash (The Irrelevant Investor) TIP169: Jesse Felder – FANG Stocks, Crypto, Central Banks, Inflation (The Investors Podcast) Sometimes it’s not complicated (The … Read More
Charles Munger – “I Didn’t Mean To Get Rich I Just Overshot” + “Bitcoin is Total Insanity!!”
We just watched an awesome interview with Charles Munger at The University of Michigan 2017. The interview is a fantastic insight into Munger’s journey though life and his career. Two of our favorite parts are when Munger talks about the role of luck in investing, and his thoughts on Bitcoin. … Read More
Leon Levy – “Value Investing Is As Close As It Gets To A Golden Rule”
One of our favorite value investors here at The Acquirer’s Multiple is Leon Levy. Levy joined the small brokerage firm of Oppenheimer & Company in 1951 and later founded Odyssey Partners with Jack Nash in 1982. Odyssey Partners earned an average annual return for its investors of 22% over 14 years. … Read More
Buffett & Munger – The ‘Eureka Moment’ For Two Of The World’s Greatest Investors
It seems that all of the great investors have a ‘eureka moment’ during their investing careers. A ‘eureka moment’ refers to the common human experience of suddenly understanding a previously incomprehensible problem or concept. Sometimes referred to as an ‘Aha’ moment. And so it was two of the world’s greatest … Read More
Howard Marks – “A Hugely Profitable Investment That Doesn’t Begin With Discomfort Is Usually An Oxymoron..”
One of our favorite investing books here at The Acquirer’s Multiple is – The Most Important Thing: Uncommon Sense for the Thoughtful Investor, by Howard Marks. It’s a must read for all investors. One of our favorite pieces in the book discusses the importance of being contrarian in your investing approach … Read More
Returns to The Acquirer’s Multiple® Screeners and The Best Value Stocks
[View the story “Week Beginning December 18th, 2017.” on Storify]
This Week’s Best Investing Reads
Here’s a list of this week’s best investing reads: 10 Questions: Todd Combs (FSU Alumni) Intrinsic Value–Objective or Subjectively Determined? (csinvesting) Bloomberg Pronounces The Early Death Of The Traditional Long-Short Hedge Fund Model (Zero Hedge) A Twist (The Reformed Broker) Jim Simons, The Numbers King (The New Yorker) What’s Eating Bill Ackman (The Institutional … Read More
Audible and iTunes version out now! The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market
My new book The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market is now available on Amazon, Audible, and iTunes. The book is also available on Amazon on Kindle and paperback. From Amazon The Acquirer’s Multiple is an easy-to-understand account of deep value investing. The book shows how investors … Read More
Undervalued Warrior Met Coal FCF/EV Yield 28%, ROE 45%
One of the cheapest stocks in our All Investable Stock Screener is Warrior Met Coal Inc (NYSE: HCC). Warrior Met Coal Inc (Warrior) formerly called Warrior Met Coal LLC, is a producer and exporter of metallurgical coal for the steel industry from underground mines located in Brookwood, Alabama, southwest of Birmingham and near … Read More
Michael Mauboussin – Share Buybacks Are A Better Alternative For Shareholders Than Dividends
There is much debate about whether companies should increase shareholder value by repurchasing their shares or returning excess cash to shareholders by way of dividends. One of the best papers written on the subject is Share Repurchase From All Angles, by Michael Mauboussin where he makes the case for share buy-backs … Read More
David Einhorn – There’s One Rule Of Investing That Has Served Us Well
One of our favorite investors at The Acquirer’s Multiple is David Einhorn. One of the best Einhorn interviews was one he did with Value Investor Insight in which he discussed his investing strategy, how he modified the traditional value investing process to achieve outperformance, and the one rule of investing … Read More
Joel Greenblatt – Individual Investors Can Beat Professional Investors, Here’s How
A lot of individual investors mistakenly believe that it’s impossible to beat the results achieved by professional investors. This could not be further from the truth according to Joel Greenblatt in his great investing book – The Big Secret for the Small Investor. Greenblatt illustrates how small investors can outperform … Read More
Warren Buffett – The Only Score That Counts In Investing Is Your Internal Scorecard
One of our favorite investing books here at The Acquirer’s Multiple is – The Snowball: Warren Buffett and the Business of Life, by Alice Schroeder. Schroeder recounts a time in the late ninety’s when Buffett was being humiliated by some of the leading financial commentators of the time and Berkshire’s … Read More
Returns to The Acquirer’s Multiple® Screeners and The Best Value Stocks
[View the story “Week Beginning December 11th, 2017” on Storify]
Cliff Asness (AQR) – New Paper Indicates Deep Value Trading Strategies Generate Excess Returns Not Explained By Traditional Risk Factors
Late last month Cliff Asness and his team at AQR released a paper titled – Deep Value. In summary, the research indicates that deep value trading strategies generate excess returns not explained by traditional risk factors. Here’s a summary from the paper: We define “deep value” as episodes where the … Read More