This Week’s Best Investing Reads – Curated Links

Here’s a list of this week’s best investing reads:

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Blogs

Cutting Off You Nose To Spite Your Face - Abnormal Returns

CIO Of One Of The World’s Most Successful Hedge Funds Presents His Top Long And Short

E-CommerceEgerton Capital was co-founded in 1994 by John Armitage. Since then, the firm has yielded huge profits for its investors. Some estimates put the total value of investing earnings at over $20 billion, making it one of the most profitable hedge funds of all time. Q3 2020 hedge fund letters, conferences and more SORRY! This Read More


PPT and the "God of the Gaps" - The Reformed Broker

Chris Mayer on 100-Baggers - MicroCapClub

Are You Really Crazy Enough To Buy A Quadruple-Leveraged ETF - Jason Zweig

Mohnish Pabrai: Think Differently to Achieve Different Results - Base Hit Investing

No? Or Yes, Yes? - Meb Faber

Watch Bill Ackman’s Full Presentation From The 2017 Sohn Investment Conference - ValueWalk

The Qualities of a Good Analyst; 100-1 Masterclass - csinvesting

Bad Experiences - Morgan Housel

The Art of Asset Allocation, with David Salem – [Invest Like the Best, EP.38] - The Investor's Field Guide

10 Insights From The Berkshire Hathaway Weekend - Behavioral Value Investor

Latticework of Mental Models: Decision Fatigue - Safal Niveshak

Worried About A Stock Market Crash? Here’s How You Can ‘Tail Hedge’ Your Portfolio - The Felder Report

Valuation and Investment Analysis - Bronte Capital

Find Out Which Stocks Hedge Funds Have Been Buying: New Issue Just Released - Market Folly

EBITDA and Gross Profits: Learn to Move Up the Income Statement - Focused Compounding

TIP139: Jim Rogers – Macro, Gold, Junk Bonds, India & Currencies - The Investors Podcast

Other News:

Whitney Tilson's Take on Berkshire's Annual Meeting - Yahoo Finance

Mean Reversion Strategy: Bet Against It At Your Peril - Advisor Perspectives

Tips From A Value Investing Legend - MoneySense

How To Become A Great Value Investor - US News

This article was originally posted by Johnny Hopkins at The Acquirer's Multiple.

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The Acquirer’s Multiple® is the valuation ratio used to find attractive takeover candidates. It examines several financial statement items that other multiples like the price-to-earnings ratio do not, including debt, preferred stock, and minority interests; and interest, tax, depreciation, amortization. The Acquirer’s Multiple® is calculated as follows: Enterprise Value / Operating Earnings* It is based on the investment strategy described in the book Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations, written by Tobias Carlisle, founder of acquirersmultiple.com. The Acquirer’s Multiple® differs from The Magic Formula® Earnings Yield because The Acquirer’s Multiple® uses operating earnings in place of EBIT. Operating earnings is constructed from the top of the income statement down, where EBIT is constructed from the bottom up. Calculating operating earnings from the top down standardizes the metric, making a comparison across companies, industries and sectors possible, and, by excluding special items–earnings that a company does not expect to recur in future years–ensures that these earnings are related only to operations. Similarly, The Acquirer’s Multiple® differs from the ordinary enterprise multiple because it uses operating earnings in place of EBITDA, which is also constructed from the bottom up. Tobias Carlisle is also the Chief Investment Officer of Carbon Beach Asset Management LLC. He's best known as the author of the well regarded Deep Value website Greenbackd, the book Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014, Wiley Finance), and Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012, Wiley Finance). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Articles written for Seeking Alpha are provided by the team of analysts at acquirersmultiple.com, home of The Acquirer's Multiple Deep Value Stock Screener. All metrics use trailing twelve month or most recent quarter data. * The screener uses the CRSP/Compustat merged database “OIADP” line item defined as “Operating Income After Depreciation.”