#16: Tobias Carlisle on Beating ’The Little Book That Beats The Market’
Superinvestors and the Art of Worldly Wisdom
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The Advantages and Disadvantages of the Avatars Multiple
The acquirers multiple is still buying companies that you would want to buy because they do have very strong operating earnings. Greenblatt reconstructs his from the bottom of the earnings statement up and I construct mine from the top of the Earnings Statement down. Unless you have a moat unless you have some protection for that high return and invested capital what you tend to be buying is something right at the very pinnacle of its business cycle.
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