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Graham & Doddsville Spring 2012

Graham & Doddsville Spring 2012

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Published by waterhouseb
Latest newsletter from Columbia Business School
Latest newsletter from Columbia Business School

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Published by: waterhouseb on May 10, 2012
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Thomas A. Russo hasbeen a partner at Gard-ner Russo & Gardner since 1989. The firmhas over $5 billion un-der management, andhe oversees $4 billionas general partner of Semper Vic Partnerslimited partnerships, as well as in individuallymanaged accounts.Prior to joining Gard-ner Russo & Gardner,Mr. Russo was at the
(Continued on page 31)
Tom Russo
 —“Capacity toSuffer” is Critical
Alex Roepers
 Concentration Keyto Outperformance
Alexander J. Roepers is thefounder and Chief Invest-ment Officer of Atlantic In-vestment Management. Pre-vious employers includeThyssen-Bornemisza Groupand Dover Corporation, where he was responsiblefor acquisitions and divesti-tures. Alexander holds aMaster of Business Admini-stration from Harvard Busi-ness School and a Bachelor of Business Administrationfrom Nijenrode University,the Netherlands School of Business, which he obtainedin 1984 and 1980 respec-tively. Alexander is fluent inDutch, German and French.
(Continued on page 44)
Spring 2012Issue XV
Anna BaghdasaryanMBA 2012 Joseph JaspanMBA 2012Mike DeBartolo, CFAMBA 2013 Jay Hedstrom, CFAMBA 2013 Jake LubelMBA 2013
Inside this issue:
 Jim ChanosP.1Tom RussoP.1 Julian RobertsonP.1Alex Roepers P.1Robert Luciano P.2Pershing SquareChallengeP.4Finalist Pitches P.6Trip to Omaha P.14
Visit us at:
Graham & Doddsville 
An investment newsletter from the students of Columbia Business
Mr. Chanos is the founder andManaging Partner of KynikosAssociates, a firm he founded in1985. Throughout his career,Mr. Chanos has identified andsold short the shares of numer-ous well-known corporate finan-cial disasters; among them,Baldwin-United, BostonChicken, Sunbeam, Conseco andTyco International. His mostcelebrated short-sale of Enronshares was dubbed by
“the market call of the decade,
(Continued on page 16)
Jim Chanos
 Rooting out FraudJulian Robertson
Looking for Competitive Spirit
Mr. Robertson founded the legen-dary investment firm Tiger Man-agement, one of the first hedgefunds. Mr. Robertson has trainedand supported some of the besthedge fund managers in the world
(collectively known as “Tiger Cubs”). He graduated from UNC
-Chapel Hill and also served in theUS Navy.G&D:
How did you get your start ininvesting and what has shaped your
(Continued on page 53)
Tom Russo Jim Chanos Julian RobertsonAlex Roepers
Page 2
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 
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 & 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
 Jim Chanos
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.
 Julian Robertson
, 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.
Alex Roepers
, 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.
Robert Luciano,
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!
We are very pleased to pre-sent you with Issue XV of 
Gra-ham & Doddsville
, Columbia
Business School’s student
-ledinvestment newsletter, co-sponsored by the HeilbrunnCenter for Graham & DoddInvesting and the ColumbiaStudent Investment Manage-ment Association.Before we introduce you to
this issue’s cadre of outstanding
investors, we would like totake a moment to thank sev-eral individuals who have madeour time at Columbia Businesstruly special.
Our deepest thanks go toBruce Greenwald, Louisa
Serene Schneider ’06,
Tano Santos, and the en-
tire Heilbrunn Center’s
Board of Directors for their outstanding leader-ship of the Applied ValueInvesting program at Co-lumbia Business School.Their tireless contributionsto improving the invest-ment management cur-riculum at Columbia Busi-ness School were greatlynoted and appreciated.
Wewould also like to thank Heil-
brunn Center’s small but very
capable staff of Julia Kimyaga-rov and Preeti Bhattacharji.
Noted value investor
member of the Advi-sory Board of Heilbrunn Cen-Pictured: 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.
Robert Luciano
“Concentrate Capital In Your Best Ideas”
Robert Luciano, CFA isthe founder and Manag-ing Partner of VGI Part-ners. Mr. Luciano hasover eighteen years ex-perience gained as aportfolio manager, equi-ties analyst and account-ant. Prior to foundingVGI Partners in 2008, Mr.Luciano spent five yearsas an Executive Director and Investment Manager  with Caledonia Invest-ments in Sydney. Mr.Luciano earned hisB.Com and M.Com fromthe University of NewSouth Wales. Mr.
(Continued on page 58)
Robert Luciano
Page 3
2012 CSIMA Conference in Pictures
Bruce Greenwald and David Einhorn
Michael Karsch
 William von Mueffling and Eduardo Silveira Mufarej
Daniel Loeb
Daniel Krueger 
And the hundreds of guests andstudents that made it all possible...

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