$10,000 Invested in Acquirer’s Multiple, Magic Formula, and S&P 500 (1973 to 2017) Finally, in our biggest $1 billion market-cap test, the Acquirer’s Multiple beat the Magic Formula by a wide margin. Both beat the S&P 500. In the biggest universe, the Acquirer’s Multiple compounded at 17.9 percent yearly. The Magic Formula averaged 16.2 percent annually.
