I’ve just been reading the latest Graham & Doddsville newsletter which features Howard Marks. the Co-Chairman of Oaktree Capital. It’s a great interview with Mark’s in which he discusses his investing strategy, investor psychology, investing timeframes and how great investors stick to their approach through thick and thin. Here’s an … Read More
Michael Steinhardt – Being Contrarian Is Not Enough. You Have To Be Right!
Michael Steinhardt is an investing legend. His fund, Steinhardt Partners had an impressive track record that amassed 24% compound average annual returns for a 28-year period. He focused on a macro asset allocation strategy that included stocks, bonds, options, and currencies. His investing strategy was best summarized by his six golden … Read More
Warren Buffett’s Hero Philip Carret Says There’s Only One Rule For Selling Winning Stocks
One of our favorite investors here at The Acquirer’s Multiple is value investing legend Philip Carret who Warren Buffett once described as one of his heroes. Carret has written three books – The Art of Speculation, A Money Mind at Ninety, and Classic Carret: Common sense from an uncommon man. After founding … Read More
Charles Munger – 5 Ultrasimple Notions For Successful Investing
One of my favorite investing books is – Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger, by Janet Lowe. The book is a great insight into Munger’s life, philosophy, and investing journey. One passage in the book which is of particular interest to investors is Munger’s five ultrasimple … Read More
Returns to The Acquirer’s Multiple® Screeners and The Best Value Stocks
[View the story “Week Beginning October 16th, 2017” on Storify]
Maurece Schiller’s Fortunes in Special Situations in the Stock Market: The Authorized Edition
Tom Jacobs recently published Maurece Schiller’s Fortunes in Special Situations in the Stock Market: The Authorized Edition. We provided an endorsement and the following foreword: Beginning with Maurece Schiller’s series is the original and definitive guide to special situation investing. It is not an embellishment to say it stands shoulder-to-shoulder with the three … Read More
This Week’s Best Investing Reads
Here is a list of some of this week’s best investing reads: Financial News Doesn’t Rhyme But It Does Repeat Itself (A Wealth of Common Sense) The Price of Progress (The Irrelevant Investor) Bulls Rampage (csinvesting) Life Lessons from a Self-Made Billionaire: My Conversation with Ray Dalio (Farnam Street) Why You Don’t Want to Invest Like an Expert (Jason Zweig) … Read More
Ron Muhlenkamp – The 3 Year Rule That Reduces The Volatility In Your Portfolio
Most investors check their portfolio every day or every week to see how it’s performing. The problem with that is that the patience of these investors is often exhausted with the inevitable short-term swings in the market. This eventually leads to investors losing their nerve and acting on the short-term … Read More
Joel Greenblatt – The Secret To Diversification Is Not Owning More Stocks
One of the biggest questions facing most investors is how may stocks to hold to provide the appropriate level of diversification. Answers vary with some of the greatest investors preferring to make large bets on fewer stocks while others prefer to own dozens of stocks. One answer can be found … Read More
Charles Munger – Big Gains Invariably Mean Long Periods Of Underperformance
Let’s face it, most investors are not prepared to go through long periods or short periods of underperformance in order to achieve outperformance. The only problem with that is that those investors will invariably miss out of the big gains achieved by the most successful investors. The good news is … Read More
Seth Klarman – 20 Investment Lessons From 2008
As we’re currently in the midst of a sustained bull market it seems like a good time to reflect on the 2008 financial crisis and some of the lessons we should remember when everything appears to be rosy in the stock market. Back in 2010, Value Investors Insight printed a great article, … Read More
Returns to The Acquirer’s Multiple® Screeners and The Best Value Stocks
[View the story “Week Beginning October 9th, 2017” on Storify]
This Week’s Best Investing Reads
Here’s a list of some of the best investing reads we found this week: Will You Be Ready When the Stock Market Crashes Again? (Jason Zweig) Good Thing Jesse Isn’t Around To See This (The Macro Tourist) Kryptonite Even Superman Could Love… (Wexboy) The Four Fundamental Skills of All Investing (Collaborative Fund) Good Advice vs. Effective Advice (A Wealth … Read More
Howard Marks Interview – Nobody Knows What Will Happen Next – Finanz und Wirtschaft
Here’s a great in-depth interview with Howard Marks at Finanz und Wirtschaft. Marks talks about the current market environment, investor complacency, the lack of historical parallels, and says, “The people you want to follow in this world are the ones that encourage optimism at low valuation levels; those who say … Read More
Bruce Greenwald – The Quintessential Starting Point For All Value Investors
One of our favorite finance professors here at The Acquirer’s Multiple is Bruce Greenwald. Greenwald holds the Robert Heilbrunn Professorship of Finance and Asset Management at Columbia Business School and is the academic Director of the Heilbrunn Center for Graham & Dodd Investing. Described by the New York Times as “a … Read More
The Value Stock Comeback Could Be A Bad Sign For The Market – CNBC
Here’s an interesting article by Rebecca Ungarino at CNBC which highlights a shift in the trend from growth stocks to value stocks and some of the reasons why. Here’s an excerpt from that article: After broad underperformance for most of this year, value stocks are beginning to outpace growth stocks. To some, … Read More
John Maynard Keynes – 3 Guiding Principles From 1938 That Have Stood The Test of Time
One of my favorite investing books is The Warren Buffett Portfolio, by Robert G. Hagstrom. The book is a New York Times bestseller and provides a detailed look into the strategies that Warren Buffett uses to pick stocks. While the focus of the book is on Buffett, there is also a great … Read More
Johnny’s TAM Portfolio Up 10.68%
Here’s an update on my Acquirer’s Multiple (TAM) Live Portfolio. As you can see below, my TAM Portfolio is up 10.68% since inception. Largest gains to date have come from Global Sources Ltd. (Bermuda) (NASDAQ:GSOL) up 142%, Fiat Chrysler Automobiles NV (NYSE:FCAU) up 134%, and FreightCar America, Inc (NASDAQ:RAIL) up 82%. Biggest … Read More
Jeremy Grantham – 10 Timeless Investing Lessons
One of the firms we watch closely here at The Acquirer’s Multiple is GMO and its co-founder, Jeremy Grantham. Grantham successfully predicted numerous financial asset bubbles. He warned against the dot-com bubble and vulnerability in the U.S. stock market leading up to the financial crisis. Over the years his shareholder letters … Read More
Picking Growth Stocks Is Much More Difficult Than Picking Value Stocks – Bloomberg
Here’s an interesting article by Nir Kaissar at Bloomberg that suggests picking growth stocks may be much more difficult than picking value stocks. Here’s an excerpt from that article: Picking stocks is famously difficult. But just how difficult is one of the oldest arguments in finance. New York Times columnist … Read More