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
This Week’s Best Investing Reads
Here is a list of this week’s best investing reads: Prosperity is a State of Mind (A Wealth of Common Sense) Countering The Narrative About Value (Fortune Financial) Two Sides of the Same Coin (The Irrelevant Investor) The Case of the Bankerless Bubble (The Reformed Broker) It’s Time To Get Real With Your Investment Portfolio (The Felder Report) … Read More
Tobias’ Interview With Equity Mates – Chatting About His New Book – The Acquirer’s Multiple
Earlier this week Tobias did a great interview with the team at Equity Mates to chat about his new book – The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market. Simply click on the play button below to listen to the interview: The Acquirer’s Multiple: How the … Read More
Michael Burry – Don’t Be Seduced By Too-Good-To-Be-True Higher Yield Investments
One of the best investing resources are Michael Burry’s MSN 2000/2001 Strategy Lab articles where he provides some great insights into his investing strategy. Value investor Burry was the founder of the hedge fund Scion Capital, and he was one of the first investors to recognize and profit from the subprime mortgage … Read More
Damodaran, Fisher & Steinhardt On Successful Contrarian Investing
While a lot has been written about the importance of going against the herd in order to be a successful investor, it’s important to remember what a couple of very successful investors and one finance professor had to say on the subject. A long time ago, famous value investor Philip … Read More
Stanley Druckenmiller – If You Invest In Conventional Wisdom You’re Going To Lose Your Butt
Here’s a great interview with Stanley Druckenmiller at the USC Marshall School of Business where he speaks about the importance of unconventional investing. During the interview he makes two great points. First, he’s not a fan of diversification, and secondly investors need to focus on the longer term saying, “The present is … Read More
Seth Klarman – It Is Crucial To Have, And Maintain, A Sound Process
Here’s a great article at the The Outstanding Investor Digest that includes comments and answers from Seth Klarman at a symposium entitled “Celebrating 75 Years of Security Analysis”. During the symposium Klarman provided a number of valuable investing insights and honored the legacy of Graham and Dodd saying, “Graham and Dodd teach … Read More
Returns to The Acquirer’s Multiple® Screeners and The Best Value Stocks
[View the story “Week Beginning December 4th, 2017” on Storify]