Rishi Renjen, Founder and Chief Investment Officer of ROAM Global Management, discusses his deep interest in finance, the advantage of understanding economics, lessons from investment banking, a dynamic approach to value investing, the importance of market distress and shorting opportunities, the future of financial markets, and the significance of risk management in investments.

With the COVID-19 crisis dominating our spring semester, the focus of the podcast shifted slightly, and we had several conversations with distinguished investors talking about the impact of the crisis on financial markets. For this season, in addition to the essential lessons about investing and good asset management practices, we are going to explore broader investment experiences and different approaches. Today, I'm particularly delighted to share this conversation with the great value investor, Richard Lawrence who has made a career as a true pioneer, particularly in Asia, where he built a legendary track record. Richard is the Chairman and Executive Director of the Overlook Investment Group, a firm that invests in publicly listed equities across Asia, and that he founded in 1991. The Overlook Partnership, which Richard founded in 1992, currently has over $6 billion in assets under management, and since inception has achieved an astonishing capital-weighted annual compounded return of almost 14%. On this episode, Richard and I discuss the advantages of learning asset management in a family office environment, why he decided to move to Hong Kong, the evolving Asian investment landscape, the Overlook investment philosophy, the four components of a great stock pick, what to consider when building a team, why passive investing brings opportunities for active managers, and so much more! Key Topics: Richard’s early exposure to investing as a career (3:38) The advantage of learning asset management in a family office environment (5:05) How the connection between economic and social growth influenced Richard’s studies at Brown University (7:03) Richard’s early career journey from telex translation to analyst (8:45) How Richard developed the beginnings of his “superior business” investment philosophy (9:53) Why Richard decided to move to Hong Kong (11:22) The Asian investment landscape in the late 80s (12:43) Creating the foundation for Overlook Investments (17:05) The four components of a great stock pick (18:34) How to assess a company’s pricing power (21:45) Richard’s defense against the lack of corporate governance regulations when he started in the Asian markets (25:06) Using the “tower” to track potential investments (27:51) The Overlook approach to portfolio construction (29:52) The five evils ( 32:19) Why you should keep an eye on current account imbalances (33:26) Why Richard decided to cap the growth of assets under management at Overlook (37:25) Richard’s perspective on cutting fees (38:56) The critical aspects of building a team (40:51) How diversity plays a critical at Overlook (42:32) Why Richard refuses to do post-mortems (44:04) Figuring out the institutional framework in China (45:59) The impact of deteriorating US-China relations on the investment landscape (51:27) How passive investing increases opportunities for active managers (55:00) And much more! Mentioned in this Episode: Overlook Investments  Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

Welcome back to a new season of the show! Our first conversation is going to be a little different as we’ll be talking about this year’s picks for the 5x5x5 Russo Student Investment Fund. Joining me today is Tom Russo, who designed and funded this first-ever student investment fund at Columbia Business School in 2014, and students James Shen and Freda Zhuo, whose portfolio picks have performed particularly well. The 5x5x5 fund is run by the students of the Value Investing course at Columbia Business School, with ideas being submitted by the students each year. Five students are selected with five ideas that will be held in their entirety for five years. At the end of five years, the inflation-adjusted original amount is invested back into the fund and any other gains will be used to support scholarships for traditionally under-represented members of the class. As we enter year six of the fund, we’re taking a deeper look at the performance of the fund. On this episode, Tom, James, Freda and I discuss how the 5x5x5 fund is more valuable than others, why James and Freda selected the particular companies for investment, what they have learned since investing in those companies, overall observations of the past 5 years of the fund, and so much more!   Key Topics: Why the 5x5x5 fund is more valuable than other student-run funds (1:35) The higher purpose of the fund (2:42) How Nuance Communications attracted James’ attention (3:41) What James learned from his initial research into Nuance (4:43) The changes James has seen in the months since the initial investment was made (5:57) Why investors should be on the lookout for companies making the transition to cloud-based software (6:42) Getting comfortable with a long investment horizon (8:16) Nuance’s competitive advantages over new players entering the market (9:24) Why Freda became interested in investing in Aon PLC (11:09) What Freda has learned about Aon since investing (12:12) How Freda maintained confidence in Aon despite the hit caused by COVID-19 (13:05) Significant developments in the insurance industry due to COVID-19 (14:32) Aon’s risk management advantage (17:58) Why Aon’s customer-centric model gives them an extra edge in client retention (20:28) How Aon mitigates disintermediation risk (23:00) Using new technology as an advantage for Nuance communications (25:49) How Aon covers risks internally (28:15) The redistributive nature of the shock caused by the pandemic (31:57) Observations from the past five years of the 5x5x5 fund (33:09) What to consider when constructing a resilient portfolio (36:22) Tom’s review of the fund and participants (40:47) And much more!  Mentioned in this Episode: 5x5x5 Student Investment Fund James Shen’s Write-Up of Nuance Communications Freda Zhuo's Write-Up of Aon Plc  Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

Today’s conversation is with Kim Shannon President and Co-Chief Investment Officer at Sionna Investment Managers. Kim founded Sionna Investment Managers in 2002 and has more than 35 years of industry experience, and previously served as the Chief Investment Officer and Senior Vice President at Merrill Lynch Investment Managers Canada. Kim is also a board member with the Canadian Coalition for Good Governance, the author of The Value Proposition: Sionna's Common Sense Path to Investment Success, and the recipient of numerous awards, including Morningstar Fund Manager of the Year (2005). I've been looking forward to meeting Kim for quite a while and I finally had the opportunity to do so recently at a panel that we did during the last Berkshire shareholder meeting. Kim has had a fascinating career so far, with a unique perspective as a rare woman in the asset management industry. Near the end of her undergrad degree in science, Kim had an opportunity that showed her a new side to a career in business. That realization set her on an entirely new path toward the investment industry, where she worked her way from the very bottom to top positions at Merrill Lynch Investment Managers, eventually opening her own firm. On this episode, Kim and I discuss why she became a believer in value investing, the importance of mentorship for building your reputation and career, her approach to portfolio construction and investment philosophy, and so much more!   Key Topics: Kim’s journey from a degree in science to a corporate career in the investment world (2:50) Why Kim became a believer in value investing (4:23) The value of viewing business as more than the profit motive (5:42) How worked her way up from the bottom at Royal and Sun Alliance to being pursued by Merrill (7:02) The state of the asset management industry for women in the early 1980s (11:02) How mentorship helped Kim build her reputation and career (11:36) Why the meritocracy of the asset management industry is beneficial for women (13:00) The deteriorating situation for women in the asset management industry (14:49) Shocking statistics for women in leadership positions in the industry (16:04) The mission of Variant Perspectives (16:41) The principles Kim has built into Sionna’s investment approach (19:11) Kim’s approach to search, using a quant model as the first step (23:28) How Kim’s team performs fundamental analyses on potential investments (27:57) How knowledge analysis is structured at Sionna (30:20) Why being a specialist can increase your biases (31:32) Sionna’s perspective on assessing relative value (32:37) The importance of the financial services sector (34:04) The unique aspects of value investing in the Canadian market (35:08) How Kim thinks about sizing positions and risk management (39:17) The three main reasons to exit (41:13) Why this down market is unique (45:03) The Canadian market opportunity which has opened up (47:30) Analyzing the current crisis from the perspectives of big tech and energy (49:04) The problem with over-anticipating the next move in the market (50:09) Why you need to understand financial history (51:18) Getting curious about what happens when value underperforms growth (52:56) Why Kim thinks this is one of the best times to buy value (56:47) The tricky balance between the success of passive investing and the need for active managers (58:54) And much more!   Mentioned in this Episode: Kim Shannon’s Book | The Value Proposition: Sionna's Common Sense Path to Investment Success Sionna Investment Managers Variant Perspectives Sionna Article | Waiting For   Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

Today’s conversation is with Dan Davidowitz and Jeff Mueller of Polen Capital, which is a firm that is dedicated to researching and analyzing the highest-quality companies around the globe and investing for the long haul and with a business owner’s mindset. Dan is the co-head of the Large Company Growth Team and the lead portfolio manager of the firm’s flagship Focus Growth strategy. Jeff is co-portfolio manager of the Global Growth strategy and earned his MBA from Columbia Business School, where he was a graduate with honors and distinction of the Value Investing Program. This episode is our third recording since the coronavirus health crisis, and we have kept doing it remotely. Since Spring Break, Columbia Business School has gone fully online and I am absolutely in awe of how the school has been able to pivot to this new format almost seamlessly and we owe this to the terrific people who have been working tirelessly throughout this challenging period and who deserve all our appreciation. My goal with these episodes is to bring guests on who can help us navigate the investment environment and the enormous uncertainty surrounding the economic impact of the virus, which in my opinion is far from clear. I believe our listeners should be focusing on a rigorous, bottom-up approach or on funds that practice a bottom-up approach that is resilient to a variety of scenarios. Thus far the economic impact is probably a bit under-estimated, but it affects different sectors differently and thus the opportunity to build a resilient portfolio is there. On this episode, Dan, Jeff and I discuss how they developed their investment philosophies, what value means in today’s market environment, what you need to know about investing in compounders, the value of guardrails, and so much more!   Key Topics: The impact of the current coronavirus pandemic on life at Columbia University (1:02) How Dan found an interest in business and finance while pursuing studies in Public Health (6:13) What Dan’s first buy-side job taught him about value investing (7:54) Why frustration led Dan to learn more about the modern approach to value investing (9:00) Polen’s compounder approach to value investing (9:42) The importance of being with an organization whose approach aligns with your investment philosophy (11:07) How the events of September 11, 2001 re-routed Jeff’s career (12:15) Why Jeff set himself the goal of attending Columbia University (13:02) Jeff’s philosophy on wealth generation and investment (14:24) The evolution of the US financial markets since Graham’s first writings (15:20) What does value mean today (21:00) The key elements to consider when analyzing compounders (24:32) Why Polen doesn’t seek new investment opportunities based on economic trends (29:53) Polen’s approach to quality analysis of potential investments (34:57) Investing within a small pool of potential companies (40:22) The never-ending quest for knowledge (42:51) What moat attacks reveal about barriers to entry (44:53) Polen’s perspective on building resilient portfolios (50:07) How the Polen Focus Growth portfolio has been adjusted in light of the coronavirus crisis (54:57) The importance of Polen’s guardrails (57:44) The changes to the Polen Global Growth portfolio in the current crisis (59:25) Dan and Jeff’s outlook for the future of value investing (1:02:08) And much more!  Mentioned in this Episode: Polen Capital Value Investing with Legends Season 3, Episode 4 | C.T. Fitzpatrick - Value Investing in Times of Deep Distress  Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

Today’s conversation is with C.T. Fitzpatrick, Founder, Chief Executive Officer, Chief Investment Officer at Vulcan Value Partners. C.T. founded Vulcan in 2007 and since then, all five strategies have peer rankings in the top 1% of value managers in their respective categories. Before starting Vulcan Value Partners, C.T. worked as a principal and portfolio manager at Southeastern Asset Management and over his 17-year tenure, his team achieved double-digit returns and was ranked in the top 5% of money managers over five, ten, and twenty-year periods consistently. We’re again taking a different approach to this episode of the podcast. The health crisis has worsened significantly since our last episode and though there has been some stabilization in valuations, the market’s fragility is still apparent as the uncertainty about the extent of the economic shutdown and the long-run impact of the crisis remains. In light of the extraordinary circumstances we find ourselves in, I couldn’t think of anyone better to talk about investing in the current environment than C.T. Fitzpatrick, with the benefit of his more than 30 years of experience in financial markets. On this episode, CT and I discuss how Vulcan has improved their portfolio over the past few weeks, why it’s critical to stress-test your portfolio, how this crisis will accelerate the demise of certain industries while benefitting other companies, the parallels between the global financial crisis in 2008-2009 and the current market behavior, and so much more!   Key Topics: Using your investment horizon as your main risk management tool (3:57) Why Vulcan prioritizes value stability over discount (6:32) How Vulcan has improved its portfolio over the past few weeks (7:28) What it means to stress-test your portfolio (8:14) Why thorough analysis is critical in light of this extraordinary event (8:46) The benefit of a strong balance sheet for weathering this crisis (11:22) Vulcan’s approach to different asset classes (12:58) The strategy behind concentrating portfolios in periods of volatility (15:13) Why CT considers the margin of safety to be the most important risk metric (18:01) How the crisis will accelerate the demise of certain industries (19:44) The evolution of the airline industry and its weaknesses during this crisis (21:24) Companies that will benefit from the behavior changes triggered by lockdowns and quarantines (22:58) The parallels between the global financial crisis in 2008-2009 and the current market behavior (25:17) How the political climate has colored policymakers’ response to market volatility (28:16) A key difference between the global financial crisis and the current crisis caused by the pandemic (29:52) Analyzing potential scenarios and outcomes for companies (33:45) Why you need to monitor the economies in countries which are at a more advanced stage of the pandemic (35:48) The Vulcan investment philosophy (37:26) How CT analyzes a company’s valuation (40:10) The importance of value stability (41:47) Why CT believes value investing is here to stay for the long term (43:23) And much more!   Mentioned in this Episode: Vulcan Value Partners   Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

Today’s conversation is with Michael Mauboussin, Head of Consilient Research at Counterpoint Global. Before joining Counterpoint Global, Michael was the Director of Research at BlueMountain Capital Management in New York and previously the Head of Global Financial Strategies at Credit Suisse and Chief Investment Strategist at Legg Mason Capital Management. Michael has also authored several books and has been an adjunct professor of finance at Columbia Business School since 1993, where he is on the faculty of the Heilbrunn Center for Graham and Dodd Investing. As of this recording, the university campus is quiet and empty, with classes moving online for the spring semester. Of course, this is due to the coronavirus global pandemic which hit the world quite suddenly and has required extreme public health measures. The markets have responded as expected to the crisis and the economy is in a tailspin. In light of all of this, I wanted to take a slightly different approach to today’s episode and have a discussion about not only how to think about markets, but also the psychological stress caused by the crisis. For that, I couldn’t think of anyone better than our first repeat guest, Michael Mauboussin. On this episode, Michael and I talk about the debate on the economic impact of the coronavirus pandemic, the argument for the centralized implementation of public health solutions, using the expectations infrastructure to analyze companies, how stress affects investment decisions, how risk attitudes are shaped by loss and crisis, and so much more!   Key Topics: The two main sides of the debate on the economic impact of coronavirus (5:11) What pandemics and wars in the past demonstrate about the resilience of the economy (7:14) How Michael believes the economic impact of coronavirus will compare to previous world wars and pandemics (8:48) Why the response to the coronavirus crisis has been so different in Asia, Europe and the US (12:05) The argument for the centralized implementation of public health solutions (14:57) Framing the current crisis as an externality (16:21) Our theories about the sharp correction in equity prices (18:15) Will the current crisis measures result in long-term changes to our collective behavior? (20:03) The consistency of the underlying reality of financial markets (21:38) Assessing the effect of increasing concentration (24:11) Why it’s so important to have a protocol in place for tackling the crisis (26:30) Using the expectations infrastructure to analyze companies (30:37) Measuring volatility as an indicator of risk in the short-term (35:01) Why psychological stress can have a bigger impact than physical stress (38:07) The conditions for psychological stress (38:44) How stress affects investment decisions (39:24) The interaction between psychological and agency issues during periods of massive uncertainty (40:28) How to reduce the stresses of social isolation during the coronavirus crisis (42:51) Teaching without in-person classes (45:04) What is myopic loss aversion? (46:42) How risk attitudes are shaped by loss and crisis (47:44) And much more! Mentioned in this Episode: Michael Mauboussin’s Website Michael Mauboussin’s Books Michael Mauboussin and Alfred Rappaport’s Book | Expectations Investing: Reading Stock Prices for Better Returns Tyler Cowen’s Bloomberg Article | Bill Gates Is Really Worried About the Coronavirus. Here’s Why. Mancur Olson’s Book | The Logic of Collective Action: Public Goods and the Theory of Groups   Thomas Philippon’s Book | The Great Reversal: How America Gave Up on Free Markets     Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!  

Today’s conversation is with Francisco García Paramés, chairman and chief investment officer at Cobas Asset Management, which he founded in 2016. Before founding Cobas, Francisco was with Bestinver for over 25 years. During that time, he built a legendary record and posted an average annual return of 15%, outperforming the reference benchmark by more than 700 basis points. Francisco is based in my home country of Spain and his reputation has extended far beyond its border. As a self-taught follower of Warren Buffett’s investment approach, he is a vocal advocate of the core ideas behind value investing. Francisco is also the author of a book that I highly recommend, called Investing for the Long Term, in which he explains the underpinnings of his investment approach and experience. On this episode, Francisco and I talk about his self-taught route to becoming a value investor, his experiences over more than 25 years in asset management during huge events in the financial markets, how he approaches valuation and portfolio construction, what it was like to run a one-man shop, and so much more!   Key Topics: Why Francisco recommends to always keep your options open (4:46) How basketball helped Francisco in his business studies (5:37) The influence of Peter Lynch on Francisco’s investing philosophy (7:45) From portfolio analyst to manager in less than two years (9:28) Finding value in the Spanish market during the early 90s economic crisis (11:21) Francisco’s self-taught approach to growing as a value investor (12:30) The importance of patience and having a long-term perspective (13:05) How Francisco managed the Bestinver portfolio analysis in his first decade (14:15) Francisco’s approach to valuation (15:27) Shifting to a quality and growth perspective (16:56) The lessons learned over 25 years of bubbles and crashes (19:30) How Francisco builds up the resilience of a portfolio (22:00) How to think about cash in a bottoms-up approach (24:43) Francisco’s portfolio construction strategy (28:02) Building conviction as a one-man shop (31:10) Francisco’s journey to becoming an author (36:40) Getting started with Cobas Asset Management (38:58) Why Francisco values a team approach at Cobas (40:32) The importance of client relationships in developing a strong base (42:10) Analyzing the growth of Limited Holding Group (43:15) Analyzing the growth and quality of Melia (47:48) Aligning the long-run outlook of the team, clients, and management (48:42) Francisco’s thoughts on the market’s current underperformance relative to growth (50:39) And much more!   Mentioned in this Episode: Cobas Asset Management Francisco García Paramés’ Book | Investing for the Long Term Bestinver S.A. Peter Lynch’s Book | One Up On Wall Street: How To Use What You Already Know To Make Money In The Market Joel Greenblatt’s Book | The Little Book That Still Beats the Market Cobas Letters from the Asset Manager Benjamin Graham’s Book | The Intelligent Investor: The Definitive Book on Value Investing   Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

Today’s conversation is with David Samra, managing director of Artisan Partners and founding partner of the Artisan Partners International Value Team. He is the lead portfolio manager of the Artisan International Value Fund, which he has managed since its inception in September 2002. Mr. Samra also was co-portfolio manager for the Global Value Fund from its inception in December 2007 through September 2018. Before joining Artisan Partners, David was a portfolio manager and a senior analyst in international equities at the legendary Harris Associates. David enrolled in Columbia Business School (CBS) in 1991, right before the value investing program was re-launched and he considers his classes in the fundamentals of investing and internship with value investor Mario Gabelli to be critical in the development of his investment philosophy. Since leaving business school, David has focused on international investing and under his leadership, his team was twice named Morningstar, Inc.’s International-Stock Fund Manager of the Year in 2008 and 2013. On this episode, David and I talk about his early drive to pursue a career in money management, why he was drawn to work in international investments, what he learned from working with value investing legends, the contrast between the traditional and modern value investor, the most effective way to select securities, and so much more!   Key Topics: When David uncovered his interest in becoming an asset manager (3:56) How David’s inclination towards value investing showed up in school (5:00) David’s early steps towards a career in money management (6:53) Attending CBS before the value investing program was revitalized (8:43) The CBS class that taught David about the difference between a good and a bad business (9:44) How working with Mario Gabelli helped David to develop his investment philosophy (11:01) Why David took a pay cut to work in international investing at Montgomery Asset Management (12:09) Travelling around the world to assess non-US securities (14:46) How working with David Herro complemented David’s approach to security analysis (16:37) The contrast between the traditional and the modern value investor (18:11) Leveraging the opportunities created for value investors during a financial crisis (24:17) What the global financial crisis taught David about risk management (25:54) Finding the balance between price and quality to put yourself in the best position from a risk/reward profile (26:39) Why many value investors had to shift their thinking because of the tech bubble (27:31) Using screens to for investment idea generation (29:44) David’s most effective method for finding securities (30:49) Why the artisan research team is made up of generalists organized by geography (32:36) The benefits of making investment decisions on a company-specific level, rather than economic trends (34:50) The business analysis and valuation process David uses for international investments (36:14) How some European banks have become more appealing for value investors (41:03) Analyzing the price and quality of the Spanish Bank, Bankia (44:43) Analyzing the success of Compass Group (49:18) David’s views on the future of value investing in the face of rising passive investing (51:29) And much more!  Mentioned in this Episode: Artisan Partners Bennett Stewart’s Book | The Quest for Value: A Guide for Senior Managers Benjamin Graham’s Book | The Intelligent Investor: The Definitive Book on Value Investing Value Investing with Legends Podcast: Season 2 Episode 6 | Bruce Greenwald - Staying on the Right Side of the Trade Season 1, Episode 2 | Tom Russo - The All Important Power of Consumer Brands   Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!  

Today’s conversation is with Professor Bruce Greenwald, guru to Wall Street’s gurus. Bruce is the Robert Heilbrunn Professor of Finance and Asset Management Emeritus at Columbia Business School and is the former Academic Director of the Heilbrunn Center for Graham & Dodd Investing. He has been the recipient of numerous awards, including the Columbia University Presidential Teaching Award and his classes are consistently oversubscribed, with more than 650 students taking his courses every year. Columbia Business School’s unmatched tradition in value investing started with the teaching of Ben Graham and later David Dodd and Roger Murray. But for almost a decade after Roger Murray retired, that tradition lay dormant. That’s when Bruce joined Columbia in 1991, after leaving Harvard Business School and has since played a critical role in reinvigorating value investing. On this episode, Bruce and I talk about how he revitalized value investing at Columbia Business School, why you should be a specialist, how to approach valuations, why investment managers can’t build a portfolio, how to remain relevant despite the growth of passive investing, and so much more! This is our last episode of the season but we will be doing our first live podcast at the Columbia Student Investment Management Association (CSIMA) Conference on February 7, 2020, at Columbia University. There will be a wonderful collection of speakers, many of whom have been past guests on the podcast, as well as some very distinguished value investors who will be visiting from Europe. We hope to see you there and until then, thank you for listening and Happy Holidays!   Key Topics: How Bruce received the Heilbrunn chair (3:58) Bruce’s unintentional initiation into value investing (4:51) The start of the value investing course at Columbia (6:12) Becoming the “Guru to Wall Street’s gurus” (6:46) How the value investing course developed into a full program (7:14) Bruce’s career journey from Bell Labs to Harvard Business School (8:16) The value investing oral tradition (10:30) Applying a value orientation to your investment search strategy (12:11) Why you need to be a specialist (13:24) What you can learn from Warren Buffett about specialization (14:56) Paul Hilal’s approach to investing by first spending the time to learn (16:28) How the economics of the business fits into the valuation (18:21) The implicit role of economics in Ben Graham’s methodology (20:11) How to approach the valuation of a moat business (24:11) The factors to consider when calculating your return (26:51) Why you have to pay attention to management behavior (30:48) How Intel’s acquisition of Altera showed a shift in management’s strategy (31:50) The importance of active research for value investors (34:14) The evolution of value investing away from a sole focus on asset values (36:11) Why investment managers can’t build a portfolio (36:56) Bruce’s approach to risk management (38:31) How economic changes are creating new opportunities for value investors (41:07) The role government will have to play in the changing economy (45:01) How regulatory uncertainty affects businesses (49:10) Why Bruce isn’t worried about the growth of passive investing (53:28) And much more!  Mentioned in this Episode: New York Times Article | PRIVATE SECTOR; A Guru to Wall Street's Gurus Bruce C. N. Greenwald’s Books Value Investing: From Graham to Buffett and Beyond Competition Demystified: A Radically Simplified Approach to Business Strategy The Columbia Student Investment Management Association (CSIMA) Conference Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!