During his recent interview with Barron’s, Howard Marks reflects on his early days in finance, noting that banks in the 1970s invested in the “Nifty Fifty” — America’s top-growing companies, seen as infallible regardless of price. Despite the companies’ quality, investors who held these stocks for five years lost over … Read More
Li Lu – Top 10 Holdings – Latest 13F
One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More
VALUE: After Hours (S06 E41): Undervalued Auto OEM and Offshore Energy with Matthew Fine, Portfolio Manager Third Avenue
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and Matthew Fine discuss: Derating and Lack of Rerating Are Changing the Face of Value Investing Mercedes and European Banks Are Leading in Shareholder Capital Returns Apperceptive Mass: From Katamari to Cognitive Growth The Growing Divide … Read More
Intuit Inc (INTU) DCF Valuation: Is The Stock Undervalued?
As part of a new series, each week we typically conduct a DCF on one of the companies in our screens. This week we thought we’d take a look at one of the stocks that is not currently in our screens, Intuit Inc (INTU). Profile Intuit is a provider of … Read More
This Week’s Best Value Investing News, Podcasts, Interviews (11/08/2024)
This week’s best investing news: Berkshire Hathaway Q3 2024 Report (BH) Berkshire Hathaway Q3 2024 Earnings News Release (BH) Bloated Balance Sheets in Japan (Verdad) Billionaire Investor Howard Marks on Ownership vs. Debt (Barron’s) Stan Druckenmiller Interview (Norges) Could the Election Spark a Small-Cap Value Rally? (Validea) Aswath Damodaran – … Read More
Equinor ASA (EQNR): Is It a Buy? – Acquirer’s Multiple Stock Screener Analysis
As part of our ongoing series here at The Acquirer’s Multiple, each week we focus on one of the stocks from our Stock Screeners, and why it’s a ‘buy’ based on key fundamentals. One of the cheapest stocks in our Stock Screeners is: Equinor ASA (EQNR) Equinor is a Norway-based integrated oil and gas … Read More
Knot Theory Meets Private Equity: The Takahashi-Alexander Model Explained
During their recent episode, Taylor, Carlisle, Ben Beneche discussed Knot Theory Meets Private Equity: The Takahashi-Alexander Model Explained. Here’s an excerpt from the episode: Jake: All right. So, for today’s veggie segment, in mathematics, there’s this Knot theory which, like K-N-O- T, like, actually studying knots and the mathematics behind … Read More
Stanley Druckenmiller: Why I’m Bullish and Cautious on AI Investment
In this interview with In Good Company, Stan Druckenmiller describes how his investment in AI began with observations from younger analysts who noticed a shift among top engineering graduates from crypto to AI. Initially unfamiliar with Nvidia’s AI potential, he bought shares when the stock was down and AI was … Read More
Terry Smith: The Key Traits of Great Capital Allocators
In this interview with Investors’ Chronicle, Terry Smith discusses the qualities he seeks in company management, focusing on strong capital allocation, transparency, and integrity. He values leaders who can thoughtfully allocate capital to generate consistent returns, reinvesting at high rates for compounding growth, regardless of stock market fluctuations. Smith also … Read More
Large-Cap Stocks In Trouble: Here Are The 10 Worst Performers Over The Past 12 Months
Over the past twelve months ten Large-Cap stocks have underperformed all others. Large-Caps are defined by $10 Billion Market Cap or more. Here’s this week’s top 10 worst performing Large-Caps in the last twelve months: Name 1 Year Price Returns (Daily) Walgreens Boots Alliance (WBA) -52.56% Humana (HUM) -46.38% Dollar … Read More
Which Superinvestors Hold Acquirer’s Multiple Stocks?
Part of the weekly research 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, Prem Watsa, Jeremy Grantham, Seth Klarman, Ray Dalio, and … Read More
How Language Reveals Management’s True Commitment to Shareholders
During their recent episode, Taylor, Carlisle, Ben Beneche discussed How Language Reveals Management’s True Commitment to Shareholders. Here’s an excerpt from the episode: Jake: What do you look for with management? Ben: Look, skin in the game is great, but really, we want management who have an intangible insofar as … Read More
Warren Buffett: Two Highly Successful Acquisition Strategies
In his 1981 Berkshire Hathaway Annual Letter, Warren Buffett describes two successful acquisition strategies. The first targets businesses that thrive in inflation, possessing pricing power and minimal capital needs to scale. However, these businesses are rare and fiercely sought after, driving up competition. The second strategy depends on exceptional managers … Read More
Mohnish Pabrai: My Step-by-Step Approach to Investment Analysis
In this Q&A session with Mis Propias Finanzas, Mohnish Pabrai provides a roadmap of his entire investment approach, focusing on his “circle of competence” and leveraging insights from experienced investors. He starts by analyzing shareholder holdings to identify reputable investors backing a company, often seeking writeups on Value Investors Club for … Read More
The One Stock That Superinvestors Are Dumping: Is It Time to Sell?
As part of the weekly research here at The Acquirer’s Multiple we’re always interested in superinvestors who hold the same stocks that appear in our Acquirer’s Multiple Stock Screeners, based on their latest 13F’s. Investors such as Warren Buffett, Joel Greenblatt, Carl Icahn, Jim Simons, Prem Watsa, Jeremy Grantham, Seth … Read More
Invest in Durable Brands
During their recent episode, Taylor, Carlisle, Ben Beneche discussed Invest in Durable Brands. Here’s an excerpt from the episode: Tobias: Durability is something that I’m particularly interested in. But how do you think through durability? What are the indicia of durability? Ben: So, look, it’s those two ideas I mentioned … Read More
Warren Buffett: My No-Fluff Approach To Valuing Businesses
During the 1994 Berkshire Hathaway Annual Meeting, Warren Buffett advises caution regarding business projections and inflated valuations, suggesting that genuine value assessment requires essential, straightforward data. He emphasizes that Berkshire Hathaway’s reports contain all the critical numbers that he and Charlie Munger use to evaluate investments, encouraging investors to independently … Read More
Terry Smith: Why We Avoid Traditional Value Investing
In his book – Investing for Growth, Terry Smith contrasts his investment approach with traditional value investing, noting that while value investing can offer returns when stocks are undervalued, it requires active buying and selling and incurs higher transaction costs. Smith’s strategy focuses on companies with high, predictable returns on … Read More
The Undervalued Stock That Superinvestors Are Loading Up On
As part of the weekly research here at The Acquirer’s Multiple we’re always interested in investing gurus who hold the same stocks that appear in our Acquirer’s Multiple Stock Screeners, based on their latest 13F’s. Investors such as Warren Buffett, Joel Greenblatt, Carl Icahn, Jim Simons, Prem Watsa, Jeremy Grantham, … Read More
Use Owner Earnings and Opportunity Cost to Drive Valuation Decisions
During their recent episode, Taylor, Carlisle, Ben Beneche discussed Use Owner Earnings and Opportunity Cost to Drive Valuation Decisions. Here’s an excerpt from the episode: Tobias: When you construct a portfolio, what is the sizing at initiation? How big would you let something get? What’s the criteria for buying, and … Read More