One of our favorite investors at The Acquirer’s Multiple is Ray Dalio. Dalio is the Chairman of the largest hedge fund in the world, Bridgewater Associates. One of the best papers ever written by Dalio is the abbreviated version of what he calls his “Principles”, which provides 210 guiding principles … Read More
How Does Warren Buffett Stay At The Top Of His Game
So it appears that if you want to best investor in the world you have to have a few quirks. As you can see from this video on CNBC: However, while he may be a little quirky that’s not the main reason that sets him apart from other great investors … Read More
Here’s How Successful Investors Put The Odds Squarely In Their Favor – Charles Munger
One of the best investing speeches ever given was – A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business, by Charles Munger. In particular are Munger’s insights into investing in the stock market being a lot like betting at the race-track, which uses a system called … Read More
Timeless Investing Lessons From Prem Watsa
One of our favorite investors here at The Acquirer’s Multiple is Prem Watsa. Watsa founded Toronto-based financial services firm Fairfax Financial Holdings in 1985 and remains its chairman and CEO. He has been called, The Canadian Warren Buffett. Over the years Watsa has provided some great insights on how to … Read More
Successful Investing Means Living With Discomfort – Montier, Mauboussin
There is no question that the life of a successful investor can be an uncomfortable and solitary one. Hence the reason why so many investors underperform by picking the ‘good news’ stocks and following the crowd. For some reason we find it easier to accept a mistake if we invest … Read More
Here’s How Charlie And Warren Calculate Intrinsic Value Differently To Everyone Else
One of the biggest problems facing investors is the calculation of intrinsic value. There has been much written about the correct way to calculate intrinsic value but one of the best explanations can be found in the book Charlie Munger: The Complete Investor, by Tren Griffin. The book provides the essential … Read More
25 Timeless Investing Lessons From Seth Klarman
One of our favorite investors here at The Acquirer’s Multiple is of course Seth Klarman. Klarman is one of the smartest investors on the planet and he’s always been very open in sharing his insights with other investors. While Klarman has provided dozens of investing lessons over the years via … Read More
If You’re Having Trouble Finding Undervalued Stocks Today, Here’s One Reason Why – GMO
GMO recently released a white paper titled The S&P 500: Just Say No, by Matt Kadnar and James Montier. The paper questions the validity of throwing in the towel and simply indexing all of our equity exposure to the S&P 500. Of particular interest to us here at The Acquirer’s Multiple is Montier’s … Read More
Find A Simple Strategy With An Acceptable Level Of Risk And Stick With It – What Works On Wall Street
One of the best investing books ever written is What Works On Wall Street by James O’ Shaughnessy. The book is full of a number of investing gems but one which struck a chord with me was O’ Shaughnessy’s advice on finding a simple evidence based strategy, with an acceptable … Read More
Howard Marks – Eleven Ways To Avoid Pitfalls That Will Crush Your Performance
One of our favorite Superinvestors here at The Acquirer’s Multiple is Howard Marks. In his book, The Most Important Thing, Marks provides eleven lessons for avoiding pitfalls that will crush your portfolio’s performance. Here’s an excerpt from the book: The essential first step in avoiding pitfalls consists of being on the … Read More
Charles Munger – It Is Ridiculous That Investors Cling On To Failed Ideas
In 2003 Charles Munger gave a great talk to the students in the Economics Department at The University of California. While his talk focused on the strengths and weaknesses in teaching academic economics he also provided a number of great lessons for investors including the importance of being able to destroy your own wrong … Read More
Mohnish Pabrai – If Your Investment Thesis Requires You To Fire Up Excel, It Should Be A Big Red Flag
I just finished re-reading one of my favorite investing books, The Dhando Investor, by Mohnish Pabrai. One of my favorite parts of the book covers Pabrai’s methodology when it comes to putting together an investment thesis. His thesis is in accordance with Buffett and Munger’s age old adage of keeping … Read More
Reminiscences of a Stock Operator – “Men Who Can Both Be Right And Sit Tight Are Uncommon.”
Reminiscences of a Stock Operator is a classic investing book that focuses on the character Larry Livingston, which is really a depiction of Jesse Livermore, one of the most highly regarded traders of all time. The book provides a first person account of Livingston’s journey which started in the stock … Read More
Walter Schloss – The Key To Purchasing An Undervalued Stock Is Its Price COMPARED To Its Intrinsic Worth
One of our favorite investors here at The Acquirer’s Multiple is Walter Schloss. Schloss averaged a 16% total return after fees during five decades as a stand-alone investment manager, versus 10% for the S&P 500. Warren Buffet said the following about Schloss is his famous article, The Superinvestors of Graham-and-Doddsville: “He … Read More
Seth Klarman – There Is Only One Valid Rule For Selling – Margin of Safety
One of our favorite investors here at The Acquirer’s Multiple is Seth Klarman. Klarman is a value investing legend who runs The Baupost Group, one of the largest hedge funds in the U.S. He also wrote one of the best books ever written on investing called Margin of Safety. In the book Klarman … Read More
Howard Marks – Passive Investors Surrender The Possibility Of Outperforming
Howard Marks recently released his latest memo titled, There They Go Again…Again. As usual it’s full of a number of great investing insights. One which struck a chord with me was his thoughts on the debate over active versus passive investing and the huge shift towards passive. Marks warns passive … Read More
Ray Dalio – When Investors Are Making Money, Which Is Typically After A Large Price Rise, Doing The Opposite Is A Good Idea
One of our favorite investors here at The Acquirer’s Multiple is Ray Dalio, and one of the best Dalio interviews is in the book, Hedge Fund Market Wizards: How Winning Traders Win, by Jack Schwager. The book provides successful trading philosophies and strategies from fifteen traders who’ve consistently beaten the markets. In this … Read More
Charlie Munger – Great Investors Must Be Able To Adapt To A Changing Business Environment
Earlier this year Berkshire Hathaway Vice-Chairman Charlie Munger was interviewed at the 2017 Daily Journal Annual Meeting. Munger spent time answering questions on a number of subjects including deferred gratification, polymath, filial duties, and the psychology of human misjudgment. The breadth of his knowledge is quite astounding. While the interview is … Read More
Peter Lynch – In Investing The Person That Turns Over The Most Rocks Wins The Game
One of my favorite all time investors is Peter Lynch. As the manager of the Magellan Fund at Fidelity Investments between 1977 and 1990, Lynch averaged a 29.2% annual return, consistently more than doubling the S&P 500 market index and making it the best performing mutual fund in the world. During his tenure, assets under management increased from $18 … Read More
Investors Shouldn’t Compare Their Performance To Others – Here’s Why
Great article by Ian Cassell at MicroCapClub titled, Don’t Compare Yourself To Others. Ian covers two important issues that all investors can relate to. The first is how to sit still while others are making money, because you can’t find stocks that fit your strategy. The second is how to … Read More