Value Investing with Legends

Columbia Business School
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38 snips
Nov 7, 2025 • 1h 4min

Richard Brekka - From Venture to Secondaries: Richard Brekka on Illiquid Market Advantages

In this discussion, Richard Brekka, founder of Second Alpha and a veteran in venture and secondary investing, shares his journey from private equity to identifying opportunities in illiquid markets. He reveals how a box of stock certificates ignited his passion for secondary investments. Richard also discusses the sourcing of deals through AI data pipelines, the intricacies of deal structures, and the psychology of engaging CEOs. He provides insights on the implications of AI on market dynamics and touches on policy issues regarding private market access for 401(k) investors.
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95 snips
Oct 24, 2025 • 1h 8min

Amit Wadhwaney - From Montreal to Moerus: Amit Wadhwaney's Deep Value Discipline

Amit Wadhwaney, founding partner of Moerus Capital Management, shares his unique journey from Bombay to investment success. He discusses valuable lessons learned at Third Avenue and the decision to create Moerus with a dedicated focus on asset-based valuation and downside protection. Amit emphasizes the importance of long-term horizons and how he identifies deep-value opportunities in sectors like gold and international markets. He also reveals his approach to managing risks and the factors guiding his investment philosophy.
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191 snips
Oct 10, 2025 • 57min

Bill Ackman - Evolving Investment Playbook, From MBIA to Moats

Bill Ackman, the Founder and CEO of Pershing Square Capital Management, shares his remarkable investment journey. He recounts his pivotal shorting of MBIA and the major lessons learned from the Valeant disaster. Ackman emphasizes the significance of a permanent capital structure and how it shaped his investment strategy. He also dives into his philosophy on durable moats, concentrated investing, and the impact of AI on markets. With a blend of optimism and concern, Ackman reveals what inspires him about the future in the world of finance.
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27 snips
Aug 29, 2025 • 50min

Kristin Gilbertson - Risk, Resilience, and Returns

Kristin Gilbertson, CIO of Access Industries and former CIO of the University of Pennsylvania Endowment, shares her journey from the World Bank to managing a prestigious university endowment. She highlights how her risk management strategies helped navigate the 2008 financial crisis. The discussion covers asset allocation, manager selection, and insights into family office dynamics versus endowments. Kristin also offers career advice for those entering wealth management, emphasizing the importance of mentorship and a strong alumni network in this evolving field.
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372 snips
Aug 1, 2025 • 55min

Seth Klarman - Contrarian Investing, Discipline, and Building Baupost

Seth Klarman, CEO of The Baupost Group and a major figure in value investing, shares his journey from childhood coin arbitrage to founding his billion-dollar firm. He emphasizes the timeless principles of market inefficiencies and the critical balance between specialization and generalization. Klarman discusses the importance of temperament in investing, the implications of trends like AI and passive investing, and the need to align with management teams for informed decisions. His insights offer a fresh take on navigating the current investment landscape.
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76 snips
Jul 25, 2025 • 1h 12min

Kent Daniel — From Physics to Finance: Exploring Market Inefficiencies

Kent Daniel, Professor of Finance at Columbia Business School and former Goldman Sachs researcher, charts his unique journey from physics to finance. He critiques the Fama-French model and discusses the significant role of intangible information in asset prices. The conversation dives into market inefficiencies, behavioral finance, and the dynamics of short selling. Kent also reflects on how psychological biases impact investor decisions and the future evolution of quantitative value investing in a changing financial landscape.
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103 snips
Jul 11, 2025 • 1h 25min

Cliff Asness — Quant Origins, Value Crashes, and Market Inefficiencies

Cliff Asness, founder of AQR Capital Management, shares his remarkable journey in quantitative investing. He reflects on his transformative years at the University of Chicago under Gene Fama and discusses pivotal moments at Goldman Sachs. Topics include the evolution of market inefficiencies, the impact of behavioral economics, and how crowd psychology influences trading. Additionally, he dives into the interplay between AI and investment strategies, all while revealing personal anecdotes that shaped his career.
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60 snips
Jul 12, 2024 • 37min

Phil Ruvinsky - Sustainable Competitive Advantages in Technology

Guest Phil Ruvinsky from BlackRock shares insights on sustainable competitive advantages in technology, AI's impact on the competitive landscape, and portfolio construction. Topics include evaluation of management, return on invested capital analysis, and future of active management in indexed market.
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Jun 28, 2024 • 1h 1min

Anu Bradford - EU Influence, Big Tech Challenges, and the Future of Digital Governance

Anu Bradford, expert in international economic law, discusses EU tech regulations impacting global markets. Highlights include challenges in tech regulation in EU, US, China, data security influence, and future tech governance trajectory.
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155 snips
Jun 14, 2024 • 1h 4min

Jonathan Knee - The Platform Delusion and the Intricacies of Digital and Analog Platforms

Jonathan Knee, a distinguished advisor at Evercore Partners and Professor at Columbia Business School, discusses the nuances of digital and analog platforms, network effects in tech giants like Meta and Google, strategic decisions of Apple, and the impact of generative AI on future market trends.

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