Disclaimer: acquirersmultiple.com is not an investment adviser, brokerage firm, or investment company. “The Acquirer’s Multiple®” is a term used to describe the investment strategy explained in the book The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market. Use of the formula does not guarantee performance or investment success. acquirersmultiple.com is owned in part by Tobias Carlisle.| The Acquirer's Multiple®
Each week we run a DCF (Discounted Cash Flow) model on a company from our watchlist. This week’s pick: Chevron Corporation (CVX). Profile Chevron is one of the largest integrated oil and gas companies in the world, with operations spanning upstream exploration, downstream refining, and a growing renewable energy segment. ... Read More| The Acquirer's Multiple®
As part of our ongoing series at The Acquirer’s Multiple, each week we spotlight a stock from our Stock Screeners that might be a deeply undervalued gem hiding in plain sight. This week’s spotlight is: World Acceptance Corp (WRLD) World Acceptance Corp is a consumer finance company providing small installment ... Read More| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Jason Hirschman discussed Why Micro-Caps Are Attractive. Here’s an excerpt from the episode: Tobias: I think that’s a pretty good answer. I like that approach to its sizing helps you deal with that sort of risk. Talk to us a little bit about ... Read More| The Acquirer's Multiple®
Ray Dalio – US sliding towards 1930s-style autocracy (FT) Ken Fisher – What Comes Next for US Stocks? (Fisher) Europe’s Small-Cap Golden Age (Verdad) Warren Buffett says he is ‘disappointed’ in Kraft Heinz split; shares fall 7% (CNBC) A Short History of the S&P 500 (Carlson) The Probability Machine (Ritholz) ... Read More| The Acquirer's Multiple®
According to the Index Dashboard: S&P 500® Factor Indices – August 2025 report, August was another strong month for U.S. equities, but beneath the surface the rotation across factors revealed a more nuanced story Market Performance The S&P 500 rose 2.0% in August, extending its winning streak to four consecutive ... Read More| The Acquirer's Multiple®
In a recent interview on WealthTrack, John Spears of Tweedy, Browne shared the empirical research that led to the creation of their new ETF. “The big thing I think that tipped the scales was the empirical research that had been done before by Professor Seyhun,” Spears explained. The findings were ... Read More| The Acquirer's Multiple®
Carl Icahn’s latest 13F filing reveals a decisive shift in his portfolio strategy. The legendary activist investor exited two positions entirely this quarter: Dana Inc. (DAN) and Illumina Inc. (ILMN). A Clean Break From Industrials And Biotech The moves were not small trims but full disposals—100% exits that remove both ... Read More| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Jason Hirschman discussed Lessons from the XPEL Investment. Here’s an excerpt from the episode: My question is for XPEL. So, XPEL is a slightly different situation where it’s a newer business. They have similar crisis, but more directly related to their core business. ... Read More| The Acquirer's Multiple®
In a rare and candid interview with the Financial Times, hedge fund billionaire Ray Dalio issued a sobering assessment of the current U.S. economic and political climate, drawing direct parallels to a troubled past. Dalio told the FT that “gaps in wealth”, “gaps in values” and a collapse in trust ... Read More| The Acquirer's Multiple®
This week’s Large Cap Acquirer’s Multiple® Screen once again highlights the market’s deep skepticism toward Energy and Financials, with both sectors dominating the top ranks of undervaluation. From Petrobras (PBR) trading at an Acquirer’s Multiple (AM) of 4.1 and delivering a stunning 36.3% free cash flow yield, to Bank of ... Read More| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Jason Hirschman discussed Blending Value and Growth Opportunities. Here’s an excerpt from the episode: Second, should you be a value investor or growth investor? I think the best opportunities tell you the answer. Value of growth? I think the answer is yes. Again, ... Read More| The Acquirer's Multiple®
U.S. equities posted another month of gains in August, extending a four-month winning streak for the S&P 500® despite a sharp sell-off on the final trading day. According to the U.S. Index Dashboard (August 29, 2025), the benchmark index closed the month up 2.03%, reaching a new all-time high on ... Read More| The Acquirer's Multiple®
In a recent interview on the Facts vs Feelings Podcast, Cliff Asness of AQR Capital Management offered a measured perspective on current market conditions, stopping short of the term many are eager to use. “On some of the major indicators. I would be uncomfortable calling it a bubble,” he stated, ... Read More| The Acquirer's Multiple®
In the most recent quarter, a diverse group of renowned institutional investors either increased or initiated positions in UnitedHealth Group (UNH), signaling growing conviction in the healthcare giant’s long-term prospects. As the largest U.S. health insurer, UnitedHealth continues to combine its core insurance operations with the rapidly expanding Optum health ... Read More| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Jason Hirschman discussed The “Salad Oil” Approach to Investing. Here’s an excerpt from the episode: So, guys, I think your audience has probably deeper knowledge of Berkshire Hathaway than any other financial podcast in the developed world. [Jake laughs] So, I think I ... Read More| The Acquirer's Multiple®
In a recent interview with Excess Returns, portfolio manager and author Tobias Carlisle offered a sobering assessment of current market valuations. By examining a composite of historical measures, he presented a clear and stark conclusion: “If you take all of those measures together and you take an average of those ... Read More| The Acquirer's Multiple®
Mohnish Pabrai’s Dalal Street, LLC runs a $271.6 million U.S. equity portfolio, with just five positions representing 100% of assets. The concentrated nature of the portfolio highlights Pabrai’s high-conviction, value-focused approach, often centered around deep-value cyclicals and special situations. Here’s Mohnish Pabrai’s top five positions: Warrior Met Coal Inc (HCC) Value: $82.48 million Shares: 1,799,745 ... Read More| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Jason Hirschman discussed: From Family Business to Hudson 215 Capital The “Salad Oil” Approach to Investing Blending Value and Growth Opportunities Lessons from the XPEL Investment Why Micro-Caps Attract Me The Substack and AI Revolution in Micro-Cap Investing Expanding Opportunities Abroad Red Flags and Lessons ... Read More| The Acquirer's Multiple®
Pershing Square Holdings delivered strong performance in the first half of 2025, with its NAV per share, including dividends, increasing 15.5%, compared with a 6.2% return for the S&P 500 over the same period. Chairman Rupert Morley noted that “the Board is pleased to report that PSH delivered strong absolute ... Read More| The Acquirer's Multiple®
This is captured in his warning: “The riskiest thing in the world is the belief that there’s no risk.” This is especially pertinent for those who, like the hypothetical Sam, find comfort in the long-term average returns of the S&P 500.| The Acquirer's Multiple®
Weekly Investing Roundup – News, Podcasts, Interviews (08/15/2025)| acquirersmultiple.com
Howard Marks – The Calculus of Value (OakTree)| The Acquirer's Multiple®
During his recent interview with CNBC, Bill Nygren made a compelling argument for overlooked value opportunities. His strategy hinges on companies trading at steep discounts to the S&P 500’s inflated multiples, with a focus on share repurchases as a catalyst for growth. “The stock’s down at about five times earnings,” Nygren says of Charter Communications, a longtime holding. “The market doesn’t pay for as much as it should [for] the growth that can come from share repurchase.” ...| The Acquirer's Multiple®
From Equinor (EQNR) with an Acquirer’s Multiple (AM) of just 2.6 and a free cash flow yield near 12%, to Petrobras (PBR) with a 4.0 AM and one of the highest dividend yields in the market, the energy sector is stacked with companies that combine low valuation multiples, high cash generation, and shareholder-friendly capital returns. This concentration is not random — sector overrepresentation analysis shows that oil & gas names appear in the low AM cohort far more frequently tha...| The Acquirer's Multiple®
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For Lee Ainslie, founder of Maverick Capital, investing success hinges on three pillars: rigorous research, management quality, and the discipline to hold convictions while admitting mistakes. “We’re simply trying to understand the dynamics behind different stocks, identify those that we think are long-term winners and long-term losers,” he explains.| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Gwen Hofmeyr discussed Valuation, Cyclicality, and Robotics Potential. Here’s an excerpt from the episode:| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Gwen Hofmeyr discussed Deep Dive into Melexis: Belgium’s Niche Sensor Powerhouse. Here’s an excerpt from the episode:| The Acquirer's Multiple®
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In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and Gwen Hofmeyr discuss:| The Acquirer's Multiple®
As part of our ongoing series here at The Acquirer’s Multiple, each week we spotlight a stock from our Stock Screeners that might be a deeply undervalued gem hiding in plain sight.| The Acquirer's Multiple®
As part of our ongoing series, each week we typically conduct a DCF on one of the companies in our screens. This week, we’re analyzing a premium alcohol giant — Constellation Brands Inc (STZ).| The Acquirer's Multiple®
This week’s best investing news:| The Acquirer's Multiple®
During his recent interview with How Leaders Lead with David Novak, Jamie Dimon reflects on his upbringing and career offer invaluable lessons for investors, rooted in discipline, purpose, and a deep understanding of human behavior. His parents instilled in him core values that transcended finance, yet profoundly shaped his approach to investing. “The values were pretty basic,” Dimon recalls. “One is, you do the best you can. And whatever you do, you do the best you can. It wasn’t abo...| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Barry Ritholz discussed The Wealth Ladder Framework. Here’s an excerpt from the episode:| The Acquirer's Multiple®
Domino’s Pizza Inc (DPZ): Our Calculation of Intrinsic Value| acquirersmultiple.com
Dan Loeb’s Second Quarter 2025 Investor Letter offers a compelling glimpse into the strategies driving Third Point’s performance. With the flagship Offshore Fund returning 7.5% for the quarter, Loeb highlights the resilience and opportunism that defined their approach.| The Acquirer's Multiple®
During his recent interview at Bridgewater, Ray Dalio reflects on his early missteps, recalling, “I thought we were going to have a crisis, a debt crisis. And I couldn’t have been more wrong… I lost money for me. I lost money for clients. I had to let people go.”| The Acquirer's Multiple®
According to his latest 13F filings, Steve Mandel’s top ten positions account for a substantial 60.18% of his $11.58 billion equity portfolio, showcasing a focused investment style built around dominant tech and consumer franchises. The portfolio is heavily tilted toward proven compounders in software, e-commerce, and digital infrastructure. Below is a detailed breakdown of his top five holdings, including changes and commentary.| The Acquirer's Multiple®
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and Nick Maggiulli discuss:| The Acquirer's Multiple®
As part of our ongoing series, each week we typically conduct a DCF on one of the companies in our screens. This week, we’re analyzing a global leader in quick-service dining — Domino’s Pizza Inc (DPZ).| The Acquirer's Multiple®
This week’s best investing news:| The Acquirer's Multiple®
As part of our ongoing series here at The Acquirer’s Multiple, each week we spotlight a stock from our Stock Screeners that might be a deeply undervalued gem hiding in plain sight.| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Jim and Abigail Zimmerman discussed What Ribosomes Can Teach Us About the Future of Manufacturing. Here’s an excerpt from the episode:| The Acquirer's Multiple®
In The Little Book That Still Beats the Market, Joel Greenblatt distills decades of experience into a concise, witty, and surprisingly approachable framework for beating the market. At its core, Greenblatt introduces what he calls the “Magic Formula”—a systematic way to buy good companies at bargain prices.| The Acquirer's Multiple®
In a recent interview with CNBC, legendary value investor Mario Gabelli, chairman and CEO of Gamco Investors, shared his unfiltered views on today’s market dynamics. He dissects opportunities with his trademark blend of financial acumen and street smarts.| The Acquirer's Multiple®
Each week, we unpack the latest high-conviction trades from legendary investors — revealing what they’re doubling down on, cutting loose, or quietly walking away from.| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Jim and Abigail Zimmerman discussed Avoiding Value Traps by Tracking Free Cash Flow. Here’s an excerpt from the episode:| The Acquirer's Multiple®
In his interview with David Rubenstein, renowned value investor Chris Davis highlights a critical but often overlooked factor in investing success: behavior. Davis argues that the greatest obstacle to consistent returns isn’t market swings or stock selection—it’s how investors react to them.| The Acquirer's Multiple®
In a recent episode of The Long View podcast, Cliff Asness, founder and CIO of AQR Capital Management, shared his sharp thoughts on tariffs, market-timing, and the allure of private equity—topics that resonate deeply with investors navigating complex markets.| The Acquirer's Multiple®
This week’s large-cap value screener reveals a select group of stocks offering a compelling blend of low valuation, strong free cash flow, and high shareholder returns.| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Jim and Abigail Zimmerman discussed Fort Knox Balance Sheets Help You Sleep at Night. Here’s an excerpt from the episode:| The Acquirer's Multiple®
After months of underperformance, value stocks—especially in the small-cap space—are staging a quiet comeback. But growth, particularly in the large-cap segment, remains firmly in the driver’s seat. The latest performance data from Seeking Alpha on U.S. Equities across the S&P Indexes highlights a tale of two narratives: a long-term dominance by growth stocks and a short-term surge in value names.| The Acquirer's Multiple®
In their latest Q2 2025 commentary, Pzena Investment Management offers a sober but optimistic perspective for long-term investors confronting heightened volatility. “The second quarter was a wild ride for global equity markets,” they write, citing early-quarter declines sparked by trade-war fears and later volatility due to Middle East tensions.| The Acquirer's Multiple®
In a recent interview, Ray Dalio’s analysis reveals a looming economic reckoning most investors are ignoring. “The US government spends $7 trillion a year. It takes in $5 trillion a year,” he explains, painting a stark picture of unsustainable deficits. The result? A “supply of debt that the US will have to sell is about $12 trillion” annually—a tidal wave of borrowing that risks triggering an “economic heart attack.”| The Acquirer's Multiple®
In the most recently reported quarter, several renowned institutional investors made notable increases to their Danaher (DHR) holdings, reflecting growing confidence in the life sciences and diagnostics conglomerate. As the company continues to evolve its portfolio through innovation and strategic divestitures, Danaher is attracting fresh institutional capital as a long-term compounder in the healthcare sector.| The Acquirer's Multiple®
David Tepper’s top 5 positions make up a significant 60.41% of his $8.38 billion equity portfolio, reflecting a concentrated approach focused on tactical macro themes and opportunistic equity bets. His largest position, a put option on the SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX), alone accounts for 30% of the portfolio. Below is a detailed breakdown of his top five holdings, including data and commentary.| The Acquirer's Multiple®
Each week, we unpack the latest high-conviction trades from legendary investors — revealing what they’re doubling down on, cutting loose, or quietly walking away from.| The Acquirer's Multiple®
Chase Coleman’s top 5 positions comprise a substantial 43.56% of his $26.59 billion equity portfolio, highlighting his tech-focused, high-conviction growth investing approach. His largest holding, Meta Platforms Inc (META), alone accounts for over 16% of the portfolio. Below is a detailed breakdown of each of his top five positions, including holdings data and commentary.| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Zeke Ashton discussed Margin of Safety vs Momentum. Here’s an excerpt from the episode:| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Zeke Ashton discussed Selling, Round-Trips, and Behavioral Tactics. Here’s an excerpt from the episode:| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Zeke Ashton discussed The Four Controllables in Investing. Here’s an excerpt from the episode:| The Acquirer's Multiple®
What The Money Game Teaches Us About Investor Behavior| acquirersmultiple.com
During their recent episode, Taylor, Carlisle, and Zeke Ashton discussed The Post-Value Era and Buffett’s Legacy. Here’s an excerpt from the episode:| The Acquirer's Multiple®
Guy Spier: You Really Give Up A Lot By Trying To Find Cheap Businesses| acquirersmultiple.com
In a recent interview with The Investor’s Podcast, Guy Spier opened up about his philosophy—not just on investing, but on life. “I am alive,” he began with a smile, “and I’m glad to be on a podcast with you.”| The Acquirer's Multiple®
In a recent interview with SumZero, legendary value investor Monish Pabrai shared his thoughts on markets, leadership, and his unconventional bets on commodities.| The Acquirer's Multiple®
Prem Watsa’s top 5 U.S.-listed equity positions, as disclosed in his latest 13F filing, make up an outsized 70.81% of that portfolio — reflecting a conviction-driven strategy anchored in deep value, hard assets, and long-term compounding. His largest U.S. holding, Orla Mining Ltd (ORLA), alone comprises over 28%. Below is a detailed breakdown of each of the top five positions, including holdings data and commentary.| The Acquirer's Multiple®
In their latest episode of the VALUE: After Hours Podcast, Tobias Carlisle, Jake Taylor, and Zeke Ashton discuss:| The Acquirer's Multiple®
As part of our ongoing series, each week we typically conduct a DCF on one of the companies in our screens. This week, we’re analyzing a retail powerhouse that continues to quietly deliver exceptional results — Costco Wholesale Corporation (COST).| The Acquirer's Multiple®
This week’s best investing news:| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Dave Collum discussed The Bear Case: What Happens When the Tailwinds Reverse. Here’s an excerpt from the episode:| The Acquirer's Multiple®
As part of our ongoing series here at The Acquirer’s Multiple, each week we spotlight a stock from our Stock Screeners that might be a deeply undervalued gem hiding in plain sight.| The Acquirer's Multiple®
When Ken Griffin reflects on his earliest trading days—wiring a satellite dish onto his Harvard dorm roof—he says it was driven by “a background in software engineering, passion for mathematics, and a real interest in how to use those skills in the realm of finance.” That combination of curiosity, risk appetite, and technical rigor laid the groundwork for what would become Citadel, now one of the most profitable hedge funds in history.| The Acquirer's Multiple®
During his recent interview with The Bull of Wall Street Podcast, Cliff Asness explained why he is still placing his chips on value—albeit a more evolved version of it. “The value factor as quants and academics call it… is very incomplete,” he admits. “It drives non-quants crazy that quants call something like, at its simplest, price to book… value.”| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Dave Collum discussed Why the Bull Case Was So Powerful. Here’s an excerpt from the episode:| The Acquirer's Multiple®
According to the latest – S&P Dow Jones U.S. Index Dashboard – June 2025, U.S. equities posted a strong recovery in the second quarter of 2025. The S&P 500 surged nearly 11% during the quarter, setting a new all-time high at the end of June.| The Acquirer's Multiple®
Let’s be honest – the current U.S market is obsessed with AI hype and nosebleed valuations. Yet while others chase momentum, Tweedy Browne’s Thomas Shrager and Jay Hill keep their feet firmly planted in value investing’s time-tested principles. Their strategy cuts through the noise: uncover fundamentally sound companies trading at sensible prices, then let the magic of compounding work.| The Acquirer's Multiple®
In this interview with The Deal, Ray Dalio, the founder of Bridgewater Associates and a titan of the investment world, distills his philosophy into a framework of timeless principles. His approach, rooted in pattern recognition and radical transparency, offers invaluable lessons for investors navigating volatile markets.| The Acquirer's Multiple®
This week’s screener features a broad mix of industries, with notable strength in Integrated Oil & Gas, Metal Mining, Telecommunications, and Healthcare. Market performance is mixed, with some sectors showing robust fundamentals (high FCF yields, strong expected returns) while others face volatility due to macroeconomic pressures.| The Acquirer's Multiple®
During their recent episode, Taylor, Carlisle, and Dave Collum discussed The Case-Shiller PE and Valuation Distortions. Here’s an excerpt from the episode:| The Acquirer's Multiple®
In The Money Game, George Goodman (writing under the pseudonym “Adam Smith”) strips away the illusions of Wall Street with wit and psychological insight. The book isn’t a traditional guide to investing—it’s a sharp, philosophical, and often humorous exploration of why investors behave the way they do. Goodman opens with a powerful premise: “The world is not the way they tell you it is,” and this applies most acutely to the world of finance.| The Acquirer's Multiple®
During his recent interview with The Odd Lots Podcast, Jim Chanos had some interesting things to say about current market absurdities. On Bitcoin “treasury” companies, he’s said: “It’s rarely that I have to increase my personal security after a podcast… but I had to do after our last podcast together when I said some intemperate things about Bitcoin Treasury companies.”| The Acquirer's Multiple®
Taiwan Semiconductor (TSM) remains a critical player in the global semiconductor industry, serving as the backbone for tech giants with its advanced chip manufacturing capabilities. The company’s strategic importance, coupled with its technological leadership, attracts a wide range of investors, from value-oriented funds to growth-focused managers. This analysis examines recent portfolio adjustments by prominent investors.| The Acquirer's Multiple®
The Deep Value Stock Screener| acquirersmultiple.com
During the 2024 Berkshire Hathaway Annual Meeting, Warren Buffett discusses the significant role of luck in his success and life in general. He acknowledges that many fortunate circumstances, such as avoiding accidents, have contributed to his longevity and achievements.| The Acquirer's Multiple®
