Quant Mashup - Greenbackd International Evidence for The Acquirer's Multiple Investment Strategy [Greenbackd]A new paper from Christian Walkshäusl and Sebastian Lobe* called The Enterprise Multiple Investment Strategy: International Evidence examines the performance of the enterprise multiple (EV/EBITDA) in international markets, including Australia, Canada, France, Germany, hong Kong, Japan, Singapore,(...) What happens to value in sideways markets: Shiller PE and expected returns using Hussman’s method [Greenbackd]Robert Shiller’s cyclically adjusted price earnings (CAPE) ratio takes a 10-year inflation-adjusted average of the S&P500’s earnings to arrive at a price/earnings metric smoothed for the business cycle. It’s useful because earnings tend to be volatile and mean reverting. For example, the(...) Discussing Deep Value and the Acquirer’s Multiple at Harvard [Greenbackd]A little over a month ago I travelled to Harvard to speak to Michael Parzen’s business statistics class on Deep Value and the acquirer’s multiple. Here is the recording of that talk. You can get a free list of the best deep value stocks in the largest 1000 names on The Acquirer’s Multiple. Buy(...) Dispersion by Market Capitalization: A Stock Picker’s Market [Greenbackd]I’ve just finished the rough draft of a new book about concentrated value investing and the investors who practice it. One of the side-effects of extreme concentration is idiosyncratic portfolio performance–concentrated portfolios behave differently from the market. This makes sense. To beat the(...) Is Simpler Better? Quantopian tests the Acquirer’s Multiple and Joel Greenblatt’s Magic Formula [Greenbackd]Josh Payne and the folks at Quantopian ran some tests on the performance of the acquirer’s multiple and Joel Greenblatt’s Magic Formula. I have argued in Deep Value and Quantitative Value that the acquirer’s multiple (enterprise value / operating earnings) tends to outperform the better known(...) Tomorrow: Don’t Miss Free Webinar “Portfolio Construction, Concentration, and Diversification for Value Investors” [GreenbackTomorrow I’m hosting the live webinar “Portfolio Construction, Concentration, and Diversification for Value Investors.” There are only a few spots available in the room. The webinar will focus on portfolio construction and position sizing for value investors, including the philosophy of(...)