Pictured: Bruce Greenwald atthe Columbia Student Invest-ment Management Conferencein February 2012.The Heilbrunn Center sponsorsthe Applied Value Investing pro-gram, a rigorous academic cur-riculum for particularly commit-ted students that is taught by
some of the industry’s best prac-
titioners.We are pleased to present youwith Issue XV of
-led invest-ment newsletter, co-sponsoredby the Heilbrunn Center forGraham & Dodd Investing andthe Columbia Student Invest-ment Management Association.TOO ADDPlease feel free to contact us if you have comments or ideasabout the newsletter. Wehope you enjoy reading
as much as weenjoy putting it together!
- Editors, Graham & Doddsville
Graham & Doddsville
an adjunct member of the Co-lumbia Business School faculty,describes his shift from specialsituations investing to a for-mula-based approach. He de-scribes how the most glaringinefficiencies in the markettoday are caused by a wide-spread focus on very short-
term performance which isn’t
likely to abate any time soon.Mr. Greenblatt notes that de-
spite the market’s run this
year, he still believes it is cheapbased upon the measures thathe follows.
Jim Tisch and JoeRosenberg
from Loews Cor-poration detail some of thehistory behind a few of theirbest investments. Mr. Tischexpands on the importancepermanent capital has had onhis investment style and theinherent dangers in acquiringcompanies. Mr. Rosenberg,who recently celebrated his50
year on Wall Street, re-counts how he got started inthe industry. He also shareswith us his introduction toLarry Tisch many years ago andwhat brought him to Loews,his home since 1973.We were also extremely fortu-nate to be granted a group in-terview with
Chuck Royce, Whitney George, CharlieDreifus, and Buzz Zaino
from Royce & Associates. Thisquartet of legendary small capinvestors speaks candidly aboutthe similarities and differences of their respective investmentstyles
from the importance of meeting with management tothe safety of a clean balancesheet. They also detail howthey believe small-cap investinghas changed over time, and howit has impacted where they findideas.This issue also contains pictures
from the 2012 “From Grahamto Buffett and Beyond” Dinner,
which takes place each May inOmaha, Nebraska. We thank our featured investors for shar-ing their time and insights withour readers. Please feel free tocontact us if you have commentsor ideas about the newsletter aswe continue to refine this publi-cation for future editions. Wehope you enjoy reading thisissue of Graham & Doddsville asmuch as we have enjoyed put-ting it together.