Here’s a great interview with Mohnish Pabrai on ET Now. With regards to IPO’s Pabrai says, “The simple rule to follow is do not buy what is being sold, especially what is being sold by promoters. Just completely side step the IPO market.” In relation to individual stock investment he says, “The most important thing after getting fluency on compounding … Read More
Howard Marks – Most Great Investors Stick To An Approach Through Thick And Thin
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 excerpt from the newsletter: Graham & Doddsville (G&D): You last spoke … 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 rules of investing and publicized by Charles Kirk of The … 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 his Pioneer Fund in 1928, one year before the great … 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 general notions that he finds helpful in solving problems. These … 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 gyrations. So how is an investor supposed to overcome this predicament? … 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 in the book – You Can Be A Stock Market … 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 that if you are prepared to suffer through the heartburn … 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, with permission from Seth Klarman, which included 20 lessons from … 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 “cool it”, when prices go higher and higher.” Here’s an … 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 a passage on John Maynard Keynes, who Buffett has often recommended … 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 have provided valuable insights for investors. One of my favorites … Read More
Charlies Munger – The Ultimate Investing Principles Checklist
As an investor it’s important to remember that there is no secret formula or simple blueprint for success in the stock market. However, with hard work, patience and diligent analysis you can put the odds in your favor. One of the best starting points for a successful journey in investing can be found in the book, Poor Charlie’s Almanack. In which … Read More
Interview With Tobias Carlisle – Outlook Business
Great interview with our Founder Tobias Carlisle at Outlook Business. Here’s an excerpt from that interview: There are very few lawyers who end up as full-time investors. Maybe because they have figured out that the grass is indeed greener on their side. Investing is not a sure thing but litigation or liquidation sure is. Tobias Carlisle then is an exception … Read More
James Montier – Here’s How Soros Successfully Safeguards Against Making Recurring Mistakes
As investors we all pat ourselves on the back, telling ourselves how smart we are when a stock that we picked outperforms. At the same time we can find dozens of reasons, excluding our own poor judgement, when another stock pick gets hammered. The reason in behavioral investing terms is called self-attribution bias. Self-attribution bias is our habit of attributing … Read More
Mohnish Pabrai – The Secret To Finding Your Next 100-Bagger
100-Baggers are the holy grail of investing. These are stocks that return $100 for every $1 invested and they’re extremely rare. However, the secret to capturing your next 100-Bagger can be found in a presentation that Mohnish Pabrai did with the folks at Google earlier this year. The answer came when Pabrai was asked a unrelated question regarding whether he shorts … Read More
Here’s How Successful Investors Dampen Down Their Investing ‘Cocaine Brain’ – Pabrai, Spier
As investors we all know the excitement we feel when we come across what we think is an undervalued opportunity that seems to have been overlooked by most other investors. The feeling of exhilaration that we get is called “cocaine brain.” Neuroscientists have found that the prospect of making money stimulates the same primitive reward circuits in the brain that cocaine does. The … Read More
21 Timeless Investing Lessons From Bruce Berkowitz
Bruce Berkowitz is the Founder and Chief Investment Officer of Fairholme Capital Management, and President and a Director of Fairholme Funds, Inc. In 2010 Berkowitz was named as the 2009 Domestic-Stock Fund Manager of the Year by Morningstar as well as the Domestic-Stock Fund Manager of the Decade (2000-2009), also by Morningstar. Most recently, he was named 2013’s Money Manager of … Read More
Is It Better To Buy The Stock And Watch The Price Drop Or Not Act And Watch The Price Soar? – Daniel Kahneman
One of the most common predicaments facing investors is that they’ve analysed a stock, it meets with the investors criteria, and now it’s time to pull the trigger and buy the stock. But something happens, the investor ums and ahs and delays the decision to buy. Next thing you know three months later the value of the stock has risen by … Read More
8 Exceptional Investing Lessons That Have Stood The Test Of Time – Philip Fisher
One of the best investing books ever written is Common Stocks and Uncommon Profits by Philip Fisher. According to Forbes this book was the first investment book ever to make The New York Times bestseller list. As a testament to the book, on the cover is a quote by Warren Buffett saying – “I am an eager reader of whatever Phil has to … Read More