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...
Jul 12, 2024•37 min•Ep 6•Transcript available on Metacast 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...
Jun 28, 2024•1 hr 1 min•Ep 5•Transcript available on Metacast 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...
Jun 14, 2024•1 hr 4 min•Ep 4•Transcript available on Metacast 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 ...
May 31, 2024•46 min•Ep 3•Transcript available on Metacast 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...
May 17, 2024•49 min•Ep 2•Transcript available on Metacast 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...
May 03, 2024•27 min•Ep 1•Transcript available on Metacast 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...
Dec 29, 2023•1 hr 3 min•Ep 6•Transcript available on Metacast 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...
Dec 15, 2023•52 min•Ep 5•Transcript available on Metacast 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...
Nov 24, 2023•45 min•Ep 4•Transcript available on Metacast John Rogers isn't just a successful investor; he's an industry titan. As the founder of a reputable investment firm, he's made a name for himself with his contrarian value investing strategies. But he's not just a practitioner; he's an educator, avidly reading and contributing to seminal works in investment literature. John’s journey began with an early fascination for finance from his youthful days. A Princeton alumnus, he entered the turbulent waters of the stock market and turned a calamity—t...
Nov 10, 2023•1 hr•Ep 3•Transcript available on Metacast 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...
Oct 27, 2023•1 hr 2 min•Ep 2•Transcript available on Metacast 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...
Oct 13, 2023•1 hr•Ep 1•Transcript available on Metacast 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...
Mar 31, 2023•39 min•Ep 8•Transcript available on Metacast 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...
Mar 17, 2023•52 min•Ep 7•Transcript available on Metacast 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...
Mar 03, 2023•1 hr 5 min•Ep 6•Transcript available on Metacast 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...
Feb 17, 2023•1 hr 5 min•Ep 5•Transcript available on Metacast Over the past several decades, asset management has transformed from a small industry with a few experts competing against a majority of amateurs in the market to a market saturated with well-equipped and highly resourced experts competing against each other. When I think about my pantheon of all-time great investment thinkers and writers, our guest today stands out as one of the industry's legends. Charley Ellis has played the most significant role in how I think about the investment industry, ...
Feb 03, 2023•1 hr 16 min•Ep 4•Transcript available on Metacast 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...
Jan 20, 2023•1 hr 11 min•Ep 3•Transcript available on Metacast 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...
Jan 06, 2023•1 hr 22 min•Ep 2•Transcript available on Metacast “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...
Dec 16, 2022•1 hr 13 min•Ep 1•Transcript available on Metacast “We look for exceptional small and mid cap companies with the wherewithal to become exceptional large companies.” This is at the core of the investment philosophy of today’s guest, Columbia Business School alum Amy Zhang. Amy is Executive Vice President and Portfolio Manager of the Alger Small Cap Focus, Alger Mid Cap Focus, Alger Mid Cap 40, and Alger Small Cap Growth Strategies. She joined Alger in 2015 and has 27 years of investment experience, including over a decade at Brown Capital Managem...
Jul 01, 2022•57 min•Ep 4•Transcript available on Metacast How do you create a portfolio strategy that takes into account both safety and the pursuit of your aspirational goals? That’s what today’s guest, Ashvin Chhabra, set out to answer with the Wealth Allocation Framework. Ashvin is President and Chief Investment Officer of Euclidean Capital, a New York-based family office for James H. Simons & Marilyn H. Simons. The Simons Foundation is dedicated to advancing research in mathematics and the basic sciences and is currently one of America's largest pr...
Jun 17, 2022•57 min•Ep 3•Transcript available on Metacast “The data is the data, and that’s it.” As a model user, it’s easy to get hyperfocused on quantitative data but reality requires a broader approach. In the current market environment with uncertainty at every turn, it’s an advantage to be able to blend quantitative and qualitative analysis with years of experience observing the interaction between the economy at large and financial markets. Today we’re joined by Wall Street Legend, Abby Joseph Cohen, a student of the market who has seen lots of u...
Jun 03, 2022•51 min•Ep 2•Transcript available on Metacast Welcome back to Season 7! From the move to Manhattanville to the new curriculum for the value investing program at The Heilbrunn Center, there have been many changes since we wrapped our last season at the end of 2021. Outside of that, a lot has happened in the markets. We’ve seen significant drawdowns in some growth stocks, conversations are centered around inflation and stagflation, and the geopolitical situation is bleak after the atrocious Russian invasion of Ukraine. For our upcoming episod...
May 20, 2022•48 min•Ep 1•Transcript available on Metacast Time arbitrage is one of the biggest behavioral advantages an investor can have. Joining us today to talk about what it means to be an engaged, long-term shareholder is Munib Islam. Munib is someone who has experienced investing from many different angles, from a traditional long-short hedge fund to sitting on corporate boards and seeing the process of approving corporate performance from the inside. Munib Islam is the Founder and Managing Partner of LTS One Management, an investment partnership...
Dec 03, 2021•1 hr 14 min•Ep 6•Transcript available on Metacast Activist investing is the new frontier for value investors, allowing them to be the agents of their own returns. Today we’re continuing our examination of the activist style of investing by exploring the intersection of two important trends in the money management industry: activism and environmental, social, and governance investing. Impactive Capital’s Lauren Taylor Wolfe joins us to share her perspective and Impactive’s unique approach to creatively incorporating environmental, social and gov...
Nov 12, 2021•58 min•Ep 5•Transcript available on Metacast In a world of plentiful capital and compressed yields, activism and being the agent of one's returns is a way forward. Transformational activism in particular is centered around a deep commitment and trusting relationship between the investor and the company. This multi-dimensional approach forgoes short-term solutions like financial engineering and instead focuses on working with great leaders to put together the right people, resources, and strategies for long-term results. Few firms exemplify...
Oct 29, 2021•1 hr•Ep 4•Transcript available on Metacast Not satisfied with the lack of value most student-run investment clubs offered to students, Tom Russo designed a better way. Through the 5x5x5 Russo Student Investment Fund, he set out to prove the teaching value of a long-term fund rather than the conventional short-term activity that the existing systems favored. Each year, students submit their ideas for new investments with five ideas ultimately being selected and held in their entirety for five years. At the end of those five years, the inf...
Oct 15, 2021•57 min•Ep 3•Transcript available on Metacast A year and a half into the pandemic, a lot has changed in the investment landscape. Individual investors have been empowered, economies reacted in unpredictable ways, and we still have no clear idea of what is to come. At the same time, when we take a retrospective look, we can find parallels between the trends, behaviors, and reactions of today and events in the past. Today we’re joined by one of the great conversationalists in the community, Chris Davis, to share his perspective on investing i...
Oct 01, 2021•1 hr 17 min•Ep 2•Transcript available on Metacast Since our first podcast in the spring of 2019, we’ve built a wonderful audience around the world, and now have a terrific collection of interviews with remarkable investors. I have loved the opportunity to host these interviews myself but from the very beginning, I felt that you would benefit from having another voice to challenge the guests and bring a different point of view to the podcast. That time has finally come. As we start this new season, I couldn’t think of a better person to join me ...
Sep 17, 2021•1 hr 17 min•Ep 1•Transcript available on Metacast