Graham And Doddsville

The Value Investing Capital of the World

Archive for March, 2009

Fairholme Call

March 31, 2009 By: webmaster Category: Bruce Berkowitz

Bruce Berkowitz of the Fairholme Fund held a conference call on March 30 which focused on their investment in Pfizer.   A replay of the call can be found here:

Pfizer CEO Jeffrey Kindler will join Bruce Berkowitz, Fairholme Capital Management’s Chief Investment Officer, for a Conversation with Bruce on Monday, March 30th, at 3:00 PM Eastern Time. We’ll also have Charles Fernandez, President of Fairholme Capital Management and an authority on corporate restructurings and the healthcare industry, bring his unique viewpoint to the discussion.

Bruce and Charlie will discuss the Fund’s leap into cash-rich companies in industries that are generally regarded as recession-resistant, like healthcare, defense and infrastructure. We’ll review some fundamentals and learn why they believe these new holdings can deliver the returns that Fairholme investors expect – even when pitted against a severe deflationary environment.

Pfizer, the world’s largest research-based pharmaceutical company, has recently taken on the mantle of Fairholme’s anchor holding, representing nearly 19% of our portfolio’s assets. Our panel will present Fairholme’s compelling investment case for Pfizer, including findings related to its stock valuation, healthcare demographics and regulatory issues.

Pfizer’s Jeff Kindler will take questions and discuss the unfolding merger with Wyeth, which will create one of the most diversified companies in the global healthcare industry.

If you have questions about Pfizer, or any other position in The Fund’s portfolio, submit them to well in advance of the call, and Bruce, Charlie or Jeff will try to answer you on air. Or call in during the conference for your chance to join the conversation.

You have two ways to participate – by internet or phone. Go to at the appointed time to hear the live audio stream.


Ken Shubin Stein in Forbes

March 24, 2009 By: webmaster Category: Ken Shubin Stein

Ken Shubin Stein – founder of Spencer Capital and Adjunct Professor at Columbia Business School – was recently interviewed in Forbes.  Professor Shubin Stein teaches one of the selective Advanced Investment Research classes offered to second year students. 

Read the article here.

Greenwald and Gabelli Comment on Buffett’s Annual Letter

March 15, 2009 By: webmaster Category: Bruce Greenwald, Mario Gabelli, Warren Buffett

Professor Bruce Greenwald and Mario Gabelli comment on Warren Buffett’s Annual Berkshire Hathaway Shareholder Letter.

Thomas Russo Visits Professor Greenwald’s Class

March 14, 2009 By: webmaster Category: Columbia Business School, The Heilbrunn Center for Graham and Dodd Investing, Thomas Russo

The Heilbrunn Center for Graham and Dodd Investing recently posted a video of Thomas Russo’s visit to Professor Greenwald’s Value Investing Seminar.  Tom Russo is a partner at Gardner, Russo & Gardner.  He began his career as an analyst with Ruane, Cunniff & Goldfarb.  More recently, he has become known as one of the voices of global value investing.  You can view the video here.

Additional classes can be found on The Heilbrunn Center’s website (click here).

Back to Business

March 08, 2009 By: webmaster Category: Personal Comments

I apologize for the downtime.  Shortly after my last post, my wife and I were blessed with our own little 4pd 8oz holiday miracle.  I am just getting back to my ‘normal’ routine, and plan to begin updating the blog this week.

In the meantime, I am adding a tab that will list the resources I add to the site sorted by date added.  Since the primary goal of the blog is to organize the resources I find helpful as a securities analyst, I expect that updates to this page will far outweigh the number of posts I write.

I have really enjoyed hearing from so many like-minded investors who enjoy the site.  It was surprising to me how many people I have met as a result of my posts.  I hope you will continue to introduce yourselves.