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
Apple: Buffett’s Greatest Trade?
During their recent episode, Taylor, Carlisle, and Alex Morris discussed Apple: Buffett’s Greatest Trade? Here’s an excerpt from the episode: Alex: Yeah. I think the kicker on top of that too is to your point, it was only a handful of years after IBM, which was I think it was … Read More
Buffett’s PetroChina Investment
During their recent episode, Taylor, Carlisle, and Alex Morris discussed Buffett’s PetroChina Investment. Here’s an excerpt from the episode: Tobias: I remember PetroChina being– And I’d been sort of interested in Buffet and Munger for about five years by that point when PetroChina happened. And I remember it being a … 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
Cliff Asness: Investors Should Avoid These Two Extremes
In this interview with the Insightful Investor, Cliff Asness discusses the challenge of evaluating an investment strategy during difficult periods. He warns against two extremes: abandoning a strategy too quickly due to short-term losses or stubbornly refusing to adapt when necessary. He highlights Warren Buffett’s ability to stick to his … Read More
One Stock That Superinvestors Are Dumping: Is It Time to Sell?
As part of the weekly research here at The Acquirer’s Multiple we’re always interested in superinvestors who hold the same stocks that appear in our Acquirer’s Multiple Stock Screeners, based on their latest 13F’s. Investors such as Warren Buffett, Joel Greenblatt, Carl Icahn, Prem Watsa, Jeremy Grantham, Seth Klarman, Ray … Read More
One Stock Superinvestors Are Loading Up On
As part of the weekly research here at The Acquirer’s Multiple we’re always interested in investing gurus who hold the same stocks that appear in our Acquirer’s Multiple Stock Screeners, based on their latest 13F’s. Investors such as Warren Buffett, Joel Greenblatt, Carl Icahn, Prem Watsa, Jeremy Grantham, Seth Klarman, … Read More
Joel Greenblatt: The Simplest Way To Think About Business Valuation
In this interview with Barry Ritholz, Joel Greenblatt defines value investing as determining a business’s worth and paying significantly less, rather than relying on traditional metrics like low price-to-book or price-to-sales ratios. He argues that true value investing focuses on future cash flows and intrinsic business value, not stock market … Read More
Stan Druckenmiller: ‘Animal Spirits’ Are Back In Markets
In his recent interview with CNBC, Stan Druckenmiller discusses the current economic landscape, highlighting low unemployment (4%) and solid GDP growth (3%). He notes a shift from an anti-business administration to a more business-friendly one, leading to increased CEO confidence. While the economy appears strong in the short term, he … Read More
Terry Smith Explains The “Busy Fool Syndrome”
In his book – Investing for Growth, Terry Smith argues that most fund managers prioritize matching their benchmark rather than outperforming it, leading them to become “index huggers” who underperform after fees. He supports Warren Buffett and John Bogle’s view that low-cost index funds are better for most investors. Smith … Read More
Chris Davis: Stock-Picking Strategies for a Disconnected Market
In his recent interview with Barron’s, value investor Chris Davis discusses two key investment questions: the type of businesses to own and the price to pay for them. Viewing investments as business acquisitions, not just stock purchases, Davis highlights evaluating liabilities, undervalued assets, and long-term durability over short-term gains. He … Read More
Warren Buffett: The Secret to Great Business Returns: Stability Over Decades
In his 1987 Berkshire Hathaway Annual Letter, Warren Buffett discussed the value of stability in businesses, arguing that severe change and exceptional returns rarely coexist. Many investors chase exotic, rapidly evolving companies, imagining future profitability while ignoring current realities. In contrast, Buffett highlights that the best returns often come from … Read More
Warren Buffett: When Economic Downpours Rain Gold: Be Ready with a Washtub
In his 2016 Berkshire Hathaway Annual Letter, Warren Buffett discusses Berkshire Hathaway’s commitment to long-term growth in earning power per share, acknowledging that actual earnings may occasionally decline due to economic downturns or industry-specific events. Berkshire retains all earnings, reinvesting significantly more than competitors, to achieve sustainable growth. While gains … Read More
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