Explore every episode of the podcast Value Investing with Legends
| Title | Pub. Date | Duration | |
|---|---|---|---|
| Corporate Athletes: Durable Competitive Advantages and Long-Term Investing | 30 oct. 2026 | 00:58:54 | |
What makes a business capable of compounding earnings over decades, and how can investors recognize when its competitive advantages are changing? In today's episode, hosts Michael Mauboussin and Tano Santos welcome Jim Engle, president of John W. Bristol & Company, to explore his firm's approach to identifying "corporate athletes" with durable competitive advantages and long-term growth potential. Jim reflects on his early investing experiences, the importance of disciplined valuation, and the challenges of assessing emerging technologies. He also discusses portfolio concentration, the impact of artificial intelligence on established businesses, and the role of liquidity and asset allocation in institutional investing. Along the way, Jim shares how Bristol's collaborative research process helps the team evaluate risk, challenge assumptions, and identify investment opportunities, and much more! Key Topics:
Companies and Organizations Books and Recommended Reading
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This episode was produced by Columbia Business School with the participation of John W. Bristol & Co. Inc. ("JWB"), an SEC-registered investment adviser. Registration does not imply a certain level of skill or training. The views expressed by James Engle, JWB's President, are his own as of October 16th 2026 and are subject to change without notice. The hosts' and interviewee's views are their own. The topics discussed were selected by the hosts; Mr. Engle referred to other companies as examples. As of October 16th 2026, JWB client accounts and/or JWB personnel held positions in Microsoft, Alphabet, Meta, Apple, Tesla, Nvidia, ServiceNow, Workday, Sherwin-Williams, Marvell Technology, JPMorgan Chase, Moody's, S&P Global, Costco; positions may change at any time without notice. The research paper by Dr. Cristian Tiu that was referenced used JWB-provided historical performance data. JWB compensated Dr. Tiu while the study was completed. This episode is general information about JWB's investment approach and is not investment advice or a recommendation to buy or sell any security. Investing involves risk, including the possible loss of principal, and no view or approach discussed assures a profit. JWB did not compensate Columbia Business School or the hosts for this episode. A JWB employee, a recent Columbia MBA graduate, suggested JWB's participation.
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| Eddie Perkin - Battling Biases and Building Better Investment Teams | 10 juil. 2026 | 00:56:25 | |
In this episode, Michael Mauboussin welcomes Eddie Perkin, former Chief Investment Officer at Eaton Vance and Goldman Sachs Asset Management, to discuss the principles behind better investment decision-making. Eddie shares how his early experiences shaped his investment philosophy before examining quality value investing, behavioral biases, and the importance of process over outcomes. The conversation explores leadership, collaborative conflict, confirmation bias, portfolio construction, selling discipline, and how investment organizations can create environments that encourage independent thinking. Eddie also reflects on the future of investing, the opportunities created by technological change, and the books and ideas that continue to influence his thinking—and much more!
Mentioned in this Episode
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| Django Davidson - The Capital Cycle: Finding Opportunity Where Others Aren't Looking | 26 juin 2026 | 00:56:12 | |
In this episode, hosts Tano Santos and Michael Mauboussin welcome Django Davidson, Partner and Portfolio Manager at Hosking Partners, for a discussion of the capital cycle approach to investing. Django shares how his unconventional upbringing, experience covering banks during the Global Financial Crisis, and early exposure to Warren Buffett's letters shaped his investment philosophy. The conversation explores the origins of the capital cycle framework, how investors can identify industries experiencing excessive capital formation or capital scarcity, and why patience and long-term capital are essential to capturing opportunities. They also examine current AI investment trends, the evolution of the semiconductor industry, Japan's corporate reforms, and several real-world investment case studies, including Micron Technology and Saga. The discussion concludes with reflections on industrial resilience, supply chains, and book recommendations—and much more!
● Django's upbringing, education, and path into investing (2:08) ● Lessons from covering banks during the Global Financial Crisis (3:50) ● Discovering Warren Buffett's letters and their influence on his investment philosophy (5:33) ● Investing during periods of crisis and the importance of trust in financial systems (7:23) ● The origins and foundations of the capital cycle framework (12:58) ● Using the capital cycle as a lens for contrarian investing (16:28) ● Long-term capital and identifying multi-bagger opportunities (19:59) ● Japan's corporate reforms and improving returns on capital (23:30) ● Timing challenges, diversification, and capital cycle investing (28:07) ● AI, semiconductor investment, and today's technology spending boom (32:15) ● Google, AI economics, and capital deployment considerations (40:30) ● Micron Technology and the evolution of the memory semiconductor industry (42:08) ● The Saga investment case study and opportunities in overlooked businesses (44:35) ● Demographics, aging consumers, and serving older customers effectively (49:59) ● Supply chain resilience and industrial capacity in Western economies (51:53) ● Django's book recommendations (54:05) ● And much more!
● Hosking Partners ● Deutsche Bank ● TCI Fund Management ● Micron Technology ● Meta Platforms ● Oracle Corporation ● OpenAI ● Anthropic ● Walmart ● First Quantum Minerals ● Saga plc ● The Material World ● The Bolter
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| Jim Flynn - Building a Healthcare Investment Platform Across Public, Private, and Venture | 12 juin 2026 | 00:46:12 | |
Jim Flynn is the Managing Partner of Deerfield Management, a healthcare-focused investment firm overseeing approximately $16 billion in assets. In this episode, hosts Michael Mauboussin and Tano Santos speak with Jim about his path from studying biology and economics to leading one of the industry's most distinctive healthcare investment platforms. Jim explains how Deerfield evolved from a public-equity-focused firm into an organization spanning public markets, private investments, venture creation, drug development, data science, and philanthropy. The conversation examines the challenges of healthcare investing, the importance of probabilistic thinking, the role of artificial intelligence in healthcare delivery and drug discovery, and Deerfield's approach to identifying opportunities across the healthcare ecosystem. Jim also shares insights on senior housing, healthcare innovation, regulatory dynamics, and the skills required for the next generation of healthcare investors, and much more!
Key Topics: ● Jim Flynn's background in biology, economics, and early investing influences (2:27) ● Lessons from working in corporate development and understanding business operations (4:30) ● Joining Deerfield and the evolution from analyst to firm leader (7:52) ● Expanding Deerfield beyond public equities into venture, private investments, and philanthropy (10:36) ● Building a flexible healthcare investment platform across market cycles (13:58) ● The Melinta case study and transforming a distressed investment into an operating success (14:32) ● Artificial intelligence and its potential impact on healthcare delivery and diagnosis (18:52) ● AI adoption challenges and the role of healthcare institutions in driving change (22:13) ● Why proprietary healthcare data creates durable investment advantages (25:50) ● The creation of Deerfield Discovery and Development and CURE (27:12) ● Cross-pollination between public and private investing at Deerfield (31:05) ● The NewAmsterdam Pharma (NewValent) case study from concept to multibillion-dollar company (33:08) ● Investing in senior housing and demographic-driven opportunities (36:20) ● Evaluating healthcare policy, drug pricing, and regulatory risks through a long-term lens (40:16) ● Skills and characteristics needed for future healthcare investors (43:09) ● What worries and motivates Jim Flynn as a healthcare investor (44:30) ● Deerfield's investment process, team structure, and reducing analytical bias (46:53) ● Personal healthcare practices, longevity, and access to medical information (51:25) ● And much more!
Mentioned in this Episode: ● Deerfield Management ● Alpharma ● Kidder Peabody ● GlaxoSmithKline ● Sanofi ● Hospital for Special Surgery ● Brookdale Senior Living ● OpenAI ● ChatGPT ● GRAIL ● Food and Drug Administration
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| Matthew Fine - Buying Gray Clouds and Building Resilient Portfolios | 08 mai 2026 | 00:59:16 | |
In this episode, hosts Tano Santos and Michael Mauboussin speak with Matthew Fine, portfolio manager at Third Avenue Management, about his path into investing and the firm's value-driven philosophy. Matthew reflects on lessons from early experiences like the Argentine crisis and explains how balance sheet strength and long-term thinking shape investment decisions. The conversation examines global opportunities across Europe, Japan, and commodities, along with the role of resource conversion in value creation. They also discuss market structure shifts, portfolio resilience during crises, and the challenges of identifying mispriced assets in a changing investment landscape and much more!
Key Topics: ● Introduction and background of Matthew Fine (0:00) ● Early interest in investing and joining Third Avenue (3:37) ● First investments during the dot-com bubble (5:54) ● Marty Whitman's influence and value investing philosophy (7:23) ● Importance of downside thinking and credit mindset (9:20) ● Benchmark agnosticism and high active share (10:14) ● Experience during the Argentine crisis (11:45) ● Generalists vs. specialists in investing (14:12) ● Financial strength and resource conversion explained (18:34) ● Portfolio resilience during major market crises (21:28) ● Understanding market disagreement and investor behavior (24:54) ● Impact of passive investing and short-term strategies (30:27) ● Artificial intelligence and investment process (33:03) ● European banks and Bank of Ireland case study (34:38) ● CK Hutchison and value creation through transactions (40:42) ● Commodity investing and copper thesis (45:14) ● Opportunities and challenges in Japan (49:26) ● Advice for students entering investment management (53:22) ● Concerns about U.S. equity valuations and future outlook (55:28) ● Book recommendations and closing thoughts (56:59) ● And much more!
● Third Avenue Management ● Bank of Ireland ● Deutsche Bank ● CK Hutchison ● BlackRock ● MSC (Mediterranean Shipping Company) ● The Sugar King of Havana ● How the World Really Works – Vaclav Smil ● Pioneering Portfolio Management – David Swensen ● Ten Global Trends Every Smart Person Should Know About – Marian Tupy
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| Jenny Harrington - Dividend Investing, Risk Management, and Building Reliable Income Streams | 17 avr. 2026 | 01:01:51 | |
In this episode, hosts Michael Mauboussin and Tano Santos speak with Jenny Harrington, CEO of Gilman Hill Asset Management, about her approach to dividend-focused investing. Jenny shares her journey from early internships to portfolio management and explains how her strategy targets steady income through high-quality dividend-paying companies. The discussion examines risk management through cash flow, valuation discipline, and behavioral considerations that influence investor outcomes. Jenny also outlines her screening process, portfolio construction, and how she evaluates dividend sustainability. The conversation touches on lessons from market cycles, the role of communication in investing, and how technological changes may shape future opportunities and risks and much more!
Key Topics: ● Introduction to dividend investing and its role in total returns (0:00) ● Jenny Harrington's early career and path into portfolio management (3:05) ● Lessons from internships and exposure to market professionals (3:10) ● Experience at Goldman Sachs and insights from the dot-com bubble (10:03) ● Transition to Neuberger Berman and developing an income strategy (15:01) ● Philosophy of portfolio management and client-focused outcomes (16:45) ● Structure of the dividend income strategy and screening process (20:58) ● Differences between dividend income and dividend growth investing (27:30) ● Portfolio construction, position sizing, and diversification approach (36:25) ● Case study: Clorox investment thesis and valuation framework (40:03) ● Case study: Best Buy and identifying value through free cash flow (46:06) ● Impact of Columbia Business School on investment philosophy (49:48) ● Importance of communication and behavioral discipline in investing (54:47) ● Views on AI, job disruption, and future market implications (57:02) ● Book recommendations and information sources (59:06) ● And much more!
Mentioned in this Episode: ● Gilman Hill Asset Management
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| Samer Sarraf - Investing in the GCC: Private Equity Discipline in Public Markets | 13 mars 2026 | 01:16:05 | |
In this episode, Tano Santos speaks with Samer Sarraf, Founding Partner and COO of Amwal Capital Partners, about his journey from engineering and construction to Lehman Brothers and ultimately founding a public equities firm focused on the GCC. Samer reflects on lessons from the 2008 financial crisis, why private equity struggled in the region, and how his team applies a private equity mindset to public markets. The conversation examines regulatory change, market structure in Saudi and the UAE, concentrated investing, and a deep dive into Abu Dhabi Ports and much more!
Key Topics: ●Samer's upbringing in Jordan and the role of education and entrepreneurship in his family (3:35) Mentioned in this Episode: ● Amwal Capital Partners ● Lehman Brothers ● Abu Dhabi Ports ● Dubai Ports World ● McGill University ● Columbia Business School
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| Ricky Sandler - Investing Through Perception Shifts and Market Cycles | 19 déc. 2025 | 00:55:33 | |
Ricky Sandler, founder, CEO, and CIO of Eminence Capital, joins hosts Michael Mauboussin and Tano Santos to explore a dynamic career spanning over three decades in long-short investing. Starting with stories from his upbringing and early career, Ricky unpacks the foundations of his investment philosophy centered around "change in perception" — a framework shaped by evolving market structures and investor behavior. He shares insights from navigating the 1998 crisis, outlines the value of rigorous risk management, and explains how quality businesses combined with contrarian thinking create lasting opportunities. The conversation also delves into quant integration, thoughtful activism, the nuances of portfolio construction, and his reflections on AI, market structure, and societal risks — and much more! Key Topics: ● Ricky Sandler's upbringing, tennis, and early exposure to finance (0:00) Mentioned in this Episode: ● Eminence Capital ● Think Again by Adam Grant Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more! Apple Podcasts | |||
| Robert Robotti - From Pink Sheets to Portfolio Management: Bob Robotti's Value Investing Journey | 21 nov. 2025 | 01:02:23 | |
Robert Robotti, President and CIO of Robotti & Company Advisors, joins host Michael Mauboussin to explore a lifetime shaped by value investing. With deep roots in accounting and formative experiences auditing firms like Tweedy, Browne, Bob shares how those early exposures led him to a career buying underfollowed, undervalued companies. In this episode, Bob discusses how his contrarian approach has thrived amid market inefficiencies, especially in cyclical industries and under-the-radar public firms. He breaks down key investments, including Builders FirstSource and Tidewater, and explains why capital allocation, aligned incentives, and patience are critical to long-term success. He also addresses private equity, passive investing, and how AI might affect the future of both business operations and markets — and much more!
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Mentioned in this Episode:
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| Richard Brekka - From Venture to Secondaries: Richard Brekka on Illiquid Market Advantages | 07 nov. 2025 | 01:03:35 | |
In this episode, host Tano Santos sits down with Richard Brekka, founder and managing partner of Second Alpha, to examine the lesser-known world of secondary investing in private technology companies. With decades of experience—from venture capital to secondary transactions—Richard shares his journey through private equity at Chase and CIBC, his role in building and reviving companies like Gomez Inc., and how that led him to identify a unique investment niche. He explains the mechanics of sourcing deals in illiquid markets, using data and AI to surface hidden gems, and the psychology of getting deals done. The discussion also explores valuations, exits, and policy implications of private market access for 401(k) investors, plus the impact of AI on business fundamentals and much more!
Key Topics: ● Richard's early exposure to entrepreneurship and finance (3:29) ● Lessons from Arthur Laffer and University of Chicago MBA experience (6:15) ● Early career in private equity at Chase and learning value investing (8:12) ● Starting Dolphin Equity Partners after CIBC and early challenges (14:06) ● The rise and fall—and rebirth—of Gomez Inc. (17:18) ● Discovering secondary investing through Gomez's cap table (23:58) ● The founding and investment strategy of Second Alpha (26:29) ● Understanding the structure and dynamics of the secondary market (30:21) ● How Second Alpha sources deals and builds its data pipeline (35:49) ● The process of deal execution and managing rights of refusal (41:11) ● Case study: Prove Identity and growth through secondaries (52:29) ● Thoughts on liquidity, valuation, and 401(k) access to private markets (55:35) ● AI's impact on private companies and investment strategies (59:19) ● Book and podcast recommendations (1:01:34) ● And much more!
Mentioned in this Episode: ● Second Alpha ● Chase ● CIBC ● Gomez Inc. ● Prove Identity ● TouchCommerce ● Arthur Laffer ● Acquired (podcast) ● Warren Buffett – Berkshire Hathaway Annual Letters ● Berkshire Hathaway Annual Shareholder Letters
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| Amit Wadhwaney - From Montreal to Moerus: Amit Wadhwaney's Deep Value Discipline | 24 oct. 2025 | 01:08:04 | |
Amit Wadhwaney, founding partner and portfolio manager at Moerus Capital Management, joins hosts Tano Santos and Michael Mauboussin to trace his unorthodox journey from Bombay to Concordia to founding a value investing firm focused on the balance sheet. Along the way, he discusses his early exposure to Marty Whitman, lessons from Third Avenue's international expansion, and what led him to start Moerus.
Amit outlines the core of his investment approach—asset-based valuation, downside protection, and long-term holding periods—and explains why macro factors are typically disqualifiers, not drivers, in his process. He shares insights into portfolio construction, the role of currency risk, and how Moerus identified undervalued opportunities in places like Argentina, Japan, and the gold sector.
Key Topics: ● Growing up in India and finding investing through chemical engineering and economics (3:04) ● Discovering Marty Whitman via an obscure academic book on value investing (5:05) ● Lessons from selling real estate during Quebec's post-referendum panic (9:23) ● Joining MJ Whitman and watching Third Avenue evolve (11:12) ● Pioneering international value investing at Third Avenue (17:05) ● Founding Moerus Capital: philosophy, culture, and investment constraints (24:38) ● Moerus's asset-based investment framework (28:48) ● Managing macro risk and volatility through conservatism, not forecasts (30:41) ● Risk management: internal, external, and business model-related risks (33:00) ● Portfolio construction, position sizing, and concentration limits (46:39) ● Currency exposure and when to hedge (49:12) ● Case studies: Grupo Galicia and Despegar during Argentina's political shift (51:15) ● What keeps Amit up at night: industrial policy, broken immigration, and political gridlock (1:00:52) ● What Amit is reading—and what the Norton Simon Museum can teach investors (1:03:39) ● And much more!
Mentioned in this Episode: ● Moerus Capital Management ● Third Avenue Management ● MJ Whitman ● Marty Whitman ● Grupo Financiero Galicia ● Despegar.com ● Wheaton Precious Metals ● Major Drilling Group ● Dundee Corporation ● UniCredit ● LATAM Airlines ● Journal of Economic Literature ● Shubik and Whitman's The Aggressive Conservative Investor
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| Bill Ackman - Evolving Investment Playbook, From MBIA to Moats | 10 oct. 2025 | 00:56:47 | |
Bill Ackman, founder and CEO of Pershing Square Capital Management, joins hosts Michael Mauboussin and Tano Santos to trace the arc of his investing journey—from his early days in real estate finance to founding Gotham Partners and eventually building Pershing Square into a $30 billion firm. Bill discusses formative moments that shaped his thinking, including his controversial early short of MBIA, the painful lessons of the Valeant episode, and the transformation brought about by adopting a permanent capital structure. He also unpacks his investment philosophy, the importance of durability and moats, and his team's approach to risk, activism, and concentrated investing. Along the way, Bill offers thoughts on AI, higher education, and what excites—and concerns—him about the future — and much more!
Key Topics: ● Bill's near-death experience and early independence (2:19) ● Skills learned at Harvard and lessons from rowing and sales (3:50) ● Real estate foundation and Gotham Partners launch (6:44) ● Early credit derivative bet and discovery of MBIA issues (12:23) ● Formation and lessons from Pershing Square (19:02) ● The three eras of Pershing Square and the importance of permanent capital (21:03) ● Bill's investment philosophy and focus on durable moats (27:31) ● Thoughts on capital-light, network-effect businesses (33:58) ● How Pershing Square handles portfolio concentration and risk (36:30) ● Impact of AI and the resilience of activist investing (40:17) ● Student pitch trends and what makes a strong investment case (43:25) ● What Pershing looks for when hiring investment professionals (47:29) ● What worries and excites Bill today (51:34) ● Recommended reading and X as a research tool (54:34) ● And much more!
Mentioned in this Episode: ● Pershing Square Capital Management ● Gotham Partners ● MBIA Inc. ● Farmer Mac ● Herbalife ● Valeant Pharmaceuticals ● General Growth Properties ● Hilton Worldwide ● Uber Technologies ● Universal Music Group ● Brookfield Asset Management
● The Financial History of Berkshire Hathaway by Adam Mead ● The Compounders: Lessons from 50+ Stories of Business Growth by Travis Wiedower
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| Kristin Gilbertson - Risk, Resilience, and Returns | 29 août 2025 | 00:50:23 | |
In this episode, hosts Tano Santos and Michael Mauboussin speak with Kristin Gilbertson, CIO of Access Industries and former CIO of the University of Pennsylvania Endowment. Kristin shares her early interest in economic development and her unique journey through the World Bank, Stanford Management Company, and into managing a major university endowment. She outlines how risk awareness and preparation helped her successfully lead through the 2008 financial crisis and gives detailed insights into asset allocation, manager selection, and the nuances of family office investing. Kristin also discusses career strategies for students interested in the endowment and wealth management space and much more!
Key Topics: ● Kristin's early life and interest in economics (3:33) ● Influential professors and academic inspirations at Harvard (4:10) ● Experience at the World Bank and the Young Professionals Program (10:09) ● Joining Stanford Management Company and portfolio repositioning (15:05) ● Moving to Penn and addressing portfolio gaps and alumni engagement (18:26) ● The responsibilities and structure of a university CIO role (22:00) ● Building Penn's VC exposure and getting into Sequoia (26:20) ● Kristin's investment philosophy and fixed asset allocations (34:34) ● Kristin's role at Access Industries and managing a family office (38:16) ● Differences between endowments and family offices (41:10) ● Concerns about mega-cap stock valuations and ETF opportunities (46:34) ● And much more!
Mentioned in this Episode: ● Pioneering Portfolio Management by David Swensen
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| Seth Klarman - Contrarian Investing, Discipline, and Building Baupost | 01 août 2025 | 00:55:28 | |
In this episode, host Michael Mauboussin sits down with Seth Klarman, CEO and portfolio manager of The Baupost Group. One of the most influential practitioners of value investing, Seth shares his formative stories — from arbitraging coins as a kid to launching Baupost in 1982 — and reflects on his decades-long investment philosophy. They explore timeless principles of market inefficiencies, the importance of temperament, specialization versus generalization, the role of patient capital, and the challenges and opportunities ahead for investors in today's world. Seth also opens up about technology trends like AI, the evolving market structure, and the enduring lessons from Graham & Dodd — and much more!
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| Kent Daniel — From Physics to Finance: Exploring Market Inefficiencies | 25 juil. 2025 | 01:11:53 | |
In this episode of Value Investing with Legends, Tano Santos and Michael Mauboussin sit down with Kent Daniel, Professor of Finance at Columbia Business School, to discuss his journey from physics at Caltech to leading research in behavioral finance and quantitative investing. Kent shares insights from his academic work and his years at Goldman Sachs, including his critiques of the Fama-French model, the role of intangible information in asset prices, and the implications of short selling constraints. The conversation spans decades of market evolution, empirical challenges, and the behavioral patterns that continue to shape financial theory and practice.
Key Topics: ● Introduction by Tano Santos and Michael Mauboussin (0:00) ● Introduction of guest Kent Daniel and his academic and professional background (0:48) ● Kent shares his early life, education at Caltech, and influences like Richard Feynman (3:31) ● Transition from physics to finance, MBA at UCLA, and entry into PhD program (5:46) ● Kent's dissertation on time variation in asset returns and statistical test power (8:02) ● Discussion on behavioral vs. rational explanations for return predictability (11:51) ● Kent's time at University of Chicago during the rise of behavioral finance (15:18) ● Challenge to the Fama-French three-factor model with characteristics vs. covariances paper (22:40) ● Behavioral finance classic: Overreaction and underreaction explained through psychology (27:31) ● Discussion on tangible vs. intangible information in financial markets (36:04) ● Current research on short selling, borrow costs, and market inefficiencies (41:40) ● Kent's experience at Goldman Sachs and practical application of academic research (50:02) ● Reflections on the quant crisis and build-up of leverage pre-2008 (56:26) ● Discussion on value investing post-2008 and limitations of book-to-market (57:00) ● Kent's nuanced view on market efficiency and the role of frictions (1:02:16) ● Views on indexing, ETFs, and financial market design (1:06:11) ● Kent shares what excites and worries him about the future of markets (1:08:09) ● Kent's current reading and listening recommendations (1:10:07) And much more!
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| Cliff Asness — Quant Origins, Value Crashes, and Market Inefficiencies | 11 juil. 2025 | 01:25:01 | |
In this episode, Cliff Asness joins Tano Santos and Michael Mauboussin for a conversation that spans the evolution of quantitative investing, lessons from market crises, and the enduring tension between risk and behavioral explanations in finance. From his formative years at the University of Chicago under Gene Fama to building AQR into a quant powerhouse, Cliff reflects candidly on theory, performance, and how markets may have become less efficient in recent years.
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| Phil Ruvinsky - Sustainable Competitive Advantages in Technology | 12 juil. 2024 | 00:37:23 | |
In this episode, Michael Mauboussin, adjunct professor at Columbia Business School, hosts Phil Ruvinsky, Managing Director and Head of the Fundamental U.S. Growth Team at BlackRock. With extensive experience in the investment industry, Phil shares his journey from law to finance, discusses his investment philosophy, and explains the importance of sustainable competitive advantages. The conversation explores the evaluation of management, the impact of AI on the competitive landscape, and the nuances of portfolio construction. Phil also highlights the role of macroeconomic factors and regulatory changes in investment decisions, shares his thoughts on the future of active management in an increasingly indexed market, and much more!
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| Anu Bradford - EU Influence, Big Tech Challenges, and the Future of Digital Governance | 28 juin 2024 | 01:01:19 | |
In this episode, hosts Tano Santos and Michael Mauboussin speak with Anu Bradford, the Henry L. Moses Professor of Law and International Organization at Columbia Law School, to discuss the intricate dynamics of global technology regulation. Anu is recognized for her deep expertise in international economic law. Her pivotal books "The Brussels Effect" and "Digital Empires" explore how significant regions like the US, EU, and China shape technological standards worldwide. The conversation probes the complexities of regulating big tech companies across different legal and political landscapes, highlighting the significant influence of European regulations on global markets. She also touches on the impact of regulatory practices on innovation, the challenges of enforcing extensive digital laws, and the future trajectory of global tech governance. This episode offers a comprehensive look into the power struggles and cooperative efforts that define international technology regulation and much more!
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| Jonathan Knee - The Platform Delusion and the Intricacies of Digital and Analog Platforms | 14 juin 2024 | 01:04:01 | |
In today's discussion, Jonathan Knee, a distinguished advisor at Evercore Partners and Professor of Professional Practice of Media and Technology at Columbia Business School, explores the themes of his influential work, "The Platform Delusion." Jonathan's insights stem from a rich career in both the banking and academic sectors, bringing a nuanced perspective on digital versus analog platforms, competitive strategies, and the evolving landscape of technological advancements. The conversation uncovers the myths surrounding platform businesses and their impact on the economic principles that govern market dynamics. Jonathan also discusses the implications of regulatory frameworks and their intersection with business strategies in shaping industries and so much more!
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| James Bessen - Understanding the Tech Paradigm | 31 mai 2024 | 00:45:54 | |
In the third episode of Season 10, hosts Tano Santos and Michael Mauboussin speak with James Bessen, Executive Director of the Technology and Policy Research Initiative at Boston University. Delving into the intricacies of technological advancement and market dynamics, Bessen shares his insights on the evolving landscape of competition and innovation. The discussion highlights the impact of proprietary software on industry disruption, exploring the significant shift from mass production to mass customization facilitated by technology. This episode not only provides a deep dive into the challenges and opportunities presented by the digital age but also prompts a reflection on the future of value investing in a tech-dominated world and so much more!
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| Jan Hummel - Deep Diligence at Paradigm Capital | 17 mai 2024 | 00:48:46 | |
In this episode, Tano Santos sits down with Jan Hummel, CIO of Paradigm Capital, revisiting his investment strategies and exploring the nuanced dimensions of risk management in the evolving European asset landscape. Jan discusses the foundational investment philosophy of Paradigm Capital, emphasizing risk minimization and the strategic deployment of assets across Europe. Key discussions pivot around the firm's selective investment criteria, focusing on companies in the small to mid-cap space and the significance of geographical and cultural nuances in their investment decisions. This conversation offers listeners insights into the subtleties of value investing, portfolio construction, the implications of geopolitical and economic dynamics on market opportunities, and so much more!
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| Todd Combs - Charlie Munger's Legacy | 03 mai 2024 | 00:27:12 | |
In this heartfelt episode, we pay tribute to Charlie Munger, the visionary vice chairman of Berkshire Hathaway who recently passed away. Joining us is Todd Combs, an investment officer at Berkshire Hathaway and a close acquaintance of Munger. Todd shares personal anecdotes and insights into Munger's profound influence on the investment world and his unique approach to life and business. From his early meetings with Munger to the invaluable lessons on value investing and rational thinking, Todd provides an intimate look into the wisdom of one of the greatest investors of our time.
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| Kim Lew - The Dynamics of Risk Management and Asset Allocation | 29 déc. 2023 | 01:03:18 | |
Today's discussion with Kim Lew, President and CEO of the Columbia Investment Management Company, traverses her unique journey from her roots in the Bronx to managing a prominent Ivy League endowment. Kim shares her insights on navigating the intricate world of investment management, particularly in risk management and asset allocation. With a career marked by pivotal roles at entities like the Ford Foundation and Carnegie Corporation, her expertise brings a nuanced understanding of the interplay between market dynamics and organizational strategy. This episode explores how adaptability, intellectual curiosity, and understanding global trends shape successful investment approaches.
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| John Armitage - Navigating Macroeconomic Shifts | 15 déc. 2023 | 00:51:35 | |
In the complex world of financial markets and economic fluctuations, John Armitage, a seasoned investment maestro, sits down with us today. As the chief strategist behind the success of Egerton Capital, Armitage brings his profound insights into navigating the complexities of portfolio management and the subtle art of risk-taking in fluctuating markets. His expertise, honed through years of experience, sheds light on the critical impact of macroeconomic shifts and the pitfalls that stock pickers often encounter amidst outdated corporate data. This episode delves into passive investing, dissecting the crucial role of competitive dynamics in sectors like European aviation and examining the transformative impact of a growing talent pool on the traditional realms of asset management. Armitage also ventures into the ethical crossroads, intertwining moral integrity, societal upheaval, and the revolutionary wave of artificial intelligence. We uncover his focus on growth, governance, and quality, underpinned by a meticulous decision-making process at Egerton Capital, his literary pursuits, pondering over the influence of literature on his investment philosophy, and so much more!
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| Nicolai Tangen - Decision-Making and Intuition in Investing | 24 nov. 2023 | 00:44:45 | |
In the intricate dance of market movements and economic trends, it takes a discerning eye to discern patterns and make strategic decisions. Enter Nicolai Tangen, the astute CEO of Norges Bank Investment Management, who joins hosts Michael Mauboussin and Tano Santos on Value Investing with Legends. A connoisseur of art history and asset management, Nicolai offers a rare blend of expertise, drawing parallels between the seemingly disparate worlds of art and investment. His approach, marked by a blend of rigorous analysis and intuitive pattern recognition, reveals the underpinnings of a global economy shrouded in paranoia and driven by innovation. In this episode, Nicolai unfolds his journey from being an art student to leading one of the most prominent investment funds, highlighting how understanding historical context informs risk appetite. He brings to the forefront the role of AI in transforming investment strategies and the delicate balance of managing a substantial portfolio while maintaining a contrarian stance. Tune in to learn about the psychological aspects of risk assessment, the implications of AI on future investment strategies, the value of contrarian thinking in an ever-changing market, and so much more!
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| John Rogers - The Power of Patience | 10 nov. 2023 | 01:00:14 | |
John Rogers isn't just a successful investor; he's an industry titan. As the founder of a reputable investment firm, he's made a name for himself with his contrarian value investing strategies. But he's not just a practitioner; he's an educator, avidly reading and contributing to seminal works in investment literature. John's journey began with an early fascination for finance from his youthful days. A Princeton alumnus, he entered the turbulent waters of the stock market and turned a calamity—the infamous crash of 1987—into a career-defining opportunity. In today's episode, John joins us to discuss his formative experiences, the philosophical underpinning of his investment strategy, and the importance of thinking long-term. We also delve into his roles on various corporate boards, where he weighs in on 401k plans, corporate governance, the pivotal role of diversity in creating equal opportunities for minority businesses, and so much more!
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| Sheldon Stone - Liquidity, Covenants, and Capital Availability | 27 oct. 2023 | 01:02:15 | |
Navigating the investment world is an enormous task, especially when looking at company numbers and the people running them. That's why we're thrilled to have Sheldon Stone on the show. Sheldon was the first in his family to go to college, attending the highly respected Bowdoin College. He was part of a remarkable class of 225 students, an experience that shaped his unique perspective on life and career. Hailing from New Jersey, Sheldon Stone has had a fascinating career journey. His time at Bowdoin wasn't just about hitting the books; it also laid the groundwork for his expertise in bonds and financial markets. In today's episode, hosts Michael Mauboussin and Tano Santos sit down with Sheldon to dig into the nuts and bolts of investing. Sheldon shares his path from studying government in college to becoming a seasoned Chief Investment Officer. We dive deep into critical considerations like balancing liquidity and safeguarding investments, understanding the growing high-yield market, and why intangible assets like brands and patents are making financial waves. Sheldon, Michael, and Tano will explore Sheldon's unique educational background, the trade-offs in investment strategies, the rise of the high-yield market, the role intangibles play in today's financial world, and so much more!
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| Ray Dalio - Risk, Return, and Asset Allocation | 13 oct. 2023 | 00:59:46 | |
Navigating the complex world of wealth creation and financial history can be daunting. That's why our guest, Ray Dalio, places a strong emphasis on understanding the evolution of wealth, the current economic landscape, and the patterns that govern financial markets.
As an iconic investor and author, Ray offers a wealth of knowledge backed by years of experience in the finance industry. He has written the seminal book, "Principles for Navigating Big Debt Crisis," which serves as a crucial resource for anyone interested in understanding historical financial crises.
Ray is a legendary investor and the founder of Bridgewater Associates, one of the largest hedge funds in the world. He has extensive experience with debt crises, having navigated them multiple times in his career. In addition to his achievements in finance, he is the author of several highly acclaimed books that have garnered him a massive following both inside and outside of the financial community.
In this episode, Ray, Michael, and Tano discuss a range of topics from the evolution of wealth throughout history to the rise of populism in the modern world. They delve into the role of capital markets in wealth creation, the importance of understanding risk-return trade-offs, and much more. Ray also shares his unique perspectives on the challenges faced by countries like China and talks about the importance of deleveraging in today's economic climate.
Join us as we dive deep into these captivating topics with one of the most brilliant minds in the finance industry. Stay tuned for an enriching conversation that promises to offer valuable insights and much more!
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| Fireside Chat with Tom Gayner, Markel Corporation | 31 mars 2023 | 00:39:03 | |
Today's conversation is a special one. I'm delighted to share my fireside chat with Markel Corporation's Tom Gayner from our 26th Annual CSIMA Conference. With decades of industry experience, Tom joined us to share insights into how Markel has differentiated itself from others in the insurance industry and the investment approach and philosophies that facilitate its continued growth.
Thomas "Tom" Gayner is the Co-Chief Executive Officer of Markel Corporation. He oversees investing activities for the company, as well as the Markel Ventures' diverse industrial and service businesses. Tom joined Markel in 1990 to form Markel Gayner Asset Management which provided equity investment counsel for Markel Corporation and outside clients.
In this episode, Tom and I discuss how he went from analyzing Markel to joining the team after its IPO, Markel's three-engine business model, how Markel Ventures originated, why it's essential to create an environment that's supportive of the way you'd like to operate, and so much more!
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| Scott Hendrickson - An Unmasking of Quality | 17 mars 2023 | 00:52:18 | |
When evaluating a company, getting a clear picture of all the relevant factors can be challenging. That's why today's guest, Scott Hendrickson, heavily emphasizes management quality and companies where diligence can provide a high level of conviction.
As a Columbia Business School graduate and adjunct professor, Scott is both a practitioner and a teacher. He has been an integral part of the investing program for almost a decade.
Scott Hendrickson is a Partner and the Co-Founder of Permian Investment Partners, a $1.2 billion management-focused global long/short investment fund. Before co-founding Permian, Scott worked as an Investment Analyst at Brahman Capital. Prior to Brahman, Scott worked as an Associate at Industrial Growth Partners, a middle-market-focused private equity fund. Scott started his career as an Analyst in Merrill Lynch's Investment Banking Program. Scott graduated from Emory University with a BBA in Finance in 2000 and Columbia Business School with an MBA in 2007. Scott serves on the Columbia Business School adjunct faculty, teaching Applied Value Investing since 2014.
In this episode, Scott, Tano, and I discuss Scott's journey to a career in investing, why Permian has management as their core focus, the three main business quality metrics they employ, risk management for short interests, characteristics of transformational acquisitions, how teaching has expanded Scott's perspective, and so much more!
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| Bill Nygren - Fundamental Investing From A Generalist's Perspective | 03 mars 2023 | 01:05:06 | |
With the constant evolution of the asset management industry, investors need to stay a step ahead to justify earning an active management fee. With over 40 years of experience in the industry, this is a lesson that today's guest, Bill Nygren of Harris Associates, instills in the younger analysts he mentors.
Bill is a true legend of value investing and an investor you can turn to whenever the market is uncertain. He radiates fundamental ideas and has an expansive perspective on the comings and goings of the market and the economy at large.
Bill is the Chief Investment Officer for US equities at Harris Associates, which he joined in 1983, and a vice president of the Oakmark Funds. He has been a manager of the Oakmark Select Fund since 1996, Oakmark Fund since 2000, and the Oakmark Global Select Fund since 2006. Bill served as the firm's director of research from 1990 to 1998. He has received many accolades during his investment career, including being named Morningstar's Domestic Stock Manager of the Year for 2001, and he holds an M.S. in Finance from the University of Wisconsin's Applied Security Analysis Program (1981) and a B.S. in accounting from the University of Minnesota (1980).
In this episode, Bill, Michael, and I discuss why Bill was drawn to value investing, why generalist analysts transition more easily to portfolio manager than specialists, his approach to idea generation and portfolio construction, pivoting in times of crisis and great distress, recession insights from over 40 years of experience, and so much more!
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| Angela Aldrich - Developing A Differentiated View | 17 févr. 2023 | 01:05:27 | |
One of the most exciting things in our industry is finding young investment managers who are incredibly bright, hard-working, and well-trained in the investment process. Our guest today, Angela Aldrich, fits that bill perfectly.
Angela is the co-founder of Bayberry Capital Partners, a hedge fund with a half-billion dollars in assets based in New York. Before starting Bayberry Capital Partners, she worked at John Griffin's Blue Ridge Capital, which shut down in 2017 after a glorious 21-year run during which it returned its investors an average return of 15.3% annually. Angela graduated from Duke University with a degree in economics and received an MBA from Stanford University Graduate School of Business. Before joining Blue Ridge, Angela worked at Goldman Sachs, BDT Capital Partners, and Scout Capital Management.
In this episode, Angelo, Tano, and I discuss her path to a career in investing, what it was like to be mentored by John Griffin, Angela's key learnings from her transition from analyst to portfolio manager, Bayberry's investment philosophy and approach to search, portfolio construction and sizing, how to find opportunities in volatility, case studies of companies which demonstrate Bayberry's organizational principles in action, and so much more!
This podcast is not an offer to sell or the solicitation of an offer to purchase any securities, nor is it an offer of any advisory services. This podcast is for informational and educational purposes only, and intended to provide general market commentary. The discussion of any individual investments discussed in this podcast is for informational purposes only, and any such investments are not representative of all of the investments held, or that may in the future be held, by any fund, account or investment vehicle managed by Bayberry Capital Partners LP. Nothing in this podcast, including any discussion of past results, is a guarantee of similar or future outcomes.
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| Charley Ellis - The Evolution of the Asset Management Industry | 03 févr. 2023 | 01:15:38 | |
Over the past several decades, asset management has transformed from a small industry with a few experts competing against a majority of amateurs in the market to a market saturated with well-equipped and highly resourced experts competing against each other.
When I think about my pantheon of all-time great investment thinkers and writers, our guest today stands out as one of the industry's legends. Charley Ellis has played the most significant role in how I think about the investment industry, and I can't think of anyone better to talk about the industry's evolution.
Dr. Charles D. Ellis is the founder and former managing partner of Greenwich Associates, an international consultancy where he advised large institutional investors, foundations, and government organizations in more than 130 financial markets across the globe. Through that lens, he has been a keen observer of what works in organizations and markets for the last half-century. For nine years, Charley was chair of the Investment Committee at Yale, his alma mater, where he worked closely with its legendary Chief Investment Officer, David Swensen. He also served as a director of the Vanguard Group from 2001 to 2009. Charlie is a Harvard Business School graduate and has taught advanced investing courses at both Yale and Harvard. The CFA Institute recognized him as one of the twelve leading contributors to the investment profession, and along the way, Charlie has published nineteen books.
In this episode, Tano, Charley, and I discuss what inspired him to found Greenwich Associates, what goes into identifying the right questions to ask, how the industry has shifted from a winner's game to a loser's game, the massive changes in the asset management industry since the founding of Greenwich Associates, lessons from the Yale endowment model, Charley's book recommendations, and so much more!
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| Felix Oberholzer-Gee - The Competitive Advantage of Value-Based Strategy | 20 janv. 2023 | 01:10:46 | |
Success comes from value creation.
For a strategic initiative to create value, it must increase willingness to pay or decrease willingness to sell. Otherwise, the resources expended will not flow into profitability.
Today's discussion is one I was looking forward to because we're focusing on value-based strategy frameworks and using strategic analysis to understand whether a company has a competitive advantage. Joining us to explore this topic is someone who has taken a fundamentally sound framework and brought it to life with excellent insights and vivid examples, Felix Oberholzer-Gee.
Felix Oberholzer-Gee is the Andreas Andresen Professor of Business Administration in the Strategy Unit at Harvard Business School. A member of the faculty since 2003, Felix has won numerous awards for excellence in teaching, including the Harvard Business School Class of 2006 Faculty Teaching Award for best teacher in the core curriculum and the 2002 Helen Kardon Moss Anvil Award for best teacher in the Wharton MBA program. He teaches competitive strategy in executive education programs such as the Program for Leadership Development, the Senior Executive Program for China, and a program for media executives titled Effective Strategies for Media Companies. His course, Strategies Beyond the Market, is a popular elective class for second-year MBA students. Felix is the author of numerous books, and his latest book, Better, Simpler Strategy, will be a major subject of today's conversation.
In this episode, Felix, Tano, and I discuss how Felix defines his strategy framework, why willingness to pay and willingness to sell should be at the core of every strategy conversation, the value of ROIC as a metric of success, how Felix thinks about driving competitive advantages, value capture versus value creation, how to think about complements and substitutes, the potential for innovation and productivity growth, and so much more!
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| Mitch Julis - Finding the Opportunity in Complexity | 06 janv. 2023 | 01:21:48 | |
To be a good value investor, you must be a good credit analyst.
Over the years, I learned so much from the many investors I've met through Heilbrunn. I've shamelessly incorporated these ideas and insights into my lecture notes and the curriculum. Today's guest is one such person.
Mitch Julis has had a disproportionately large impact on both my thinking and the program design. Now he joins me for a conversation about the rich interactions between the nature of the firm's business operation and the liability side of the balance sheet.
Mitchell R. Julis is the Co-Founder, Co-Chairman, and Co-Chief Executive Officer of Canyon Partners, LLC. Mitch is a graduate of the Woodrow Wilson School at Princeton University, Harvard Law School, and Harvard Business School. He received an honorary doctorate from Yeshiva University of New York in 2011. Before forming Canyon, Mitch directed a group of professionals responsible for a distressed and special situation securities portfolio at Drexel Burnham Lambert. He was a bankruptcy and creditors' rights attorney at Wachtell, Lipton, Rosen & Katz in New York.
In this episode, Mitch and I discuss his journey from Bronx to Beverly Hills, the juxtaposition of accounting and accountability, why increasing spending power can undermine our federal system of competition, the four P's of understanding governance, Mitch's accidental entry into restructuring and bankruptcy law, arbitrage opportunities that arise in distressed situations, his approach to risk assessment, and so much more!
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| Andrew Wellington & Dan Kaskawits - Finding the Gems Amid the Junk | 16 déc. 2022 | 01:12:58 | |
"Right next to the really cheap junk, there are some really cheap gems."
Welcome to a new season of the Value Investing with Legends podcast!
We're delighted to welcome our first guests for the season, Andrew Wellington and Dan Kaskawits from Lyrical Asset Management. In 2008, Andrew started the firm with three core pillars of investing: value, quality, and analyzability. That approach leads them to focus on building concentrated portfolios that generate great returns through the core principles of value investing with a long-term time horizon.
Andrew Wellington is the Chief Investment Officer of Lyrical and has more than two decades of experience in the asset management industry. After spending five years in management consulting, in 1996, Andrew joined Pzena Investment Management as a founding member and its first research analyst. Five years later, after honing his skills as an equity analyst and value investor, Andrew joined Neuberger Berman in 2001, where he went on to run their institutional mid-cap value product. After Neuberger, Andrew spent two years in activist investing at New Mountain Capital. Andrew graduated summa cum laude and as the top graduating senior from the University of Pennsylvania's Management & Technology Program in 1990, earning a Bachelor of Science in Economics from the Wharton School and a Bachelor of Science in Engineering from the School of Engineering.
Dan Kaskawits joined Lyrical in January 2018 as a Senior Research Analyst. Dan has over 15 years of experience investing in public equities. Before Lyrical, he served as an Analyst at Elm Ridge Capital from January 2011 to December 2017 and as an Associate at Citi Investment Research from October 2003 to June 2009. Dan graduated from Tulane University and received an MBA from Columbia Business School. Dan has earned the right to use the Chartered Financial Analyst designation.
In this episode, Andrew, Dan, and I discuss how they got started in the asset management industry, lessons they learned from value investing legends, why Andrew founded Lyrical Asset Management, what makes a successful international value strategy, Lyrical's approach to search, how they operationalize their core pillars, why it's advantageous to be a generalist, their top book recommendations, and so much more! Lyrical Asset Management LP's participation in this interview does not convey any offering or the solicitation of any offer to invest in the strategies discussed. Moreover, the information contained in this interview is not provided by Lyrical in a fiduciary capacity and does not constitute investment advice. Positions held by Lyrical portfolios are subject to change without notice; Lyrical bears no responsibility to update any opinions or information expressed herein. A list of all Lyrical recommendations is available upon request. Please see lyricalam.com/notes for a discussion of certain material risks of an investment in Lyrical's strategies.
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| Amy Zhang - Identifying Exceptional Potential | 01 juil. 2022 | 00:56:40 | |
"We look for exceptional small and mid cap companies with the wherewithal to become exceptional large companies."
This is at the core of the investment philosophy of today's guest, Columbia Business School alum Amy Zhang. Amy is Executive Vice President and Portfolio Manager of the Alger Small Cap Focus, Alger Mid Cap Focus, Alger Mid Cap 40, and Alger Small Cap Growth Strategies. She joined Alger in 2015 and has 27 years of investment experience, including over a decade at Brown Capital Management as a Partner, Managing Director, and Senior Portfolio Manager of its Brown Capital Small Company Strategy.
Amy has received multiple accolades, including being named one of the "Best Female PMs to Invest with Now" by Morningstar in 2022 and one of the "Top 20 Female Portfolio Managers" by Citywire in 2021, 2019, and 2018.
In this episode, Amy, Michael, and I discuss Amy's unconventional background and studies, why she made the move to managing small cap growth portfolios, how to think about small cap investments, the key metrics she looks for when assessing potential companies, her classification system of motorboats and sailboats, opportunities available in the current market, and so much more!
For more information and disclosures please visit www.alger.com
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| Ashvin Chhabra - The Aspirational Investor | 17 juin 2022 | 00:57:16 | |
How do you create a portfolio strategy that takes into account both safety and the pursuit of your aspirational goals?
That's what today's guest, Ashvin Chhabra, set out to answer with the Wealth Allocation Framework. Ashvin is President and Chief Investment Officer of Euclidean Capital, a New York-based family office for James H. Simons & Marilyn H. Simons. The Simons Foundation is dedicated to advancing research in mathematics and the basic sciences and is currently one of America's largest private funders in those areas. Prior to his current position, Ashvin was Chief Investment Officer for Merrill Lynch and Chief Investment Officer at the Institute for Advanced Study in Princeton, New Jersey. He's also the author of a terrific book, The Aspirational Investor, which was published in 2015. Ashvin holds a Ph.D. in Applied Physics from Yale University in the field of nonlinear dynamics.
In this episode, Ashvin, Tano, and I discuss Ashvin's background as a theoretical physicist, why he didn't see himself becoming a great trader, how the Wealth Allocation Framework was developed, his frustrations with modern portfolio theory, how he brings behavioral finance into wealth management, how to think about inflation and wealth preservation, and so much more!
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| Abby Joseph Cohen - Blending the Quantitative with the Qualitative | 03 juin 2022 | 00:50:38 | |
"The data is the data, and that's it."
As a model user, it's easy to get hyperfocused on quantitative data but reality requires a broader approach.
In the current market environment with uncertainty at every turn, it's an advantage to be able to blend quantitative and qualitative analysis with years of experience observing the interaction between the economy at large and financial markets.
Today we're joined by Wall Street Legend, Abby Joseph Cohen, a student of the market who has seen lots of ups and downs from early in her career. Abby was most recently Senior Investment Strategist at Goldman Sachs and she is now a full-time member of the faculty at Columbia Business School, where she teaches a very popular course called the Future of the Global Economy.
Abby started her Wall Street career at T. Rowe Price, ultimately landing at Goldman Sachs in 1990. She made her name there as Chief US Portfolio Strategist, was named a Managing Director in 1996, and made Partner in 1998 shortly before the firm went public. Abby is a native New Yorker, attended Cornell University, and received a master's degree in economics from George Washington University.
In this episode, Abby, Tano, and I discuss the unusual route Abby took in her studies when she combined economics with computer science, why she considers herself a reformed quant, the importance of combining quantitative and qualitative data, what we can learn from financial crises of the past, why she doesn't believe we're experiencing the end of globalization, and so much more!
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| Allison Fisch - Unlocking Value in Emerging Markets | 20 mai 2022 | 00:47:42 | |
Welcome back to Season 7!
From the move to Manhattanville to the new curriculum for the value investing program at The Heilbrunn Center, there have been many changes since we wrapped our last season at the end of 2021.
Outside of that, a lot has happened in the markets. We've seen significant drawdowns in some growth stocks, conversations are centered around inflation and stagflation, and the geopolitical situation is bleak after the atrocious Russian invasion of Ukraine.
For our upcoming episodes, we're exploring different aspects of how to navigate these difficult times. Joining us today to discuss the international dimension of investing in this situation is our guest, Allison Fisch.
Allison is Principal and Portfolio Manager at one of the great names in value, Pzena Investment Management. Pzena was founded in 1995 by Richard Pzena as a value-oriented investment management company and now has more than $50 billion of assets under management. Allison joined Pzena in 2001 after starting her career as a business analyst at McKinsey & Company. She earned a B.A. summa cum laude in Psychology and a minor in Drama from Dartmouth College where she was a member of the Phi Beta Kappa and Psi Chi national honor societies.
In this episode, Allison and I discuss how starting in management consulting created a great foundation for her investing career, how she developed her investing philosophy, why she's excited about opportunities for value in emerging markets, her approach to idea sourcing, risk management, and portfolio construction in emerging markets, and so much more!
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| Munib Islam - Creating Long-Term Value | 03 déc. 2021 | 01:13:57 | |
Time arbitrage is one of the biggest behavioral advantages an investor can have.
Joining us today to talk about what it means to be an engaged, long-term shareholder is Munib Islam. Munib is someone who has experienced investing from many different angles, from a traditional long-short hedge fund to sitting on corporate boards and seeing the process of approving corporate performance from the inside.
Munib Islam is the Founder and Managing Partner of LTS One Management, an investment partnership created earlier this year with funding from Jorge Paulo Lemann, Marcel Telles, and Carlos Alberto Sicupira. Before starting LTS One, Munib was a longtime partner and briefly Co-Chief Investment Officer of Third Point, a New York-based hedge fund with over $15 billion of assets under management. Before joining Third Point, Munib worked as an associate at Oak Hill Capital and Lazard. He received a BA in Economics magna cum laude from Dartmouth College and an MBA from the Graduate School of Business at Stanford University.
In this episode, Munib, Tano, and Micheal discuss Munib's introduction to a career investing, similarities and differences between working in private equity and public markets, why Munib was excited to bring capital to European markets, the value of cognitive diversity, Munib's investment philosophy, the challenges of activism, and so much more!
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| Lauren Taylor Wolfe - Adding Value With A Creative Approach to Environmental, Social, and Governance Change | 12 nov. 2021 | 00:58:21 | |
Activist investing is the new frontier for value investors, allowing them to be the agents of their own returns.
Today we're continuing our examination of the activist style of investing by exploring the intersection of two important trends in the money management industry: activism and environmental, social, and governance investing.
Impactive Capital's Lauren Taylor Wolfe joins us to share her perspective and Impactive's unique approach to creatively incorporating environmental, social and governance (ESG) into activism.
Lauren is co-founder and Managing Partner of Impactive Capital, an activist investment management firm that currently has more than 1.5 billion in assets under management. Prior to founding Impactive, she spent 10 years at Blue Harbour Group where she was a Managing Director and Investing Partner. Lauren earned her M.B.A. from The Wharton School at University of Pennsylvania and a B.S. magna cum laude from Cornell University.
In this episode, Lauren, Michael and I discuss her non-linear journey to investing, what she learned from working in different industries, how she became interested in activist investing, what Impactive is doing to improve diversity in the industry, and so much more!
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| Bringing An Outside Perspective Through Transformational Activism with Mason Morfit | 29 oct. 2021 | 01:00:23 | |
In a world of plentiful capital and compressed yields, activism and being the agent of one's returns is a way forward.
Transformational activism in particular is centered around a deep commitment and trusting relationship between the investor and the company. This multi-dimensional approach forgoes short-term solutions like financial engineering and instead focuses on working with great leaders to put together the right people, resources, and strategies for long-term results.
Few firms exemplify the value creation associated with shareholder engagement and activism better than ValueAct and today I'm joined by Mason Morfit, Chief Executive Officer and Chief Investment Officer of ValueAct Capital.
Mason Morfit is a Partner, the Chief Executive Officer and Chief Investment Officer of ValueAct Capital, a governance-oriented investment fund with over $14 billion in assets under management. ValueAct has a very highly concentrated portfolio and one of its partners has served on the Boards of Directors of 44 public companies over the life of this great activist fund. Mason himself has served as a director of Microsoft Corporation, Valeant, Bard, Immucor, and many other companies.
In this episode, Mason and I discuss why he became interested in the psychological aspect of economics, how the activist investor landscape has shifted, the difference between transactional and transformational activism, the value of a learn-teach relationship, and so much more!
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| 5x5x5 Russo Student Investment Fund: Class of 2021 | 15 oct. 2021 | 00:56:34 | |
Not satisfied with the lack of value most student-run investment clubs offered to students, Tom Russo designed a better way.
Through the 5x5x5 Russo Student Investment Fund, he set out to prove the teaching value of a long-term fund rather than the conventional short-term activity that the existing systems favored.
Each year, students submit their ideas for new investments with five ideas ultimately being selected and held in their entirety for five years. At the end of those five years, the inflation-adjusted original amount is invested back into the fund and any other gains are used to support scholarships for traditionally under-represented members of the class.
Today I'm joined by Tom Russo himself to discuss this year's picks for the 5x5x5 fund with three of the students who pitched them. I continue to be impressed with the sophistication of the insights made by the students and the professional discussions that arise for each pitch.
In this episode, Tom, Rainbow, Andreas, Ryan, and I discuss why they were initially attracted to the companies they pitched, the competitive advantages and under-appreciated opportunities that exist, key factors that appealed to each of them for their selected companies, and so much more!
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| Chris Davis - A Multifaceted Perspective on Financial Services | 01 oct. 2021 | 01:16:30 | |
A year and a half into the pandemic, a lot has changed in the investment landscape.
Individual investors have been empowered, economies reacted in unpredictable ways, and we still have no clear idea of what is to come. At the same time, when we take a retrospective look, we can find parallels between the trends, behaviors, and reactions of today and events in the past. Today we're joined by one of the great conversationalists in the community, Chris Davis, to share his perspective on investing in a time of COVID and his outlook for the future.
Chris Davis is the Chairman of Davis Advisors, where he oversees approximately $30 billion of client assets for both individuals and institutions worldwide. Chris joined Davis Advisors in 1989 as a financial analyst and has been a portfolio manager of the firm's flagship fund, the Davis New York Venture Fund since 1995. That fund has a very long history, having been founded more than a half-century ago. An investment of $10,000 at the fund's inception would be worth $3.6 million as of June 30, 2021, versus 1.9 million for the S&P 500. Chris studied Moral Philosophy and Practical Theology at the University of St. Andrews in Scotland and is on the board of directors at the Coca Cola Company and Graham Holdings.
In this episode, Chris, Tano, and I discuss how the pandemic compares to past crises, Davis Advisors' approach to triage as we entered the pandemic, why the banking industry offers more certainty to investors than other financials, the impact of low interest rates, the advantages US companies hold have over European companies, and so much more!
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| The Art of Fund Management with Chase Sheridan & Will Pan | 17 sept. 2021 | 01:17:10 | |
Since our first podcast in the spring of 2019, we've built a wonderful audience around the world, and now have a terrific collection of interviews with remarkable investors.
I have loved the opportunity to host these interviews myself but from the very beginning, I felt that you would benefit from having another voice to challenge the guests and bring a different point of view to the podcast. That time has finally come.
As we start this new season, I couldn't think of a better person to join me as co-host than Michael Mauboussin, Head of Consilient Research at Counterpoint Global. Michael is a colleague, a friend, and someone I admire enormously for his passion and ability to match academic research with the practical considerations of investing.
On our first episode together we're delighted to welcome Chase Sheridan and Will Pan of one of the great names in value investing, Ruane, Cunniff & Goldfarb.
Chase Sheridan joined Ruane, Cunniff & Goldfarb in June 2006 upon his graduation from Columbia Business School. Prior to attending Columbia, Chase was a senior vice president at Citadel Investment Group, a hedge fund based in Chicago and a partner at Q.E.D. Capital, an arbitrage firm based in Chicago. After interning with the firm in 2009, Will Pan was set on a career path with Ruane, Cunniff & Goldfarb. He joined the firm in 2010 after graduating from Harvard College.
On this episode, Chase, Will, Michael, and I discuss Ruane, Cunniff & Goldfarb's history and connection to Warren Buffett, why the Hyperion found was started, the team dynamic between Chase and Will as co-managers of the fund, their approach to idea sourcing and portfolio construction, and so much more!
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| Anne-Sophie d'Andlau - Driving Change By Engaging With Impact | 09 avr. 2021 | 00:49:23 | |
Listeners of this podcast will know that I believe one of the most dynamic areas of investing is that of activism. In the true spirit of value investing, there's a crop of activist investors who are now embracing their role in engaging management in various ways, whether to improve operational performance, address governance issues, or simply to encourage better capital allocation and distribution policies.
Today we're exploring this topic further with Anne-Sophie d'Andlau. Anne-Sophie co-founded CIAM with her partner, Catherine Berjal, in 2010. Since then they have led several groundbreaking activist campaigns in Europe, capturing the attention of the financial press everywhere.
Anne-Sophie is a Partner and Deputy CEO at CIAM and she is responsible for the fund's strategy and development. CIAM, which stands for Charity Investment Asset Management, donates 25% of its annual performance fees to charities dedicated to improving children's health and education across the world. Before founding CIAM, Anne-Sophie worked at Systeia Capital Management from 2001 to 2008, first as Head of Research for the Event Driven and M&A strategies, then taking on a portfolio management role from 2003 to 2008.
On this episode, Anne-Sophie and I talk about how she started her career in finance, how CIAM evolved into active investment, why Europe is well-suited for a new wave of activist investors, CIAM's approach to idea sourcing, analysis, and risk management, what Anne-Sophie hopes to see for the future of activism in Europe, and so much more!
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| Florian Schuhbauer and Klaus Roehrig - Applying Activist Tactics to European Markets | 26 mars 2021 | 01:18:42 | |
One of our goals with this podcast is to get to know new markets, new situations, and new investors who bring dynamism to all markets. A great example of this is the new generation of activist investors in Europe. Students of mine have heard me say for some time that Europe has been ripe for activism. I believe that with structural changes in European capital markets, combined with the state of global markets, a new wave of activism is happening and will be quite transformative. My guests today, Florian Schuhbauer and Klaus Roehrig of Active Ownership Corporation (AOC), are one of the most exciting names in the current European activist scene. They have been making headlines with groundbreaking campaigns and change they are bringing to European Capital Markets. AOC has built a remarkable record over the last five years, beating the Europe ex UK Small Cap benchmark by a factor of almost three since inception. AOC is an independent, partner-managed investment company acquiring significant minority stakes in publicly listed, undervalued small- and mid-size companies in German-speaking countries and Scandinavia. AOC follows an active ownership approach and fosters value creation through operational, strategic, and structural improvements. Florian Schuhbauer is a founding partner of AOC and has more than 20 years of relevant experience. Prior to establishing AOC, Florian was a Partner at Triton Partners where he built up the Public Equity practice. Klaus Roehrig is also a founding partner of AOC and has more than 20 years of relevant investing experience. Before founding AOC, he was at Elliott Associates, responsible for the funds' investments in the German-speaking countries. On this episode, Florian, Klaus, and I discuss their early careers and the unusual paths they took before founding AOC, the mentorship they received along the way, the key pillars of their investment strategy, AOC's holistic, team approach to their companies, how they manage liquidity differently from other firms, and so much more!
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| Elizabeth Lilly - Embodying the Principles of Value Investing | 12 mars 2021 | 00:57:29 | |
The value investing in legends class is one of the highlights of the Heilbrunn year. It's filled with special moments, including the annual visit from our guest today, Elizabeth Lilly. Beth embodies the principles and practices of value investing like very few people do. She makes investing look easy and her lecture always captures the pure essence of value investing. Elizabeth Lilly is Chief Investment Officer and Executive Vice President for The Pohlad Companies, LLC where she oversees the public and private investments for the Pohlad family. Beth began her career with Goldman Sachs in 1985 and shortly after moved to Greenwich, Connecticut to work as an analyst in Fund American Companies in 1988. In 1997, she co-founded Woodland Partners in Minneapolis which focused on investing in small capitalization equities. In 2002, Woodland Partners was acquired by GAMCO Investors where she went on to serve as a Senior Vice President and Portfolio Manager of the $1.4 billion Teton Westwood Mighty Mites Fund and as a member of the value portfolio management team. In 2017, Beth founded Crocus Hill Partners to focus on investments in small and micro capitalization equities but a year later she left to join the investment arm of the Pohlad family in an opportunity that was impossible to pass on. Beth is a graduate of Hobart/William Smith College and a dear friend of the Heilbrunn Center. On this episode, Elizabeth and I discuss how her passion for investing was ignited from in childhood, the many value investing legends she has had the opportunity to learn from during her career, how she founded her firm before ultimately landing her dream job at Pohland Companies, her approaches to idea sourcing and risk management, and so much more!
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| Anna Nikolayevsky - The Value of Independent Thought | 26 févr. 2021 | 00:46:07 | |
Any sound investment strategy must include both a tactical and a structural component. The tactical side requires close attention to the firm's financials and prospects, while the structural side puts that analysis in the specific context of the industry as well as the economy at large. Our guest, Anna Nikolayevsky, is here today to share her approach and how her investment strategy has evolved.
Anna Nikolayevsky is the founder and Chief Investment Officer of Axel Capital Management, a fundamentally driven long/short firm investing in equities across a variety of sectors and geographies. Before founding Axel Capital in 2002, Anna was an analyst at Zweig-DiMenna Associates and Goldman Sachs Asset Management. Anna holds a BS from NYU, an MBA from Columbia Business School, and has also received multiple accolades for her investment work, including being the recipient of the Investors Choice Awards for Emerging Fund of 2015. She is a wonderful friend of the Centre and I'm incredibly thankful for all she does here for us at the Business School.
On this episode, Anna and I discuss how her humble childhood ultimately impacted her career choice, starting in the world of trading as a freshman, her rich learning opportunities early in her career, what it was like to start her firm in the early 2000s, why she decided to depart from the traditional hedge fund model, her thoughts on the future of value investing, and so much more!
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Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more! | |||