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Graham & Doddsville - Issue 16 - Fall 2012_vFINAL2

Graham & Doddsville - Issue 16 - Fall 2012_vFINAL2

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Published by: evolve_us on Oct 08, 2012
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Loews Corporation is one of the largest diversified hold-ing companies in the United States. Since its foundingin 1959, Loews has been rooted in the principles of valueinvesting as a means of generating wealth for its share-holders. CEO Jim Tisch (one of three members of the
company’s Office of the President along with his brother 
Andrew and cousin Jonathan) and Chief InvestmentStrategist Joe Rosenberg shared their thoughts and ex-periences with G&D.
(Continued on page 14)
“Patience is
 part of our 
 Royce & Associates
 Legendary Small Cap Investors
Royce & Associates, investment advisor to The Royce
Funds, is one of the industry’s most experienced and
highly respected small-cap investment manag-ers. Founded in 1972, Royce & Associates has producedoutstanding returns over its 40 year history by main-taining its value-oriented discipline regardless of marketmovements and trends. G&D sat down for a group in-terview with portfolio managers Chuck Royce, CharlieDreifus, Whitney George, and Buzz Zaino.
(Continued on page 23)
Fall 2012Issue XVI
 Jay Hedstrom, CFAMBA 2013 Jake LubelMBA 2013Sachee TrivediMBA 2013Richard HuntMBA 2014Stephen LieuMBA 2014
Inside this issue:
 Joel Greenblatt P. 1LoewsCorporationP. 1Royce &AssociatesP. 1Omaha Dinner P. 3
Visit us at:
Graham & Doddsville 
An investment newsletter from the students of Columbia Business
 Joel Greenblatt is theManaging Partner of Gotham Capital, an in-vestment firm he foundedin 1985, and a ManagingPrincipal of Gotham As-set Management. Mr.Greenblatt is the author of four investing-relatedbooks, including the NewYork Times bestseller 
TheLittle Book that Beats the Market
You Can Be aStock Market Genius
. Mr.Greenblatt is the former Chairman of Alliant Tech-systems, a Fortune 500company and the currentChairman of SuccessCharter Network, a net- work of charter schools inNew York City. He is anAdjunct Professor in Fi-nance at Columbia Busi-ness School and a gradu-ate of the Wharton MBAprogram.
(Continued on page 4)
Joel Greenblatt
Process and
Clarity are Key”
 Joe Rosenberg and Jim Tisch Joel GreenblattCharlie Dreifus, Chuck Royce, Buzz Zaino, Whitney George
Page 2
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 
Graham &Doddsville,
Columbia Business
School’s student
-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
Graham& Doddsville
as much as weenjoy putting it together!
- Editors, Graham & Doddsville
Welcome to
Graham & Doddsvill
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.
G&Dsville Editors
Welcome back to another yearof Graham & Doddsville. Weare delighted to bring to youthe 16
edition of Columbia
Business School’s student
-ledinvestment newsletter, co-sponsored by the HeilbrunnCenter for Graham & DoddInvesting and the ColumbiaStudent Investment Manage-ment Association.Now in its seventh year, Gra-ham & Doddsville is still goingstrong. We would like to offera special thank you to AnnaBaghdasaryan and Joe Jaspan,
last year’s editors, for showing
us the ropes and ensuring thatthe product presented to youlast year, in three spectacularissues, was of the highest qual-ity. We would also like torecognize Graham &
Doddsville’s founders, Joseph
Esposito, Abigail Corcoran, andDavid Kessler. What you arereading today is a product of their initiative and inspiration.Now on to our distinguishedand diverse lineup of successfulvalue investors as well as someof the interesting topics youwill see them address in thefollowing pages.
 Joel Green-blatt
, now in his 17
year asPictured: Heilbrunn CenterDirector Louisa Serene Schnei-der at the CSIMA conference inFebruary 2012.Louisa skillfully leads the Heil-brunn Center, cultivating strongrelationships with some of the
world’s most experienced value
investors and creating numerouslearning opportunities for stu-dents interested in value invest-ing. The classes sponsored bythe Heilbrunn Center are amongthe most heavily demanded andhighly rated classes at ColumbiaBusiness School.
Panelist of Judges at the Pershing SquareValue Investing and PhilanthropyChallenge which was held in April 2012at the Center for Jewish History
Alex Porter and Jon Friedland of Porter Orlin with the first and second placefinishers at the Moon Lee PrizeCompetition which was held in January2012 at Columbia Business School
 Page 3
2012 “From Graham to Buffett and Beyond” Dinner, Omaha
Russo explaining Nestle
Panel: Prof. Greenwald, Mario Gabelli, David Winters, Tom Russo
Greenwald making a point
Russo posing with audience
 Winters answering a questionGabelli with Columbia students and Louisa Schneider 
Gabelli in a light moment

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