In their recent episode of the VALUE: After Hours Podcast, Brewster, Taylor, and Carlisle discussed Investors Should Beware When Cloning 13F’s. Here’s an excerpt from the episode: Jake: First little nugget that we can take and maybe extrapolate back to our world of investing is that I think you have … Read More
Chuck Royce: Deep Value Investing Using Enterprise Value To EBIT As A Valuation Metric
One of the investors we like to follow closely here at The Acquirer’s Multiple is Chuck Royce and his team at The Royce Funds. The Royce Funds recently released their commentary (see video below) on the success that they’re having with their deep value investing strategy using Enterprise Value to EBIT … Read More
How Does Seth Klarman Implement His Value Investing Strategy Differently To Many Other Value Investors
Last week @NeckarValue tweeted a link to a great interview with Seth Klarman at Barron’s titled – “Value Hunter in a Sky-High Market”. The article provided a number of great value investing insights by Klarman and how he implements his value investing strategy differently to a lot of other value investors. Here’s … Read More
Mohnish Pabrai’s Advice For Value Investors – Forbes
Here’s a great recent interview with Mohnish Pabrai and Kevin Harris at SumZero in which Pabrai provides some valuable investing insights: Kevin Harris: What or who have been your most important investing influences? Mohnish Pabrai: That’s an easy one. My important influences have been Warren Buffet and Charlie Munger. I … Read More
Bill Miller Reveals The Biggest Mistake Value Investors Are Making Now
Here’s a interesting article about value investing legend Bill Miller at CNBC which discusses how Miller has modified his value investing approach over the years. It also highlights the biggest mistake that value investors are making today by excluding FAANG stocks: It happens late in nearly every bull market: Complaints … Read More
The Long Term Problem With Growth Stocks
There’s always lots of discussion about the performance of growth stocks versus value stocks. With this in mind here’s a great article at The Globe and Mail by George Athanassakos, a professor of finance and the Ben Graham Chair in Value Investing at the Richard Ivey School of Business, University … Read More
Forbes: Is Value Investing For Losers? No, So Don’t Get Tricked
Here’s a recent article at Forbes that discusses the cyclical nature of value investing and the importance of sticking with a value strategy during periods of underperformance, like the most recent one, saying: “This cycle is deep into the “growth dominates” phase, but the last thing you should do is … Read More
Leon Levy – “Value Investing Is As Close As It Gets To A Golden Rule”
One of our favorite value investors here at The Acquirer’s Multiple is Leon Levy. Levy joined the small brokerage firm of Oppenheimer & Company in 1951 and later founded Odyssey Partners with Jack Nash in 1982. Odyssey Partners earned an average annual return for its investors of 22% over 14 years. … Read More
David Einhorn: Value Investing May Be Dead And Amazon And Tesla Killed It
Here’s a great article on CNBC about David Einhorn and his thoughts on the future of value investing from his latest shareholder letter. “Given the performance of certain stocks, we wonder if the market has adopted an alternative paradigm for calculating equity value,” Einhorn writes in an investor letter to … Read More
Bruce Berkowitz – 26 Maxims For Successful Value Investing
One of my favorite investing books is Invest Like A Dealmaker by Christopher Mayer. The main premise of the book is that there are two market prices for a company listed on the stock exchange. One price (the public market price) can be found using the ticker symbol on sources like … Read More
Bruce Greenwald – The Quintessential Starting Point For All Value Investors
One of our favorite finance professors here at The Acquirer’s Multiple is Bruce Greenwald. Greenwald holds the Robert Heilbrunn Professorship of Finance and Asset Management at Columbia Business School and is the academic Director of the Heilbrunn Center for Graham & Dodd Investing. Described by the New York Times as “a … Read More
The Value Stock Comeback Could Be A Bad Sign For The Market – CNBC
Here’s an interesting article by Rebecca Ungarino at CNBC which highlights a shift in the trend from growth stocks to value stocks and some of the reasons why. Here’s an excerpt from that article: After broad underperformance for most of this year, value stocks are beginning to outpace growth stocks. To some, … Read More
Johnny’s TAM Portfolio Up 10.68%
Here’s an update on my Acquirer’s Multiple (TAM) Live Portfolio. As you can see below, my TAM Portfolio is up 10.68% since inception. Largest gains to date have come from Global Sources Ltd. (Bermuda) (NASDAQ:GSOL) up 142%, Fiat Chrysler Automobiles NV (NYSE:FCAU) up 134%, and FreightCar America, Inc (NASDAQ:RAIL) up 82%. Biggest … Read More
Is Value Investing Dead? It Depends on How You Measure It – WSJ
Here’s a great article by Wes Gray at the Wall Street Journal which demonstrates that value investing is not dead. It just depends on which metrics you use to measure its performance. Wes Gray is the CEO and CIO of Alpha Architect, a quantitative asset manager based near Philadelphia. Here’s an excerpt … Read More
Prem Watsa – Here’s Why Value Investors Take A Long-Term View
One of my favorite Prem Watsa presentations was one he did for the Ivey School of Business in 2011. The key takeaway that I took from this interview was Watsa’s view on the importance of taking a long term view in investing. Watsa says, “Who knows what will happen in … Read More
The One Thing All Value Investors Can Do To Get You Halfway Home – Irving Kahn
One of our favorite value investors here at The Acquirer’s Multiple is Irving Kahn. Kahn was the Chairman at Kahn Brothers Group which he founded in 1978. He began his career in the value investing business shortly before the stock market crash of 1929, and, in the 1930s, he served … Read More
Beaten Down Value Stocks Are Less Riskier Than You Think, Here’s Why – Josef Lakonishok
Of of the firms we follow closely here at The Acquirers Multiple is LSV Asset Management. Josef Lakonishok is the Chief Executive Officer and Chief Investment Officer of LSV Asset Management where he heads the research and investment team and is involved in all portfolio management and research functions. Lakonishok’s … Read More
Nice Portfolio, Shame About The Human Running It
James Saft at the Globe and Mail illustrates how an investor’s behaviour can be one of the biggest risks facing a successful investing strategy. Here’s an excerpt from that article: Investors hate two things above all else: losing money and missing out. The tension between the two, the fear of loss … Read More