One of our favorite investors here at The Acquirer’s Multiple is Bruce Berkowitz. He is the Founder and Chief Investment Officer of Fairholme Capital Management, and President and a Director of Fairholme Funds. In 2010 Berkowitz was named as the 2009 Domestic-Stock Fund Manager of the Year by Morningstar as well … Read More
Michael Mauboussin – Here Is The Best Way To Compare Investment Opportunities
One of the problems that we face as investors is making comparisons between investment opportunities. Similarly, company management has to make comparisons between strategic merger and acquisition opportunities. So the question is, what is the best way to do this? One answer can be found in Michael Mauboussin’s recent paper … Read More
Ray Dalio – The Holy Grail Investing Strategy
Bridgewater founder Ray Dalio has written a lot about his principles, but not so much about his investing principles. In his latest book – Principles: Life and Work, Dalio discusses the purpose and importance of having principles, his most fundamental life principles, and his management principles at Bridgewater. But in terms … Read More
Mohnish Pabrai – “Stop Losses Make No Sense” – Here’s Why
Mohnish Pabrai recently did a great interview with BloombergQuint, the Indian financial news organisation. While Pabrai has said many times that he’s not a fan of stop-losses, in this interview he provides a great example of how stop-losses can seriously hurt your performance. Here’s an excerpt from the interview: Pabrai: … Read More
Charles Munger – “I Didn’t Mean To Get Rich I Just Overshot” + “Bitcoin is Total Insanity!!”
We just watched an awesome interview with Charles Munger at The University of Michigan 2017. The interview is a fantastic insight into Munger’s journey though life and his career. Two of our favorite parts are when Munger talks about the role of luck in investing, and his thoughts on Bitcoin. … Read More
Buffett & Munger – The ‘Eureka Moment’ For Two Of The World’s Greatest Investors
It seems that all of the great investors have a ‘eureka moment’ during their investing careers. A ‘eureka moment’ refers to the common human experience of suddenly understanding a previously incomprehensible problem or concept. Sometimes referred to as an ‘Aha’ moment. And so it was two of the world’s greatest … Read More
Howard Marks – “A Hugely Profitable Investment That Doesn’t Begin With Discomfort Is Usually An Oxymoron..”
One of our favorite investing books here at The Acquirer’s Multiple is – The Most Important Thing: Uncommon Sense for the Thoughtful Investor, by Howard Marks. It’s a must read for all investors. One of our favorite pieces in the book discusses the importance of being contrarian in your investing approach … Read More
David Einhorn – There’s One Rule Of Investing That Has Served Us Well
One of our favorite investors at The Acquirer’s Multiple is David Einhorn. One of the best Einhorn interviews was one he did with Value Investor Insight in which he discussed his investing strategy, how he modified the traditional value investing process to achieve outperformance, and the one rule of investing … Read More
Joel Greenblatt – Individual Investors Can Beat Professional Investors, Here’s How
A lot of individual investors mistakenly believe that it’s impossible to beat the results achieved by professional investors. This could not be further from the truth according to Joel Greenblatt in his great investing book – The Big Secret for the Small Investor. Greenblatt illustrates how small investors can outperform … Read More
Warren Buffett – The Only Score That Counts In Investing Is Your Internal Scorecard
One of our favorite investing books here at The Acquirer’s Multiple is – The Snowball: Warren Buffett and the Business of Life, by Alice Schroeder. Schroeder recounts a time in the late ninety’s when Buffett was being humiliated by some of the leading financial commentators of the time and Berkshire’s … Read More
Michael Burry – Don’t Be Seduced By Too-Good-To-Be-True Higher Yield Investments
One of the best investing resources are Michael Burry’s MSN 2000/2001 Strategy Lab articles where he provides some great insights into his investing strategy. Value investor Burry was the founder of the hedge fund Scion Capital, and he was one of the first investors to recognize and profit from the subprime mortgage … Read More
Stanley Druckenmiller – If You Invest In Conventional Wisdom You’re Going To Lose Your Butt
Here’s a great interview with Stanley Druckenmiller at the USC Marshall School of Business where he speaks about the importance of unconventional investing. During the interview he makes two great points. First, he’s not a fan of diversification, and secondly investors need to focus on the longer term saying, “The present is … Read More
Seth Klarman – It Is Crucial To Have, And Maintain, A Sound Process
Here’s a great article at the The Outstanding Investor Digest that includes comments and answers from Seth Klarman at a symposium entitled “Celebrating 75 Years of Security Analysis”. During the symposium Klarman provided a number of valuable investing insights and honored the legacy of Graham and Dodd saying, “Graham and Dodd teach … Read More
George Soros – I Would Rather Call Myself An Insecurity Analyst
One of our favorite investors here at The Acquirer’s Multiple is George Soros and one of my favorite Soros books is Soros on Soros: Staying Ahead of The Curve. The book interweaves financial theory and personal reminiscence, political analysis and moral reflection to offer a compelling portrait of the world (and its … Read More
Lynch & Munger – Becoming A Better Investor Requires Thinking Outside Of Investing
A lot of investors believe that the more you can learn about investing and investing techniques the better you will be as an investor. A typical value investor might spend time studying the fundamental assumptions and approaches to value investing, techniques for assessing fundamental value – balance sheet and earnings … Read More
Marks on Taleb And The Self Inflicted Anxiety That Investors Create For Themselves
One of the best books ever written on investing is – Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets, by Nassim Taleb. Howard Marks recommended the book in this interview with 5 Good Questions, saying: “I like the book Fooled by Randomness by Nassim Nicholas Taleb. … Read More
Lou Simpson – Investors That Use Hot Tips Or Listen To CNBC Are Playing A Losers Game
Last week investing great Lou Simpson, former chief investment officer for Geico—a Berkshire Hathaway subsidiary, did a Q&A with Robert Korajczyk, a professor of finance at the Kellogg School to discuss his successful investment strategy. Simpson provides a warning to investors saying, “If somebody’s going to invest using hot tips, or … Read More
Li Lu – Investing Is About Intellectual Honesty. Know What You Don’t Know
One of our favorite value investors here at The Acquirer’s Multiple is Li Lu. He is the founder and Chairman of Himalaya Capital Management and was one of the student leaders of the 1989 Tiananmen Square student protests. He famously convinced Charlie Munger to become interested in BYD [a Chinese company which … Read More
Michael Burry – Search For Unpopular Companies That Look Like Road Kill
One of our favorite value investors here at The Acquirer’s Multiple is Michael Burry. Burry was the founder of the hedge fund Scion Capital, which he ran from 2000 until 2008. He later closed the fund to focus on his own personal investments. Burry was one of the first investors to … Read More
Klarman And Pabrai – Just How Important Are Catalysts To Investing Success
One topic that gets a lot of discussion in the world of investing is the importance of catalysts. A catalyst in investing terms is an event that triggers a change to a stock price. Catalysts can include things like a latest earnings release, a positive or negative result in a … Read More