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The Acquirer"s Multiple®

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Pzena: Why Small Caps Are Poised for a Multi-Year...

The Acquirer"s Multiple® ·

2025/10/27

In their latest Insight – Extreme Valuations & Durable Fundamentals: The Case for Small Caps Globally, Pzena Investment Management argues that the massive concentration of returns among a handful of mega-cap names has left small-cap stocks globally at “an attractive entry point relative to large caps.” Despite having risen more ... Read More

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Tesla, Inc. (TSLA) Q3 2025: Revenue Up 12%, Free Cash...

The Acquirer"s Multiple® ·

2025/10/27

Tesla’s Q3 2025 update highlights “record vehicle deliveries globally” and “record energy storage deployments,” which together drove “both record revenue and free cash flow generation in the quarter.” The company reported $1.6 billion GAAP operating income, $1.4 billion GAAP net income, and $1.8 billion non-GAAP net income, while operating cash ... Read More

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VALUE: After Hours (S07 E37): Performance Is...

The Acquirer"s Multiple® ·

2025/10/27

During their recent episode, Taylor, Carlisle, and Luca Dell’Anna discussed Performance Is Subordinate to Survival. Here’s an excerpt from the episode: And from him, I’ve learned the lesson that performance is subordinate to survival, that it’s not the fastest skier who wins the race, but the fastest one amongst those ... Read More

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Cliff Asness on Behavioral Investing: “Markets Are...

The Acquirer"s Multiple® ·

2025/10/27

In the Capitalism and Freedom Podcast, Cliff Asness traces a lifetime of market thinking shaped by both data and humility. “My entire career was in some sense a lucky break,” he said, recalling how he arrived at the University of Chicago in the late 1980s “when what we’ll today call ... Read More

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Guy Spier (Aquamarine Zurich AG) – Q3 2025 13F...

The Acquirer"s Multiple® ·

2025/10/27

In the most recent 13F filing, Guy Spier’s Aquamarine Zurich AG reported a portfolio valued at $317.37 million, with the top five holdings accounting for 77.64 % of total assets. A disciple of Warren Buffett and Mohnish Pabrai, Spier continues to run one of the most concentrated and quality-focused portfolios ... Read More

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VALUE: After Hours (S07 E37): Winning Long-Term Games...

The Acquirer"s Multiple® ·

2025/10/27

During their recent episode, Taylor, Carlisle, and Luca Dell’Anna discussed: Performance Is Subordinate to Survival Irreversible Losses Absorb Future Gains Reproducible Success vs. Luck-Driven Wins Give Yourself a Longer Time Horizon—or Only Bad Options Remain Why Short-Term Optimization Destroys Long-Term Growth Trust Is a Compounding Asset AI, Probabilities, and the ... Read More

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Apple Inc. (AAPL): Our Calculation of Intrinsic Value

The Acquirer"s Multiple® ·

2025/10/23

Each week we run a DCF (Discounted Cash Flow) model on a company from our watchlist. This week’s pick: Apple Inc. (AAPL). Profile Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. Its flagship products — the iPhone, Mac, iPad, Apple Watch, and AirPods — ... Read More

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Weekly Investing Roundup – News, Podcasts, Interviews...

The Acquirer"s Multiple® ·

2025/10/23

This week’s best investing news: Howard Marks: How I Mastered the Markets (Master Investor) Jim Chanos – Credit Markets Are Partying ‘Like It’s 1999,’ (Bloomberg) Bill Ackman: I wish we had a better relationship with China (CNBC) The Challenge of Diversification (Verdad) Ken Fisher – What Really Causes Inflation? (Fisher) Jamie ... Read More

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Why Abercrombie & Fitch (ANF) Could Be One of the...

The Acquirer"s Multiple® ·

2025/10/23

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 Abercrombie & Fitch Co. (ANF). Abercrombie & Fitch is a global specialty retailer offering casual ... Read More

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VALUE: After Hours (S07 E36): Engineers vs. Lawyers:...

The Acquirer"s Multiple® ·

2025/10/23

During their recent episode, Taylor, Carlisle, and Colin King discussed Engineers vs. Lawyers: Why China Builds and America Debates. Here’s an excerpt from the episode: Jake: I was just going to say, there’s an interesting book that came out recently on comparing China and the US. A lot of it ... Read More

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David Einhorn: Investors Are Confusing Innovation...

The Acquirer"s Multiple® ·

2025/10/22

In his Q3 2025 Greenlight Capital investor letter, Einhorn wrote that the funds “returned -3.6% in the third quarter of 2025, net of fees and expenses, compared to 8.1% for the S&P 500 index, bringing our year-to-date return to 0.4%, compared to 14.8% for the index.” He begins the letter ... Read More

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David Tepper Scales Back China Exposure and Sells Out...

The Acquirer"s Multiple® ·

2025/10/22

In the most recent 13F, David Tepper’s Appaloosa LP made a series of significant reductions across its equity portfolio. Known for his tactical macro positioning and opportunistic value approach, Tepper appears to have trimmed exposure to several high-growth and technology-linked names after strong runs, while consolidating capital into core holdings ... Read More

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VALUE: After Hours (S07 E36): Why the World Needs a...

The Acquirer"s Multiple® ·

2025/10/22

During their recent episode, Taylor, Carlisle, and Colin King discussed Why the World Needs a Little Bit of Crazy: Entrepreneurs, Elon Musk, and Creation. Here’s an excerpt from the episode: So, I was taking it as the world needs a little bit of crazy to be able to create and ... Read More

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Bill Ackman: The Power Of Superintelligence Is Worth...

The Acquirer"s Multiple® ·

2025/10/21

Bill Ackman’s remarks on CNBC offered a rare combination of pragmatism and optimism about America’s economic direction, government policy, and the transformative power of technology. “I wish we had a better relationship with China,” he said. “I think it’s really unfortunate that two of the most important powers in the ... Read More

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Energy and Financials Still Rule Deep Value

The Acquirer"s Multiple® ·

2025/10/21

Energy and Financials once again dominate the deep-value landscape. Synchrony Financial (SYF) leads the Financials, while Equinor (EQNR) and Petrobras (PBR) anchor the Energy complex with double-digit cash returns and disciplined balance sheets. From Synchrony (SYF) at an Acquirer’s Multiple (AM) of 2.5 with a striking ~37.9% FCF yield, to ... Read More

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VALUE: After Hours (S07 E36): How to Spot a Good...

The Acquirer"s Multiple® ·

2025/10/21

During their recent episode, Taylor, Carlisle, and Colin King discussed How to Spot a Good Private Acquisition: Paying Half of Revenue and Scaling Smart. Here’s an excerpt from the episode: So, if you were to include in your own comp in that multiple, it would be less attractive. But we ... Read More

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Mohnish Pabrai: The Holy Grail of Investing

The Acquirer"s Multiple® ·

2025/10/20

Mohnish Pabrai’s investment philosophy, as presented in The Pabrai Wagons Fund Presentation, revolves around patience, concentration, and buying quality businesses at fair or discounted prices. “We believe exceptional investment performance is usually the product of only a few great investments held for a very long time.” This echoes his mentor ... Read More

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Why Top Investors Are Buying Caterpillar Inc. (CAT)

The Acquirer"s Multiple® ·

2025/10/20

According to their latest 13F filings, institutional investors made a series of notable moves in Caterpillar Inc. (CAT), signaling continued confidence in the industrial giant’s strong earnings power, pricing discipline, and infrastructure exposure. Caterpillar’s position as a bellwether for global economic activity continues to attract long-term value investors seeking durable ... Read More

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VALUE: After Hours (S07 E36): Return on Headache: The...

The Acquirer"s Multiple® ·

2025/10/20

During their recent episode, Taylor, Carlisle, and Colin King discussed Return on Headache: The Hidden Metric in Small Business Investing. Here’s an excerpt from the episode: Colin: I can’t claim this term, but someone along the way mentioned the term return on headache to me, and that was just so ... Read More

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Howard Marks: Market Timing Is The Hardest Thing In...

The Acquirer"s Multiple® ·

2025/10/20

Howard Marks joined the Master Investor Podcast to reflect on markets, cycles, and the principles that have guided his fifty-six-year career. He began by quoting Warren Buffett: “The less prudence with which others conduct their affairs, the greater the prudence with which we must conduct our own affairs.” Marks warned ... Read More

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1,322 results