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
Howard Marks: Adapt Your Portfolio to the Present, Not the Unknown
In his book, The Most Important Thing, Howard Marks explains that strategic decisions in various fields, such as driving, golfing, or dressing, are influenced by current conditions. Similarly, he argues that investment actions should reflect the present investing climate rather than uncertain future predictions. While many investors attempt to adjust … Read More
Warren Buffett: Just One Company Can Deliver Unmatched Wealth
In his 2023 Berkshire Hathaway Annual Letter, Warren Buffett highlights Berkshire Hathaway’s strategy of acquiring businesses with strong, enduring economics and capable management. He emphasizes the challenge of predicting winners and the importance of rare companies that can reinvest capital at high returns. Buffett reflects on past acquisition opportunities and … Read More
Howard Marks: In Investing It’s Really Easy To Be ‘Average’
In this fireside chat with the HKUST Business School, Howard Marks discussed the cyclical nature of markets, emphasizing that cycles are driven by excesses in psychology and behavior. He explained that an excess of positive psychology leads to unsustainable behavior above the trend line, which eventually corrects back, often overshooting … Read More
Stanley Druckenmiller: Great Investors Win with Concentrated Bets
In this speech to the Lost Tree Club, Stanley Druckenmiller discusses the value of making concentrated investments, following the approach of great investors like Warren Buffett and Carl Icahn. He explains that successful investors identify rare, highly exciting opportunities—perhaps only one or two per year—and focus heavily on them. By … Read More
Mohnish Pabrai: Aim for a Home Run, Settle for Breaking Even
In this Q&A session with MBA students at Columbia Business School, Mohnish Pabrai discusses the importance of assessing potential risks and outcomes before making investments. He acknowledges that all businesses carry some level of uncertainty and a small probability of failure. Pabrai views investing as a game of probabilities, striving … Read More
David Einhorn – Ignoring Macro Risks Cost Me Big-Time
During this speech at the Value Investing Conference 2009, David Einhorn reflects on a costly investment mistake during the housing bubble, attributing it not to bad luck but to flawed analysis. He dismissed warnings from Stanley Druckenmiller about the risks of a housing and debt bubble, believing timing such macroeconomic … Read More
The Undervalued Stock That 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
François Rochon’s Formula for Finding Great Businesses
During this interview with MOI, François Rochon explains how he identifies great businesses through a combination of quantitative and qualitative analysis. He begins by reviewing past performance metrics such as return on capital, margins, debt levels, and profit quality to find strong companies. However, he acknowledges that past performance alone … Read More
Low Valuations in Emerging Markets Often Signal Fear, Not Opportunity
During their recent episode, Taylor, Carlisle, and Juan Torres Rodriguez discussed Low Valuations in Emerging Markets Often Signal Fear, Not Opportunity. Here’s an excerpt from the episode: Juan: Or, you can take it to sectors or individual companies. If you find a company trading less than five times, that company … Read More
Howard Marks: What Warren Buffett Taught Me About ‘Desirable’ Information
In this presentation to Banco March, Howard Marks discusses the futility of predicting the future in investing, noting that most investors cannot accurately forecast macroeconomic factors like markets, currencies, or interest rates. He highlights quotes from John Kenneth Galbraith, Amos Tversky, and Mark Twain to stress the dangers of acting … Read More
Ray Dalio’s Investment Wisdom: Humility, Triangulation, and Diversification
In this interview with RWH, Ray Dalio discusses the importance of humility and caution when making decisions in unfamiliar areas, using China as an example. He relies on extensive experience, starting in 1984, and insights from highly knowledgeable and trustworthy individuals to triangulate information and form conclusions. Dalio prioritizes diversification, … Read More
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