Graham & Doddsville
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.
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
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
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
. This is the 17
edi-tion of Columbia Business
-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.’
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
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.