Steve Romick doesn’t mince words. The veteran value investor from the FPA Crescent Fund offers a welcome dose of level-headed perspective — especially during chaotic times like these. “It’s only April,” Morningstar’s Leslie Norton noted, “but you’ve had an eventful year.” Fires in Los Angeles, whipsaw markets, and political uncertainty … Read More
Li Lu: Top 5 Positions Make Up 93.27% Of His Portfolio (Analysis)
Li Lu’s top 5 positions make up 93.27% of his current portfolio, reflecting a highly concentrated investment strategy. His largest holding, Bank of America (BAC), alone represents 29.31%. Below is an in-depth look at each holding, analyzing position size, value, percentage of portfolio, and recent changes. Bank of America Corp … Read More
This Week’s Acquirer’s Multiple FREE U.S Large-Cap Stock Screener Analysis
This week’s large-cap screener covers a wide array of industries, including energy, finance, homebuilding, automobiles, telecommunications, and consumer retail. Among these, sectors like energy, specialty finance, and consumer cyclicals appear to offer the most compelling value based on the Acquirer’s Multiple (AM), a key metric that identifies undervalued companies. Specialty … Read More
David Abrams: Focus on Multiple Future Paths in Investing
David Abrams, Founder of Abrams Capital and former Baupost Group investor, seldom speaks publicly. In a rare interview with Value Investing with Legends, he shared key principles behind his investing strategy. Investing begins with a simple but critical question: “What’s the risk?” As David Abrams explains, the first step is understanding … Read More
Bill Ackman: When to Buy the Best Businesses (At the Right Price)
Bill Ackman’s investment philosophy comes down to a simple but powerful idea: find great businesses when they’re going through tough times, buy them at a discount, and help them get back on track. In an interview with Lex Fridman, he broke down exactly how he does this in straightforward terms … Read More
Jeremy Grantham: Resilience is the New Investing Superpower
In his latest article, ‘Rising Toxicity and the Threat to Capitalism and Life Itself,’ Jeremy Grantham issues sobering warnings that should give every investor pause. We’re witnessing the end of an era of smooth, consistent growth, and the investment strategies that delivered reliable returns for decades may soon become obsolete. … Read More
François Rochon: The Optimal Portfolio Strategy
In a recent interview with The Investor’s Podcast, one of my favorite value investors, François Rochon from Giverny Capital, shared some straightforward advice about building a smart investment portfolio. His main takeaway? Owning between 20 to 25 high-quality stocks gives you the right mix of diversification and concentration for long-term … Read More
Buffett’s Rule: How Much to Invest in a Single Stock
As investors, we constantly grapple with the question of how much to allocate to each position in our portfolio. When students from Emory’s Goizueta Business School and the McCombs School of Business at UT Austin had the opportunity to visit Warren Buffett for a Q&A session, they gained valuable insights … Read More
Mohnish Pabrai: How to Spot a True ‘Cannibal’ Stock
I’ve just finished watching Mohnish Pabrai in his recent interview with the Capital Compounders Show in which he shared a fascinating insight on share buybacks. His discussion on “cannibals”—companies that aggressively buy back their own stock—provides a powerful mental model for investors looking to maximize long-term wealth accumulation. “I think … Read More
Tobias Carlisle: Redefined Value Investing For 2025
In the early 2020s, skepticism toward value investing surged. As Tobias Carlisle noted on the Excess Returns Podcast, “In 2020 and 2021, the growthy, better-quality companies were having a field day, and value was again being left behind.” Critics argued value investors were merely price investors, relying on multiple expansion … Read More
Howard Marks: Why Credit is a Better Bet Than Stocks Right Now
Many investors love to argue over where the best returns will come from—stocks or bonds? Historically, equities have been the go-to for long-term growth, but right now, credit offers a compelling case that’s hard to ignore. In his recent memo, Gimme Credit, Howard Marks makes a strong argument that, at … Read More
Value Investing Reimagined: How Buffett Moved Beyond Cigar Butt Stocks
Warren Buffett’s approach to investing has evolved significantly over the decades, and his remarks during the 2003 Berkshire Hathaway Annual Meeting offer a glimpse into that transformation. What began as a strict adherence to Benjamin Graham’s quantitative approach to investing eventually shifted toward a more nuanced understanding of business quality—largely … Read More
Comprehensive Analysis of Warren Buffett’s Q4 2024 Portfolio Changes
Following is a comprehensive analysis of Warren Buffett’s Q4 2024 portfolio changes compared to Q3 2024. Key Observations No major changes in top holdings like Apple (AAPL), American Express (AXP), and Coca-Cola (KO), though some valuation shifts. Financial sector trims, particularly in Bank of America (BAC) and Citigroup (C). New … Read More
Long-Term Value Investing: Strategy, Moats & Portfolio Management
During their recent episode, Taylor, Carlisle, and Ardal Loh-Gronager discussed Long-Term Value Investing: Strategy, Moats & Portfolio Management. Here’s an excerpt from the episode: Tobias: Tell us a little bit about your investment strategy. What sort of businesses do you like to look at? What’s the geographic range, any industries, … Read More
Howard Marks: Why Risk Is Perverse
Risk is often misunderstood, not because it is complicated, but because it defies intuition. As Howard Marks explains in his discussion on the character of risk, “risk is counterintuitive” and “risk is perverse.” The way we perceive risk can often be the exact opposite of reality, leading investors, policymakers, and … Read More
The Law of Large Numbers: Mohnish Pabrai’s Warning for Investors
Investing in large, well-established companies may seem like a safe bet. After all, these businesses have survived economic downturns, outcompeted rivals, and generated billions in annual cash flow. Yet, as Mohnish Pabrai astutely observes in Mosaic: Perspectives on Investing, investing in blue-chip giants can be a dangerous trap—one that too … 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
Howard Marks: The Investor’s Dilemma: Emotion, Uncertainty, and the Path Forward
Investing, at its core, is not just about financial analysis or understanding market trends—it’s about managing emotions. As Howard Marks aptly put it during a fireside chat at Global Alts Miami 2025, “You can’t be a good investor if your emotions dominate you because then you’ll make the same mistakes … Read More
Guy Spier – 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
Berkshire’s Capital Charge Philosophy
During their recent episode, Taylor, Carlisle, and Alex Morris discussed Berkshire’s Capital Charge Philosophy. Here’s an excerpt from the episode: Tobias: It’s so different to the way that Berkshire does it, where, the $40 billion went to Apple, some of it goes to buybacks. Jake: I think more importantly than … Read More