One of the value investing firms that we follow closely here at The Acquirer’s Multiple is Ruane, Cunniff & Goldfarb (RCG), the investment adviser best known for managing the Sequoia Fund. RCG recently released its Q2 2018 Investor Letter. For the second quarter of 2018, Sequoia Fund generated a total return … Read More
Mason Hawkins: Real Value Investing Has A Humility Not Present In Today’s More Popular Method Of Heavily Weighing The Qualitative Factors Of The Business And Minimizing The Importance Of Valuation
One of the value investors we like to follow closely here at The Acquirer’s Multiple is Mason Hawkins, Chairman and Chief Executive Officer at Longleaf Partners (Longleaf). Last week Longleaf released its Q218 Shareholder Letter which contains a number of warnings for today’s investors saying: “Managers who say convincingly today that … Read More
Is David Einhorn’s Underperformance A Sign That Value Investing Is Set to Return
Here’s a great article at CNBC which discusses the similarities between David Einhorn’s current performance and that of Julian Robertson’s Tiger Management back in 1999/2000. In terms of what Einhorn’s current performance means for the future of value investing, the article makes the following point: “The down-on-his-luck investor [Einhorn] may … Read More
Is It Time For Value Investing to Return to the Limelight?
Here’s a great article from Peter Langerman at Franklin Templeton Investments where he discusses an optimistic outlook for value investing. Here’s an excerpt from that article: We believe macroeconomic developments in the United States and elsewhere could prove a fillip to value investing after several years of underperformance. The combination … Read More
Jim O’Shaughnessy: 25 Timeless Lessons From 30 Years Of Value Investing
One of our favorite value investors here at The Acquirer’s Multiple is Jim O’Shaughnessy. O’Shaughnessy recently wrote an awesome series of tweets detailing twenty five investment lessons that he’s learned over thirty years of value investing. They’re a must read for all investors. With Jim’s permission here are his twenty … Read More
Seth Klarman: Successful Value Investing Requires A Multi-Strategy Approach
Back in 2008 Columbia Business School celebrated the 75th anniversary of the publication of Benjamin Graham and David Dodd’s Security Analysis. The anniversary celebration, hosted by the Heilbrunn Center for Graham & Dodd Investing, consisted of a symposium featuring contributors to the sixth edition of Security Analysis, including David Abrams, Bruce … Read More
Barron’s: Are Value Stocks Ready To Grow Again
Here’s a great article from Barron’s which discusses the future of value investing. Here is an excerpt from that article: Quick: Name a famous investor. Whether you thought of a celebrity like Warren Buffett, a less famous (but no less successful) hedge fund manager like Seth Klarman, or reached into … Read More
Forbes: Market Shift Coming – Value Stocks Overtake Growth In 2018
Here’s a great article at Forbes that discusses the possibility of value investing overtaking growth in 2018. Here’s an excerpt from that article: Since March 2009, growth and value stocks have pushed the U.S. stock market forward, with the two categories swapping leadership along the way. Until 2017, that is, … Read More
Market Volatility Is A Value Investor’s Best Friend
Here’s a great article by Gary Smith at MarketWatch. Smith, the author of “Money Machine: The Surprisingly Simple Power of Value Investing” illustrates how market volatility provides great opportunities for value investors saying: “In fact, stock market volatility is a value investor’s best friend. Stock prices fluctuate far more than … Read More
Seth Klarman – Value Investing Is A Large-Scale Arbitrage Between Security Prices And Underlying Business Value
The one book that all investors should read is Margin of Safety, by Seth Klarman. A new copy of Klarman’s book is going to set you back around $1000 on Amazon and used copies can be bought for around $750. But it’s money well spent if you wish to be … Read More
Successful Investing Is Achieved By Studying Other Successful Investors Who Do Things Very Differently To You – Bill Nygren
One of the value investing firms that we follow closely here at The Acquirer’s Multiple is Oakmark Funds and portfolio manager, Bill Nygren. Nygren is a value investor who focuses on companies trading at what he considers to be a substantial discount to their true business value. He has been a … Read More
Value Investing Woes Reflect Anxiety Among Equity Buyers
A recent article at the Financial Times attempts to explain the present level of anxiety amongst equity buyers using the current value investing environment as an example: Here’s an excerpt from that article: It has become commonplace to ask how stock markets can be rallying when the world is confronted … Read More
Is Value Investing Broken? – Morningstar
Just finished reading a great article titled – Is Value Investing Broken? – at Morningstar. The article demonstrates that while a value investing strategy can be difficult to stick to at times, it’s still a commonsense strategy that outperforms over time, based on the principle: cheap stuff outperforms expensive stuff … Read More
Value Investing Having Its Worst Run Since The Financial Crisis – WSJ
If you’re wondering why your value investing strategy is under-performing you’ll be interested in this interview by Charlie Turner at Your Money Matters and The Wall Street Journal’s Steve Russolillo regarding the current under-performance of value investing. Russolillo says value funds globally are on track to post their worst performance this … Read More
Seth Klarman – The Real Secret To Investing Is That There Is No Secret To Investing
One of our favorite investors here at The Acquirer’s Multiple is Seth Klarman and one of the best articles ever written by Klarman is the comprehensive preface that he wrote in the 6th Edition of the value investing bible, Security Analysis. In his closing thoughts Klarman explains that as long … Read More
Seth Klarman – Value Investing Is Like The E=mc2 of Money and Investing
One of the best resources for investors are the Santangel Investor Forum and The Santangel Roundtable. These invitation-only events offer unique investment ideas from some of the world’s top investors. Events were created by The Santangel Review which also provides some great commentary on leading investors. My favorite commentary is … Read More
Joel Greenblatt – Value Investing Doesn’t Always Work, Which Is Precisely Why It Works
One of the best reads for any investor is 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, one of which is Joel Greenblatt. In the book, Greenblatt discusses how he developed … Read More
Seth Klarman – 13 Tips On How To Find Bargains
One of the best resources for investors are the Santangel Investor Forum and The Santangel Roundtable. These invitation-only events offer unique investment ideas from some of the world’s top investors. Events were created by The Santangel Review which also provides some great commentary on leading investors. My favorite commentary is … Read More
Warren Buffett – How To Become An Intelligent Investor
The Berkshire Hathaway letters are one of the most valuable resources for value investors. One of my favorite letters is the 1996 letter in which Buffett provides some principles for becoming an intelligent investor. It provides some great insights into the types of businesses you should search for, how to … Read More
Value Investing Hits Back – Bloomberg
Just read a great article by Nir Kaissar over at Bloomberg about the dominance of value stocks over growth stocks in 2016. Here’s an excerpt from that article: Value investing was supposed to be on the mat, waiting out its last few moments before it surrendered for good to growth stocks. But … Read More