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Graham & Doddsville Winter 2013

Graham & Doddsville Winter 2013

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The newsletter from Columbia Business School.
The newsletter from Columbia Business School.

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Categories:Types, Business/Law
Published by: Wall Street Wanderlust on Feb 07, 2013
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02/07/2013

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Frank Martin
 — 
 Winning byNot Losing
 Winter 2013Issue XVII
Editors
 
 Jay Hedstrom, CFAMBA 2013 Jake LubelMBA 2013Sachee TrivediMBA 2013Richard HuntMBA 2014Stephen LieuMBA 2014
Inside this issue:
Graham & DoddBreakfast P. 3 JANA Partners P. 4Daniel Krueger P. 14Frank Martin P. 28Russell Glass P. 42 Jon Friedland P. 50
Visit us at:
Graham & Doddsville 
An investment newsletter from the students of Columbia Business
School
 
 
JANA Partners
 — 
 CollaborativelyUnlocking Value
 
Frank Martin
Barry RosensteinScott Ostfeld
Founded in 2001, JANA Part-ners is a value-oriented in-vestment advisor specializingin event-driven investing.G&D sat down with two of 
the firm’s partners, Barry
Rosenstein and Scott Ostfeld
’02. Barry Rosenstein is the
founder and Managing Part-ner of JANA Partners. Prior 
(Continued on page 4)
Daniel Krueger ’02 is a Man-
aging Director and Partner at Owl Creek Asset Manage-ment, a hedge fund in New
(Continued on page 14)
Frank Martin is the founder and owner of Martin CapitalManagement, an investment partnership based out of Elkhart,Indiana. He is the author of two books on investing,
Speculative Contagion
(2005) and
 A Decade of Delusions
(2011).
(Continued on page 28)
Russell Glass
Russell Glass
 — 
 Arbitrageur of Value
Russell Glass is founder and managing partner of RDG CapitalManagement, a New York-based investment managementfirm that specializes in activist investing. Prior to RDGCapital, Mr. Glass served as President of Icahn Associates, theinvestment firm of Carl Icahn. A passionate sports fan, Mr.
(Continued on page 42)
Jon Friedland
 — 
 Searching for InternationalBattleships
 Jon Friedland
 Jon Friedland ’97 is the Director of International Research at
Amici Capital (formerly named Porter Orlin). He is
responsible for sourcing and analyzing the firm’s international
long and short ideas. Prior to joining Amici in 2001, he worked at Zweig-Dimenna Associates, a New York-based
(Continued on page 50)
Daniel Krueger 
Daniel Krueger 
 — 
 
“Uncertaintyis our friend”
 
 
Page 2
Welcome to
Graham & Doddsvill
 
very attractive risk-return sce-narios, as well as how he en-courages his team, in theirearly work on a company, tozero in on the key questionsthat need to be answered.
 Frank Martin
from
MartinCapital Management
de-scribed how he picks compa-nies on a bottom-up basis, yetspends much of his time thor-oughly studying the macroeco-nomic environment. He alsoexplained his reasoning forhaving a conservatively posi-tioned portfolio today. Mr.Martin goes into detail aboutthe behavioral aspects of in-vesting and what he does toavoid traps to which manyinvestors fall prey.Activist
Russell Glass
from
RDG Capital
made us veryenvious when he shared hisunique business school andearly career experiences. Mr.Glass thoroughly shared howhis firm has been able to profithandsomely by actively advo-cating for the sale of underval-ued companies. He also illumi-nated for us how the largeamounts of cash in privateequity and corporate handscould lead to a robust mergersand acquisitions environment inthe coming years.
 Jon Friedland ’97
from
Amici Capital
shared with usthe factors that make a com-
pany a ‘battleship’ company.
He then conveyed the attrac-tiveness of searching for thesecompanies in emerging mar-kets.This issue also contains pic-tures from the 22nd AnnualGraham & Dodd Breakfast,which took place on October 5at the Pierre Hotel in NewYork. Investing luminariesTom Russo, Bill Ackman, MarioGabelli, William von Mueffling,and others were on hand tomingle and listen to keynotespeaker Meryl Witmer fromEagle Capital Partners.We thank our featured inves-tors for sharing their time andinsights with our readers.Please feel free to contact us if you have comments or ideasabout the newsletter as wecontinue to refine this publica-tion for future editions. Wehope you enjoy reading thisissue of 
Graham & Doddsville
and find the interviews as infor-mative and thought-provokingin written form as we foundthem to be in person.We are proud to bring you thelatest installment of 
Graham &Doddsville
. This is the 17
th
edi-tion of Columbia Business
School’s student
-led investmentnewsletter, co-sponsored by theHeilbrunn Center for Graham &Dodd Investing and the Colum-bia Student Investment Manage-ment Association.We were very fortunate to sitdown with six well-respectedand successful investors thatspan the value investing spec-trum
 – 
they prove the old ad-
age, ‘there is more than one wayto skin a cat.’
 
Barry Rosenstein
and
Scott
Ostfeld ’02
from
 JANA Part-ners
explained their process forconstructively engaging manage-ment in activist situations. Theyalso talked about how theirentrepreneurial backgroundshave helped shape their careersand the way they look at compa-nies.Distressed expert
Dan
Krueger ’02
from
Owl Creek Asset Management
sharedthe intricacies of distressed debtinvesting that make it his favor-ite hunting ground for ideas. Healso explained how the econom-ics of averaging down createPictured: Professor BruceGreenwald. The HeilbrunnCenter sponsors the Ap-plied Value Investing pro-gram, a rigorous academiccurriculum for particularlycommitted students that istaught by some of the in-
dustry’s best practitioners.
 Pictured: Heilbrunn CenterDirector Louisa SereneSchneider. Louisa skillfullyleads the Heilbrunn Center,cultivating strong relation-ships with some of the
world’s most experienced
value investors and creatingnumerous learning oppor-tunities for students inter-ested in value investing.The classes sponsored bythe Heilbrunn Center areamong the most heavilydemanded and highly ratedclasses at Columbia Busi-ness School.
The Columbia Student Investment Management Association (CSIMA) will be
awarding its inaugural scholarship this spring with the proceeds from today’s
conference. Through this program, we will award a $10,000 scholarship toan incoming Columbia Business School student that exhibits an outstandingaptitude and commitment to investment management. All incoming MBAstudents in the Class of 2015 are eligible to apply and the recipient will bechosen by a panel of CSIMA students.We are excited to initiate this scholarship and look forward to making thisan annual tradition.
CSIMA Scholarship
 
 
Page 3Volume I, Issue 2
 
Page 3Issue XVII
22nd Annual Graham & Dodd Breakfast, Oct 5, 2012 at Pierre Hotel
Mario Gabelli with William von Mueffling
 
Dean Hubbard thanks Ms. Witmer 
 
Prof. Greenwald makes a point
 
Engaged audience
 
Tom Russo in deep conversation with Sid and Helaine Lerner 
 
Bill Ackman
 
“Bring a sharp pencil and leave your emotions at home!” – 
Meryl Witmer 
Keynote Speaker 
 – 
Meryl Witmer 

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