(Ep.15) The Acquirers Podcast: Bill Brewster – Brewster’s Millions, A Masterclass In Business Analysis

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Summary In this episode of The Acquirer’s Podcast Tobias chats with Bill Brewster, who runs Sullimar Capital Group. During the interview Bill provided some great business analysis into a number of companies including AB InBev, GE, Netflix, and Ubiquiti. He also discusses: – How He Went From The Flooring Business To The Investment Business – Why I Don’t Steer Away … Read More

(Ep.14) The Acquirers Podcast: Perth Tolle – Freedom Weight, Life + Liberty In Emerging Markets

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Summary In this episode of The Acquirer’s Podcast Tobias chats with Perth Tolle, who is the Founder of Life + Liberty Indexes and the Freedom 100 Emerging Markets Index. Perth provides some great insights into how investors can find opportunities in emerging markets utilizing the human freedom index. Other topics include: – Investors Can Now Invest In A ‘Freedom Weighted’ … Read More

Seth Klarman: “Value Investing Is At Its Core The Marriage Of A Contrarian Streak And A Calculator.”

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We’ve just been re-reading Michael Mauboussin’s book – The Success Equation. There’s a great passage in the book with discusses investor psychology, and some of the findings of Daniel Kahneman and Amos Tversky. There’s also an great explanation of one of Seth Klarman’s most famous investing quotes: “Value investing is at its core the marriage of a contrarian streak and … Read More

Investors Must Continue To Challenge Their Long Held Beliefs

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During his recent interview with Tobias chats with Jim O’Shaughnessy, best selling author and Co-Chief Investment Officer at O’Shaughnessy Asset Management (OSAM), discusses why investors must continue to challenge their long held beliefs. Here’s an except from the interview: Jim O’Shaughnessy: This is a classic example of a practice of mine that I think everyone should get in the habit … Read More

Mohnish Pabrai – Investors Can Take Advantage When Markets Get Confused Between Risk And Uncertainty

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At his recent presentation at Trinity College in Dublin, Mohnish Pabrai explained how investors can take advantage when markets get confused between risk and uncertainty, saying: If you have a business which exhibits very high uncertainty then that business generally will get very extreme kind of valuations in a auction driven market and an investor can take advantage of it. … Read More

Investors Should Beware When They Start To See ‘Information Cascades’

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During his recent interview with Tobias chats with Jim O’Shaughnessy, best selling author and Co-Chief Investment Officer at O’Shaughnessy Asset Management (OSAM), discusses why investors should beware when they start to see ‘information cascades’. Here’s an except from the interview: Jim O’Shaughnessy: The stock market is a complex adaptive system with feedback. The reason that it works so well is … Read More

As Long As Human Beings Price Securities, There Will Always Be Investment Opportunities

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During his recent interview with Tobias chats with Jim O’Shaughnessy, best selling author and Co-Chief Investment Officer at O’Shaughnessy Asset Management (OSAM), discusses why there will always be investment opportunities as long as human beings price securities. Here’s an except from the interview: Jim O’Shaughnessy: People used to say to me “Why did you write What Works on Wall street? … Read More

The SMID-Cap Universe Provides Greater Opportunities Over Large And Small Caps – Here’s Why

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During his recent interview with Tobias, Ben Claremon, the Principal and Portfolio Manager at Cove Street Capital outlines the reasons why he believes the SMID-Cap Universe provides greater opportunities over Large and Small Caps. Here’s an excerpt from the interview: Tobias Carlisle: You and I were at a conference recently and we were chatting about small and mid-cap, and out … Read More

Investors Should Spend More Time Focusing On The Culture Of The Business Behind The Stock

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During his recent interview with Tobias, Ben Claremon, the Principal and Portfolio Manager at Cove Street Capital provided some great insights into how investors can better understand the culture of the business behind the stock. Here’s an excerpt from the interview: Tobias Carlisle: It sounds like a great process, and it sounds like you guys have created a great culture … Read More

Successful Investors Need A Devil’s Advocate To Try To Kill Potential Investment Ideas

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During his recent interview with Tobias, Ben Claremon, a Principal and Portfolio Manager at Cove Street Capital provided some great insights into why successful investors need a devil’s advocate to try to kill potential investment ideas. Here’s an excerpt from the interview: Ben Claremon: And the proxy statement is a gold mine to tell you how people are compensated and … Read More

(Ep.12) The Acquirers Podcast: Ben Claremon – SMID Value, Opportunities In Small And SMID Cap Value

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Summary In this episode of The Acquirer’s Podcast Tobias chats with Ben Claremon, a Principal and Portfolio Manager at Cove Street Capital. Ben’s focus is on the SMID-Cap Universe, where he believes the best opportunities exist for investors. Ben provides some great insights into: – How To Identify Buffett Style and Graham Style Stocks – The SMID-Cap Universe Provides Greater … Read More

Howard Marks: The Great Investors Are Unemotional People

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Here’s a great excerpt from an interview that Howard Marks recently did with themarket.ch. During the interview Marks talks about the psychological aspects that make successful investors great saying, “Most of the great investors I know are unemotional people”. Here’s an excerpt from the interview: What about psychological aspects? The higher asset prices go, the more difficult it gets to stay … Read More

How Smart Investors Use ‘Good’ Leverage To Magnify Returns

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In his recent interview with Tobias, Dan Rasmussen, who is the Founder and Portfolio Manager of Verdad Advisors provides some great insights into how investors can use ‘good’ leverage to magnify returns. Here’s an excerpt from the interview: Tobias Carlisle: Well, I think I’m agnostic to the leverage in the company, provided that the operating income is there to support … Read More

Investing Decisions Should Be Based On Empirical Data – Not Stories And Emotions

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In his recent interview with Tobias, Dan Rasmussen, who is the Founder and Portfolio Manager of Verdad Advisors provides some great insights into why investment decisions should be based on empirical data and not stories and emotions. Here’s an excerpt from the interview: Dan Rasmussen: I talk to respective investors a lot, it’s part of my job. And the one … Read More

How Can Investors Implement A Successful Private Equity Strategy Into The Public Markets

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In his recent interview with Tobias, Dan Rasmussen, who is the Founder and Portfolio Manager of Verdad Advisors provides some great insights into how investors can implement a successful private equity strategy in the public markets. Here’s an excerpt from the interview: Tobias Carlisle: So, just so we can understand the strategy that you’re approaching right now, can you give … Read More

(Ep.11) The Acquirers Podcast: Dan Rasmussen – Private Equity, Replicating PE In Public Markets

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Summary In this episode of The Acquirer’s Podcast Tobias chats with Dan Rasmussen, who is the Founder and Portfolio Manager of Verdad Advisors. During the interview Dan talks about his replication of private equity investing in the public markets using levered small cap stocks. He also provides some great insights into: – How Can Investors Implement A Successful Private Equity … Read More

Value Investing Will Turn Around But No-One Can Say When

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During his recent interview with Tobias, Justin Carbonneau, a Partner at Validea Capital discusses how value investing will turn around but no-one can say when. Here’s an excerpt from the interview: Tobias Carlisle: We’ve seen this really difficult time for value. I get the feeling that you’re not necessarily a believer that value can turn around. You don’t think it can … Read More

Charlie Munger: I’m Ashamed On Missing Out On Google and, Beware of IPO Unicorns

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Here’s a great recent interview with Charles Munger and Andy Serwer at Yahoo Finance – Influencers. There’s one passage in particular in which Munger admits to being ashamed that he missed out on Google, and has the following to say about loss-making Unicorn IPO’s: “Well, there are a whole lot of things I don’t think about. And one of them … Read More