Graham And Doddsville

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Archive for the ‘CBS Faculty’

Winter 2017 Issue of Graham & Doddsville

February 13, 2017 By: webmaster Category: CBS Faculty, Columbia Business School, Graham And Doddsville Newsletter, The Heilbrunn Center for Graham and Dodd Investing

The latest edition of Graham & Doddsville was just released by the students of Columbia Business School.

The Winter 2017 issue features Michael Blitzer (MBA ’04) and Guy Shanon (MBA ’99) of Kingstown Capital, Rupal Bhansali of Ariel Investments, Simeon Wallis of ValorBridge Partners, Jared Friedberg of Mercator and Charles Studness (PhD ’63) & Roy Studness (MBA ’06) of Studness Capital Management. You will also find pictures from from the 2016 Graham and Dodd Breakfast and student pitches from the Heilbrunn Center for Graham & Dodd Investing Stock Pitch Challenge.

Thanks for another fantastic issue!

Read the latest issue of Graham & Doddsville here.

Read past issues of Graham & Doddsville here.

Fall 2016 Issue of Graham & Doddsville

November 02, 2016 By: webmaster Category: CBS Faculty, Columbia Business School, Graham And Doddsville Newsletter, The Heilbrunn Center for Graham and Dodd Investing

The students of Columbia Business School just published the latest edition of Graham & Doddsville.

The Fall 2016 issue features Alex Seaver and Brad Kent of Stadium Capital Management, Neal Nathani of Totem Point Management and Chris Weldon (MBA ’12) of Stamina Capital.  Inside, readers will find highlights from the 7th Annual “From Graham to Buffett and Beyond” Dinner held this past April in Omaha, three student investment ideas and much more.

Congratulations to the editors on the first edition of the new school year!

Check out the latest issue of Graham & Doddsville here.

Read past issues of Graham & Doddsville here.

Winter 2016 Issue of Graham & Doddsville

February 02, 2016 By: webmaster Category: CBS Faculty, Columbia Business School, Graham And Doddsville Newsletter, The Heilbrunn Center for Graham and Dodd Investing

The students of Columbia Business School have just released the Winter 2016 Edition of Graham & Doddsville.

The new issue features Craig Effron of Scoggin Capital Management, Jon Salinas (MBA ’08) of Plymouth Lane Capital Management, Jeff Gramm (MBA ’03) of Bandera Partners and Shane Parrish, founder of the Farnam Street Blog.  This issue also includes three investment ideas from CBS students.

Check out the latest issue of Graham & Doddsville here.

Read the Farnam Street Blog here.

Read past issues of Graham & Doddsville here.

The Heresy That Made Them Rich – Throwback Thursday #TT

April 03, 2014 By: webmaster Category: Bruce Greenwald, CBS Faculty, Columbia Business School, Jason Zweig, Jean-Marie Eveillard, Mario Gabelli, Paul Sonkin, Roger Murray, SuperInvestors, The Heilbrunn Center for Graham and Dodd Investing

On October 29, 2005 Joe Nocera penned an article for The New York Times called The Heresy That Made Them Rich.

A FEW weeks ago, Columbia Business School held its 15th Annual Graham & Dodd Breakfast. The guest speaker was Jean-Marie Eveillard, a successful (and now retired) mutual fund manager, who used to beat the market regularly by adhering to the ”value investing” principles first articulated by the great investor Benjamin Graham and his co-author, the Columbia professor David L. Dodd, in their 1934 classic, ”Security Analysis.”

“The more things change, the more they stay the same way.”

Still, the Columbia program — and value investing in general — feels a little like a cult. Despite the obvious success of people like Mr. Buffett and Mr. Gabelli — and the studies that seem to bear out that success as something more than luck — it is not yet fully accepted by either mainstream Wall Street or mainstream academia. In his remarks at the breakfast, Mr. Eveillard said he thought that maybe 5 percent of professional money managers are true value investors.

See:  “The Heresy That Made Them Rich” (New York Times, 10/29/05)

 

Legacy of Benjamin Graham

February 04, 2013 By: webmaster Category: Benjamin Graham, CBS Faculty, Columbia Business School, Security Analysis, The Heilbrunn Center for Graham and Dodd Investing

As far as I know, this video premiered at the Columbia Student Investment Management Conference held on Friday, February 1, 2013. This is the first live footage of Benjamin Graham that I have ever seen and includes interviews with Warren Buffett, Irving Kahn, Benjamin Graham, Jr., Charles Brandes and many others.  More phenomenal work from The Heilbrunn Center for Graham and Dodd Investing and Columbia Business School.

Professor Mauboussin on The True Measures of Success

October 28, 2012 By: webmaster Category: Behavioral Finance, CBS Faculty, Michael Mauboussin

The October issue of Harvard Business review included an article by Legg Mason Strategist and Columbia Business School Professor Michael Mauboussin titled “The True Measures of Success”.

About a dozen years ago, when I was working for a large financial services firm, one of the senior executives asked me to take on a project to better understand the company’s profitability. I was in the equity division, which generated fees and commissions by catering to investment managers and sought to maximize revenues by providing high-quality research, responsive trading, and coveted initial public offerings. While we had hundreds of clients, one mutual fund company was our largest. We shuttled our researchers to visit with its analysts and portfolio managers, dedicated capital to ensure that its trades were executed smoothly, and recognized its importance in the allocation of IPOs. We were committed to keeping the 800-pound gorilla happy.

Part of my charge was to understand the division’s profitability by customer. So we estimated the cost we incurred servicing each major client. The results were striking and counterintuitive: Our largest customer was among our least profitable. Indeed, customers in the middle of the pack, which didn’t demand substantial resources, were more profitable than the giant we fawned over.

What happened? We made a mistake that’s exceedingly common in business: We measured the wrong thing. The statistic we relied on to assess our performance—revenues—was disconnected from our overall objective of profitability. As a result, our strategic and resource allocation decisions didn’t support that goal. This article will reveal how this mistake permeates businesses—probably even yours—driving poor decisions and undermining performance. And it will show you how to choose the best statistics for your business goals.

The article is based on Professor Mauboussin’s new book The Success Equation:Untangling Skill and Luck in Business, Sports, and Investing which was released last week.

Both the article and book mention Michael Lewis’ Moneyball.  I think this clip from Moneyball provides a perfect analogy for Professor Mauboussin’s premise.

Meanwhile, in concert with my last post, I will begin adding material to the VI Resources, SI Resources, and Security Analysis pages.  Not all additions will make it to the front page of the blog, so check back to see what is new.