GMO Co-founder Jeremy Grantham recently did an interview with Wealthmanagement.com in which he discusses how the world has changed for value investors. He says, “Since 2000, it’s become much more complicated. The rules have shifted. We used to say that this time is never different. I think what has happened … Read More
TAM Deep Value Stock Screeners – Overnight Market Update – May 10, 2017
TAM Stock Screeners – Market Update The TAM Deep Value Stock Portfolio was up 0.88% overnight to 13.12%. The Russell 3000 Index fell 0.08% to 10.60%. The TAM Deep Value Stock Portfolio currently leads the Russell 3000 Index by 2.52%. In other overnight news from the three TAM Stock Screeners:
TAM Deep Value Stock Portfolio Up 12.25%, Outpacing Russell 3000 Index by 1.55%
The TAM Deep Value Stock Portfolio is up 12.25% today outpacing the Russell 3000 Index by 1.55%, since inception. The portfolio has been boosted by the recent Q1 2017 earnings results of Bridgepoint Education Inc (NYSE:BPI), which had a 200% turnaround in Q1 earnings compared to the previous corresponding period, … Read More
Warren Buffett: It’s A Huge Bargain To Buy Stocks Now If Interest Rates Stay Where They Are, Here’s Why
In a recent CNBC interview Warren Buffett said, “The most important item, over time, in valuation is interest rates”. He added, “It’s a huge bargain to buy stocks now if you knew interest rates would stay at this level”. In terms of investing in bonds Buffett said, “Anybody that prefers … Read More
Michael Mauboussin: The Incredible Shrinking Universe of Stocks – The Causes and Consequences of Fewer U.S. Equities
Michael Mauboussin and the team at Credit Suisse Global Financial Strategies recently published a report on The Incredible Shrinking Universe of Stocks – The Causes and Consequences of Fewer U.S. Equities. It’s a fascinating read. The report states: There has been a sharp fall in the number of listed stocks in … Read More
Charles Munger: The Investing World Is Just A Morass Of Wrong Incentives, Crazy Reporting, And A Fair Amount Of Delusion
During Saturday’s annual Berkshire Hathaway pilgrimage, Warren Buffett and Charlie Munger once again challenged the value of hedge funds and their managers. During the meeting Buffett said, “The huge money [in hedge funds] is in selling people the idea that you can do something magical for them”. Munger added, “The investing … Read More
Returns to The Acquirer’s Multiple® Screeners and The Best Value Stocks
[View the story “Week Beginning May 8th, 2017” on Storify]
Jason Zweig: Investors Expectations Are So Far-Fetched They Border On Fantasy
One of our favorite columnists here at The Acquirer’s Multiple is Jason Zweig. Zweig recently wrote a great article on investor expectations saying, “[Investors] expectations are so far-fetched they border on fantasy”. He also says, “many investors believe in magic”, and “investors check the value of their financial assets much … Read More
Third Point LLC – This Environment Is Undoubtedly Better For Active Investing. Here’s Why
One of our favorite investors here at The Acquirer’s Multiple is Dan Loeb at Third Point LLC. Loeb founded Third Point, the asset management firm headquartered in New York, in 1995. Third Point employs an event-driven, value-oriented investment style. One of the best resources for investors are the Third Point … Read More
Value Investing Nuggets – Graham & Doddsville Newsletter – Winter 2017
One of the best resources for value investors are the Graham & Doddsville Newsletters. The G&D newsletter is an investment publication from Columbia Business School (CBS) full of value investing nuggets and is co-sponsored by the Heilbrunn Center for Graham & Dodd Investing and the Columbia Student Investment Management Association … Read More
Damodaran Credits Apple For Ignoring The ‘Advice’ From Wall Street Analysts
One of the financial academics that we follow closely here at The Acquirer’s Multiple is Aswath Damodaran. Damodaran was recently interviewed by CNBC about Apple’s current cash hoard and credited the company with ignoring the ‘advice’ from Wall Street analysts. It’s a must read for all investors. Here’s an excerpt from … Read More
Bruce Berkowitz – ETF’s Occasionally Swing To Illogical Extremes – We Prefer Unpopular, Underpriced, and Underweighted
Bruce Berkowitz recently released The Fairholme Funds 2016 Annual Report in which he discusses the current trend towards ETF investing and he provides the following warning for investors: Exchange-traded index funds (“ETFs”) are all the rage these days for their straightforward, low-cost replication of broad indexes. While it is a … Read More
Bridgepoint Education Soars 22% – Total Gain 124% To Date
Bridgepoint Education (NYSE:BPI) (Bridgepoint) reported its Q1 2017 results yesterday and the stock price soared 22%. Bridgepoint is a provider of post-secondary education services and owns two academic institutions – Ashford University and University of the Rockies. This is a stock that I added to my Acquirer’s Multiple – Deep … Read More
Shiller vs Siegel: The Bull & The Bear On Current Market Valuations
Two Finance Professors that we follow closely here at The Acquirer’s Multiple are Yale Professor of Economics, Robert Shiller and Wharton Professor of Finance, Jeremy Siegel. Both were interviewed recently by CNBC regarding their outlook on current market valuations. Shiller says, “Current market conditions make the market look dangerous”. While Siegel says, … Read More
Tweedy, Browne Co. – Passive Strategies Are Cyclical – Leading To A Comeuppance For Index Funds
One of the best resources for value investors are the newsletters at Value Investor Insight (VII), they’re full of great interviews with value investing gurus. VII recently interviewed the team at Tweedy, Browne Co. about their value investing strategy, how to find potential opportunities, and their thoughts on the impact of … Read More
James Montier – This Is The Time To Sit There And Do A Winnie the Pooh. Here’s Why.
One of the firms we like to watch closely is Boston-based asset manager GMO, and one member of its asset management team, James Montier. Montier recently did an interview with Finanz und Wirtschaft (Finance and Economic) in which he discusses the current over-valuation in U.S. equity markets saying, “Equities are currently … Read More
Ray Dalio – Markets Teach You Humility And They Teach You What Works
One of our favorite investors here at The Acquirer’s Multiple is Ray Dalio. Dalio runs Bridgewater Associates and is known for his culture of independent free thinking, meritocracy, and radical transparency. He recently did a great interview with Charles Duhigg at The New York Times. In this interview Dalio provides … Read More
1300 Miles From Wall Street – Warren Buffett, Todd Combs, and Ted Weschler
Warren Buffet, Todd Combs and Ted Weschler of Berkshire Hathaway recently did an interview in Omaha, 1300 Miles from the hustle and bustle of Wall Street. In this interview Buffett discusses why he and Munger chose Combs and Weschler for their positions at Berkshire. The three also discuss what it’s like … Read More
Howard Marks – The Truth About Investing
Oaktree Chairman Howard Marks did a great presentation earlier this month for the CFA Society in India called – The Truth About Investing. While the presentation was fantastic, the audio quality is not 100%, nevertheless it’s a must watch for all investors. Most interesting was the awesome slideshow that Marks used … Read More
Returns to The Acquirer’s Multiple® Screeners and The Best Value Stocks
[View the story “Week Beginning May 1st, 2017” on Storify]