With 138 ratings
By: Tobias E. Carlisle, Scott R. Pollak, et al.
Purchased At: Or $9.99 to buy
The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market is an easy-to-follow account of deep value investing. The audiobook shows how investors Warren Buffett, Carl Icahn, David Einhorn, and Dan Loeb got started and how they do it. Author Tobias Carlisle combines engaging stories with research and data to show how you can do it too. Written by an active value investor, The Acquirer’s Multiple provides an insider's view on deep value investing.
The Acquirer’s Multiple covers:
- How the billionaire contrarians invest
- How Warren Buffett got started
- The history of activist hedge funds
- How to beat the little book that beats the market
- A simple way to value stocks: The Acquirer's Multiple
- The secret to beating the market
- How Carl Icahn got started
- How David Einhorn and Dan Loeb got started
- The nine rules of deep value
The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market provides a simple summary of the way deep value investors find stocks that beat the market.
I appreciate content about activist investing - although this is very difficult for a low net worth individual investor to do (buying a significant percentage of a business in oder to influence management to unlock value and run a better business). I would give this book a B to B+ (I tend to have high standards now that I’ve read so many investment books - but I must admit, I probably don’t follow Carl Ichan as much as I should for coattail activist investing).
He argues that returns are better if you buy fair companies at wonderful prices vs wonderful companies at fair prices. Which I may or may not agree with - I think it depends - it's kind of like the argument of where is the best value? that can be found in growth stocks or "cheap stocks" with cheap stocks you're hoping that it's cheaper than it's liquidating value, assuming that you are able to take over and liquidate the company or hope someone else does the work for you and is successful. sometimes companies are cheap for good reason - i've had my fair share of those. I just can't sleep soundly and ignore news using the liquidating strategy. If i had all the time and little more money, i think activist investing would be good for really advanced people - people who actually manage money for a living.
My favorite book ever was Joel Greenblatt's Little Blue Book That Beats the Market. The Acquirers Multiple expands even further on Greenblatt's quantitative formula... and being a geeky Engineer both books really speak to my heart.
I am now convinced and I will dedicate a portion of my portfolio to Tobias' formula for investing. Thanks
I realize he used these stories to try to prove a point. However, it doesn't add anything to his equation or idea.
It doesn't take many pages to tell people-find something that has taken a beaten, is out of favored, here are a couple of equations to double check their value and buy those.
Also, notice on page 145 where he offers proof the Acquirer's Formula beats the market. In the 50 million example, the years of 2011-2015 and 2017 the market beat the Formula, funny. That's SIX of the those last seven years it didn't beat the market.
On a positive note, the part about Enterprise Value and Earnings was good. I think he should have taken out some of the stories of these rich people and supported his ideas in another manner.
From the start of the book I got the feeling that the author had done a lot of "copy-and-paste" from his previous books as there are a lot of short paragraphs and a somewhat non existing storyline. That improves later in the book. There are also some typos and language errors that can change the meaning of a sentence, but from the content you can easily identify those and they don't cause too much trouble.
Regarding the content I'm really pleased, and it was an enjoyable read with "to-the-point" statements and advice. Recommended.
I would definitely recommend this book to anyone who is interested in value investing.
Simple, compelling and deeply interesting.
A friend and I have followed Toby's methodology, subscribed to his screener and now hope to look back on this book in the future and be glad that we were lucky enough to discover it.
Como o livro do Greenblat, este livro busca ações que estejam baratas, para vendê-las quando estiverem valorizadas. Uma abordagem que pode fazer sentido para gestores de fundos, mas não me parece fazer muito sentido para o investidor individual.
O livro peca por não focar buscar empresas qualidade de longo prazo. ele não se preocupa muito com a qualidade do negocio e me parece que o investidor que seguir o livro pode acabar caindo em muitos value traps (empresas que parecem baratas, mas que estão se deteriorando para não mais voltar).
Então tem que saber discernir bem o que vale a pena aplicar e o que não vale a pena.
Possui alguns insights interessantes, mas não sei se eu indicaria a leitura deste livro não.
No obstante, algo repetitivo a ratos, ya que muchas veces repite la misma frase en la misma página en varias ocasiones.
A pesar de ello libro recomendable ya que es corto y se lee muy fácil, Tobias Carlisse tiene mano para enganchar al lector.
Book on mean reversion
Then it shows that, according to a "simulation" done, it will beat any other formula.
And finally you find out that they sell screenings of the "magic" indicator in their web page. Not unexpensive, by the way...
In the meantime, a couple of vague ideas as "be a contrarían" or "buy undervalued", with some Buffett quotes here and there, and many graphics going high up.