Pictured: Bruce Greenwald atthe Columbia Student Invest-ment Management Conferencein February 2011.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
ter for Graham & Dodd Invest-ing, outlined his global valueequity investing strategy. Mr.Russo noted that he focuses oncompanies with high reinvest-ment opportunities by manage-ments that possess the
“capacity to suffer” through
early burdens on reportedprofits in order to advancetheir competitive advantage.Mr. Russo detailed his invest-ments in Nestle, Mastercard,Martin Marietta, Brown-Forman, and E.W. Scripps.We were thrilled to speak with
of Kynikos Asso-
ciates, one of the world’s most
successful short sellers andsomeone we deeply respect forhis contributions to finding andcalling out fraud in corporateAmerica. Mr. Chanos dis-cussed the early days of hiscareer and outlined what quali-ties he believes are essential tobeing a successful short seller.Mr. Chanos also talked abouthis bearish view on the Chi-nese real estate market, theU.S. natural gas industry andfor-profit education sector.
, legendaryfounder of Tiger Management,talked about his history of mentoring numerous successfulhedge fund managers. He alsodescribed the need for analyststo focus on companies withstrong management teams. Mr.Robertson outlined his belief that Apple and Google will con-tinue to outperform and talkedabout some personal qualitiesthat he believes are key to suc-cessful investing.
, founder of At-lantic Investment Management,described his transition from
being “Mr. Divestiture” at an
industrial conglomerate to es-tablishing his own firm, AtlanticInvestments that has had a verysuccessful investment track re-cord. Mr. Roepers outlined hisinvestment process, which iscentered on staying within hiscircle of competence and havinga very concentrated portfolio.Mr. Roepers described the rea-soning behind his investments in Joy Global and Owens Illinois.
founder andmanaging partner of VGI Part-ners, outlined his investmentphilosophy, which closely mir-rors that of Warren Buffett. Mr.Luciano detailed his investmenttheses behind Oracle and WD-40.Our time at Columbia BusinessSchool was filled with manymemorable moments and greatfriendships, and we are gratefulto all the individuals who havemade our experience so uniqueand wonderful. We hope youenjoy reading this issue of
Gra-ham & Doddsville
where we havetried to highlight some of thosespecial moments!