Value investing is more than an investment strategy — it's a fundamental way of thinking about finance. Value investing was developed in the 1920s at Columbia Business School by professors Benjamin Graham and David Dodd, MS '21. The authors of the classic text, Security Analysis, Graham and Dodd were the very pioneers of their field and their security analysis principles provided the first rational basis for investment decisions. Despite the vast and volatile changes in the economy and securities markets during the last several decades, value investing has proven to be the most successful money management strategy ever developed. Value investors' success over the second half of the twentieth century proved not only the validity of the value approach, but its preeminence over even the most widely taught and practiced modern investment theory, which was developed in the 1950s and '60s and remains dominant even today.
Our mission today is to promote the study and practice of Graham & Dodd's original investing principles and to improve investing with world-class education, research, and practitioner-academic dialogue. In this podcast you will hear from some of the world's greatest investors, their views on the investment management industry, how they developed their investment process and how they see the field changing over time.
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In this episode, Tano Santos speaks with Samer Sarraf, Founding Partner and COO of Amwal Capital Partners, about his journey from engineering and construction to Lehman Brothers and ultimately founding a public equities firm focused on the GCC. Samer reflects on lessons from the 2008 financial crisis, why private equity struggled in the region, and how his team applies a private equity mindset to public markets. The conversation examines regulatory change, market structure in Saudi and the UAE, ...
Ricky Sandler, founder, CEO, and CIO of Eminence Capital, joins hosts Michael Mauboussin and Tano Santos to explore a dynamic career spanning over three decades in long-short investing. Starting with stories from his upbringing and early career, Ricky unpacks the foundations of his investment philosophy centered around "change in perception" — a framework shaped by evolving market structures and investor behavior. He shares insights from navigating the 1998 crisis, outlines the value of rigorous...
Robert Robotti, President and CIO of Robotti & Company Advisors, joins host Michael Mauboussin to explore a lifetime shaped by value investing. With deep roots in accounting and formative experiences auditing firms like Tweedy, Browne, Bob shares how those early exposures led him to a career buying underfollowed, undervalued companies. In this episode, Bob discusses how his contrarian approach has thrived amid market inefficiencies, especially in cyclical industries and under-the-radar publi...
In this episode, host Tano Santos sits down with Richard Brekka, founder and managing partner of Second Alpha, to examine the lesser-known world of secondary investing in private technology companies. With decades of experience—from venture capital to secondary transactions—Richard shares his journey through private equity at Chase and CIBC, his role in building and reviving companies like Gomez Inc., and how that led him to identify a unique investment niche. He explains the mechanics of sourci...
Amit Wadhwaney, founding partner and portfolio manager at Moerus Capital Management, joins hosts Tano Santos and Michael Mauboussin to trace his unorthodox journey from Bombay to Concordia to founding a value investing firm focused on the balance sheet. Along the way, he discusses his early exposure to Marty Whitman, lessons from Third Avenue's international expansion, and what led him to start Moerus. Amit outlines the core of his investment approach—asset-based valuation, downside protection, ...
Bill Ackman, founder and CEO of Pershing Square Capital Management, joins hosts Michael Mauboussin and Tano Santos to trace the arc of his investing journey—from his early days in real estate finance to founding Gotham Partners and eventually building Pershing Square into a $30 billion firm. Bill discusses formative moments that shaped his thinking, including his controversial early short of MBIA, the painful lessons of the Valeant episode, and the transformation brought about by adopting a perm...
In this episode, hosts Tano Santos and Michael Mauboussin speak with Kristin Gilbertson, CIO of Access Industries and former CIO of the University of Pennsylvania Endowment. Kristin shares her early interest in economic development and her unique journey through the World Bank, Stanford Management Company, and into managing a major university endowment. She outlines how risk awareness and preparation helped her successfully lead through the 2008 financial crisis and gives detailed insights into ...
In this episode, host Michael Mauboussin sits down with Seth Klarman, CEO and portfolio manager of The Baupost Group. One of the most influential practitioners of value investing, Seth shares his formative stories — from arbitraging coins as a kid to launching Baupost in 1982 — and reflects on his decades-long investment philosophy. They explore timeless principles of market inefficiencies, the importance of temperament, specialization versus generalization, the role of patient capital, and the ...
In this episode of Value Investing with Legends , Tano Santos and Michael Mauboussin sit down with Kent Daniel, Professor of Finance at Columbia Business School, to discuss his journey from physics at Caltech to leading research in behavioral finance and quantitative investing. Kent shares insights from his academic work and his years at Goldman Sachs, including his critiques of the Fama-French model, the role of intangible information in asset prices, and the implications of short selling const...
In this episode, Cliff Asness joins Tano Santos and Michael Mauboussin for a conversation that spans the evolution of quantitative investing, lessons from market crises, and the enduring tension between risk and behavioral explanations in finance. From his formative years at the University of Chicago under Gene Fama to building AQR into a quant powerhouse, Cliff reflects candidly on theory, performance, and how markets may have become less efficient in recent years. Key Topics: Tano and Michael ...
In this episode, Michael Mauboussin, adjunct professor at Columbia Business School, hosts Phil Ruvinsky, Managing Director and Head of the Fundamental U.S. Growth Team at BlackRock. With extensive experience in the investment industry, Phil shares his journey from law to finance, discusses his investment philosophy, and explains the importance of sustainable competitive advantages. The conversation explores the evaluation of management, the impact of AI on the competitive landscape, and the nuan...
In this episode, hosts Tano Santos and Michael Mauboussin speak with Anu Bradford, the Henry L. Moses Professor of Law and International Organization at Columbia Law School, to discuss the intricate dynamics of global technology regulation. Anu is recognized for her deep expertise in international economic law. Her pivotal books "The Brussels Effect" and "Digital Empires" explore how significant regions like the US, EU, and China shape technological standards worldwide. The conversation probes t...
In today's discussion, Jonathan Knee, a distinguished advisor at Evercore Partners and Professor of Professional Practice of Media and Technology at Columbia Business School, explores the themes of his influential work, "The Platform Delusion." Jonathan's insights stem from a rich career in both the banking and academic sectors, bringing a nuanced perspective on digital versus analog platforms, competitive strategies, and the evolving landscape of technological advancements. The conversation unc...
In the third episode of Season 10, hosts Tano Santos and Michael Mauboussin speak with James Bessen, Executive Director of the Technology and Policy Research Initiative at Boston University. Delving into the intricacies of technological advancement and market dynamics, Bessen shares his insights on the evolving landscape of competition and innovation. The discussion highlights the impact of proprietary software on industry disruption, exploring the significant shift from mass production to mass ...
In this episode, Tano Santos sits down with Jan Hummel, CIO of Paradigm Capital, revisiting his investment strategies and exploring the nuanced dimensions of risk management in the evolving European asset landscape. Jan discusses the foundational investment philosophy of Paradigm Capital, emphasizing risk minimization and the strategic deployment of assets across Europe. Key discussions pivot around the firm's selective investment criteria, focusing on companies in the small to mid-cap space and...
In this heartfelt episode, we pay tribute to Charlie Munger, the visionary vice chairman of Berkshire Hathaway who recently passed away. Joining us is Todd Combs, an investment officer at Berkshire Hathaway and a close acquaintance of Munger. Todd shares personal anecdotes and insights into Munger's profound influence on the investment world and his unique approach to life and business. From his early meetings with Munger to the invaluable lessons on value investing and rational thinking, Todd p...
Today's discussion with Kim Lew, President and CEO of the Columbia Investment Management Company, traverses her unique journey from her roots in the Bronx to managing a prominent Ivy League endowment. Kim shares her insights on navigating the intricate world of investment management, particularly in risk management and asset allocation. With a career marked by pivotal roles at entities like the Ford Foundation and Carnegie Corporation, her expertise brings a nuanced understanding of the interpla...
In the complex world of financial markets and economic fluctuations, John Armitage, a seasoned investment maestro, sits down with us today. As the chief strategist behind the success of Egerton Capital, Armitage brings his profound insights into navigating the complexities of portfolio management and the subtle art of risk-taking in fluctuating markets. His expertise, honed through years of experience, sheds light on the critical impact of macroeconomic shifts and the pitfalls that stock pickers...
In the intricate dance of market movements and economic trends, it takes a discerning eye to discern patterns and make strategic decisions. Enter Nicolai Tangen, the astute CEO of Norges Bank Investment Management, who joins hosts Michael Mauboussin and Tano Santos on Value Investing with Legends. A connoisseur of art history and asset management, Nicolai offers a rare blend of expertise, drawing parallels between the seemingly disparate worlds of art and investment. His approach, marked by a bl...
John Rogers shares his unique path from early market fascination to founding Ariel Investments, leveraging the 1987 crash to solidify his contrarian value approach. He details Ariel's patient, research-heavy philosophy, informed by behavioral finance and his extensive board experience. Rogers also highlights the profound impact of his social engagement on business and talent acquisition.
Navigating the investment world is an enormous task, especially when looking at company numbers and the people running them. That's why we're thrilled to have Sheldon Stone on the show. Sheldon was the first in his family to go to college, attending the highly respected Bowdoin College. He was part of a remarkable class of 225 students, an experience that shaped his unique perspective on life and career. Hailing from New Jersey, Sheldon Stone has had a fascinating career journey. His time at Bow...
Navigating the complex world of wealth creation and financial history can be daunting. That's why our guest, Ray Dalio, places a strong emphasis on understanding the evolution of wealth, the current economic landscape, and the patterns that govern financial markets. As an iconic investor and author, Ray offers a wealth of knowledge backed by years of experience in the finance industry. He has written the seminal book, "Principles for Navigating Big Debt Crisis," which serves as a crucial resourc...
Today's conversation is a special one. I'm delighted to share my fireside chat with Markel Corporation's Tom Gayner from our 26th Annual CSIMA Conference. With decades of industry experience, Tom joined us to share insights into how Markel has differentiated itself from others in the insurance industry and the investment approach and philosophies that facilitate its continued growth. Thomas "Tom" Gayner is the Co-Chief Executive Officer of Markel Corporation. He oversees investing activities for...
When evaluating a company, getting a clear picture of all the relevant factors can be challenging. That's why today's guest, Scott Hendrickson, heavily emphasizes management quality and companies where diligence can provide a high level of conviction. As a Columbia Business School graduate and adjunct professor, Scott is both a practitioner and a teacher. He has been an integral part of the investing program for almost a decade. Scott Hendrickson is a Partner and the Co-Founder of Permian Invest...
With the constant evolution of the asset management industry, investors need to stay a step ahead to justify earning an active management fee. With over 40 years of experience in the industry, this is a lesson that today's guest, Bill Nygren of Harris Associates, instills in the younger analysts he mentors. Bill is a true legend of value investing and an investor you can turn to whenever the market is uncertain. He radiates fundamental ideas and has an expansive perspective on the comings and go...
One of the most exciting things in our industry is finding young investment managers who are incredibly bright, hard-working, and well-trained in the investment process. Our guest today, Angela Aldrich, fits that bill perfectly. Angela is the co-founder of Bayberry Capital Partners, a hedge fund with a half-billion dollars in assets based in New York. Before starting Bayberry Capital Partners, she worked at John Griffin's Blue Ridge Capital, which shut down in 2017 after a glorious 21-year run d...
In this episode, investment legend Charley Ellis traces the dramatic evolution of the asset management industry, explaining how increased professionalization and technology have transformed it from an amateur's market to a highly competitive "loser's game" for active managers. He shares insights from his experience founding Greenwich Associates, discusses the importance of personalized investment strategies, and reflects on the legacies of Jack Bogle and David Swensen. Ellis also addresses the critical, overlooked problem of retirement security and offers book recommendations for listeners.
Success comes from value creation. For a strategic initiative to create value, it must increase willingness to pay or decrease willingness to sell. Otherwise, the resources expended will not flow into profitability. Today's discussion is one I was looking forward to because we're focusing on value-based strategy frameworks and using strategic analysis to understand whether a company has a competitive advantage. Joining us to explore this topic is someone who has taken a fundamentally sound frame...
To be a good value investor, you must be a good credit analyst. Over the years, I learned so much from the many investors I've met through Heilbrunn. I've shamelessly incorporated these ideas and insights into my lecture notes and the curriculum. Today's guest is one such person. Mitch Julis has had a disproportionately large impact on both my thinking and the program design. Now he joins me for a conversation about the rich interactions between the nature of the firm's business operation and th...
"Right next to the really cheap junk, there are some really cheap gems." Welcome to a new season of the Value Investing with Legends podcast! We're delighted to welcome our first guests for the season, Andrew Wellington and Dan Kaskawits from Lyrical Asset Management. In 2008, Andrew started the firm with three core pillars of investing: value, quality, and analyzability. That approach leads them to focus on building concentrated portfolios that generate great returns through the core principles...
