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Graham & Doddsville Spinrg 2014 Letter

Graham & Doddsville Spinrg 2014 Letter

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Published by ValueWalk
We are pleased to bring you the 21st edition of Graham & Doddsville. This student-led investment publication of Columbia Business School is co-sponsored by the Heilbrunn Center for Graham & Dodd Investing and the Columbia Student Investment Management Association (CSIMA).
We are pleased to bring you the 21st edition of Graham & Doddsville. This student-led investment publication of Columbia Business School is co-sponsored by the Heilbrunn Center for Graham & Dodd Investing and the Columbia Student Investment Management Association (CSIMA).

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Published by: ValueWalk on May 05, 2014
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05/09/2014

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Spring 2014 Issue XXI
Editors
 
Chris Brigham MBA 2014  Jackson Thies MBA 2014  Jason Yang MBA 2014 Matt Ford MBA 2015 Peter Pan MBA 2015
Inside this issue:
CSIMA Conference P. 3 Philippe Jabre P. 4 Arnold Van Den Berg & Jim Brilliant P. 12 Pershing Square Finalist Pitches P. 22 Eric Rosenfeld P. 32 Women in Investing P .37 H. Kevin Byun P. 38 Moon Lee Prize P. 45
Visit us at:
Graham & Doddsville
An investment newsletter from the students of Columbia Business
 School
 
 
Philippe Jabre
 — 
Following the Steps to Investment Success
Arnold Van Den Berg founded Century Management in 1974. He is a principal of the firm, the Chief Executive Officer, co-Chief Investment Officer, and a portfolio manager. Arnold has no formal college education but gained his market knowledge through rigorous self-study, tremendous dedication, and over 45 years of industry experience. Prior to starting Century Management, he worked as a financial
(Continued on page 12)
Eric Rosenfeld
 — 
The Evolution of an Activist
Eric Rosenfeld is the President and Chief Executive Officer of Crescendo Partners, a New York based investment firm focused on activist investing. Prior to forming Crescendo in 1998, he held the position of Managing Director at CIBC Oppenheimer and its predecessor company Oppenheimer & Co., Inc. for fourteen years.
(Continued on page 32)
Philippe Jabre Eric Rosenfeld
H. Kevin Byun
 — 
Special Situations Investing
H. Kevin Byun ’07
founded Denali Investors in 2007. The firm employs an opportunistic special situations and value oriented framework. Denali seeks to identify catalyst-driven situations that will unlock value. He  was a triple major at Rice University and has an MBA from Columbia Busi-ness School.
(Continued on page 38)
H. Kevin Byun
Century Management
 — 
The Value of Discipline
Philippe Jabre ’82 is the founder and Chief Investment Officer of
 Jabre Capital Partners, which runs three investment funds
 – 
 a multi-strategy fund and two long-only funds. Prior to launching his own firm in February 2007, he was a top money manager at GLG Partners. Jabre Capital Partners recently won
(Continued on page 4)
Arnold Van Den Berg  Jim Brilliant
 
Page 2
Welcome to
Graham & Doddsville 
 
Eric Rosenfeld
 shares his evolution as an activist in-vestor and how his firm, Crescendo Partners, identi-fies potential investments. Eric also delves into Canadian laws and how they facilitate shareholder activism.
H. Kevin Byun
discusses the nuances of special situa-tions investing and how he searches for opportunity in spin-offs, liquidations and transformative M&A actions. He also discusses some of the opportunities he sees in the market today. This issue also contains pic-tures from the 17
th
 annual CSIMA Conference, which took place on February 7
th
 at Columbia University, fea-turing Bill Ackman and Joel Greenblatt as keynote speakers. Lastly, this issue includes the finalist pitches from the Per-shing Square Challenge which took place on April 23
rd
. With this being our final issue as editors of
Graham & Doddsville
, we want to reflect for a moment on our time shepherding this publi-cation. It has been a privi-lege to act as stewards of the legacy of value investing at CBS and to share the insights of such talented investors with our readers. These interviews will be among our fondest memo-ries at Columbia Business School. We leave
Graham & Doddsville
in the highly capa-ble hands of Matt Ford and Peter Pan. Apparently we have to grow up now, but we look forward to reading the interviews they conduct in future issues. We are deeply grateful to those investors we interviewed during our tenure
 – 
 none of this would be possible with-out their willingness to share their wisdom. Finally, we thank you, dear reader, for your continued interest, loyalty, and suggestions.
-
 
G&Dsville Editors
 
We are pleased to bring you the 21
st
 edition of
Graham & Doddsville
. This student-led investment publication of Columbia Business School is co-sponsored by the Heil-brunn Center for Graham & Dodd Investing and the Co-lumbia Student Investment Management Association (CSIMA). For this issue we spoke with five unique investors cover-ing a range of different per-spectives and investment styles.
Philippe Jabre
 recounts how he began his career in convertible arbitrage and how his firm, Jabre Capital Partners, searches the world for attractive investments.
Arnold Van Den Berg and Jim Brilliant
emphasize the value of discipline in investment management, and explain the importance of building a framework and mental database around your experiences to improve deci-sion making.
Heilbrunn Center Director Louisa Serene Schneider
’06. Louisa skillfully leads
the Heilbrunn Center, culti-vating strong relationships
with some of the world’s
most experienced value investors and creating nu-merous learning opportuni-ties for students interested in value investing. The clas-ses sponsored by the Heil-brunn Center are among the most heavily demanded and highly rated classes at Columbia Business School.
The first-place team and judges at the 2014 Pershing Square Challenge  Julia Kimyagarov, Louisa Serene
Schneider ’06, and Marci Zimmerman at
the 2014 Moon Lee Prize Competition
Professor Bruce Green-wald. The Heilbrunn Center sponsors the Value Invest-ing Program, a rigorous academic curriculum for particularly committed students that is taught by
some of the industry’s best
practitioners.
 
 
Page 3 Volume I, Issue 2
 
Page 3 Issue XXI
2014 CSIMA Conference at Columbia Business School
The audience listens as Bill Ackman answers student questions with a mix of candor and humor.
 
Student conference coordinators Joe Fleury ’14, Taylor Davis ’14 and Ivan Dias ’14 deliver opening remarks.
 
Kyle Bass (L) of Hayman Capital speaks on the Best Ideas Panel with Tom Gayner (R) of Markel Corporation.
 
Mark Cooper moderates the Behavioral Investing Panel with
 William von Mueffling ’95, James Montier, Michael Mauboussin
and Kent Daniel.
 
Bruce Greenwald moderates a discussion with Joel Greenblatt.
 
Bill Ackman discusses his GSE investments.
 

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