Podcasts · Business

Value Investing with Legends

Columbia Business School

77 episodes

Value investing is more than an investment strategy — it's a fundamental way of thinking about finance. Value investing was developed in the 1920s at Columbia Business School by professors Benjamin Graham and David Dodd, MS '21. The authors of the classic text, Security Analysis, Graham and Dodd were the very pioneers of their field and their security analysis principles provided the first rational basis for investment decisions. Despite the vast and volatile changes in the economy and securities markets during the last several decades, value investing has proven to be the most successful money management strategy ever developed. Value investors' success over the second half of the twentieth century proved not only the validity of the value approach, but its preeminence over even the most widely taught and practiced modern investment theory, which was developed in the 1950s and '60s and remains dominant even today.

More about the show

Our mission today is to promote the study and practice of Graham & Dodd's original investing principles and to improve investing with world-class education, research, and practitioner-academic dialogue. In this podcast you will hear from some of the world's greatest investors, their views on the investment management industry, how they developed their investment process and how they see the field changing over time.

Episodes page 1 of 2

  1. Eddie Perkin - Battling Biases and Building Better Investment Teams

    · 56 min · S11 E15

    In this episode, Michael Mauboussin welcomes Eddie Perkin, former Chief Investment Officer at Eaton Vance and Goldman Sachs Asset Management, to discuss the principles behind better investment decision-making. Eddie…

  2. Django Davidson - The Capital Cycle: Finding Opportunity Where Others Aren't Looking

    · 56 min · S11 E14

    In this episode, hosts Tano Santos and Michael Mauboussin welcome Django Davidson, Partner and Portfolio Manager at Hosking Partners, for a discussion of the capital cycle approach to investing. Django shares how his…

  3. Jim Flynn - Building a Healthcare Investment Platform Across Public, Private, and Venture

    · 46 min · S11 E13

    Jim Flynn is the Managing Partner of Deerfield Management, a healthcare-focused investment firm overseeing approximately $16 billion in assets. In this episode, hosts Michael Mauboussin and Tano Santos speak with Jim…

  4. Matthew Fine - Buying Gray Clouds and Building Resilient Portfolios

    · 59 min · S11 E12

    In this episode, hosts Tano Santos and Michael Mauboussin speak with Matthew Fine, portfolio manager at Third Avenue Management, about his path into investing and the firm's value-driven philosophy. Matthew reflects on…

  5. Jenny Harrington - Dividend Investing, Risk Management, and Building Reliable Income Streams

    · 1 h 02 min · S11 E11

    In this episode, hosts Michael Mauboussin and Tano Santos speak with Jenny Harrington, CEO of Gilman Hill Asset Management, about her approach to dividend-focused investing. Jenny shares her journey from early…

  6. Samer Sarraf - Investing in the GCC: Private Equity Discipline in Public Markets

    · 1 h 16 min · S11 E10

    In this episode, Tano Santos speaks with Samer Sarraf, Founding Partner and COO of Amwal Capital Partners, about his journey from engineering and construction to Lehman Brothers and ultimately founding a public…

  7. Ricky Sandler - Investing Through Perception Shifts and Market Cycles

    · 56 min · S11 E9

    Ricky Sandler, founder, CEO, and CIO of Eminence Capital, joins hosts Michael Mauboussin and Tano Santos to explore a dynamic career spanning over three decades in long-short investing. Starting with stories from his…

  8. Robert Robotti - From Pink Sheets to Portfolio Management: Bob Robotti's Value Investing Journey

    · 1 h 02 min · S11 E8

    Robert Robotti, President and CIO of Robotti & Company Advisors, joins host Michael Mauboussin to explore a lifetime shaped by value investing. With deep roots in accounting and formative experiences auditing firms…

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

    · 1 h 04 min · S11 E7

    In this episode, host Tano Santos sits down with Richard Brekka, founder and managing partner of Second Alpha, to examine the lesser-known world of secondary investing in private technology companies. With decades of…

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

    · 1 h 08 min · S11 E6

    Amit Wadhwaney, founding partner and portfolio manager at Moerus Capital Management, joins hosts Tano Santos and Michael Mauboussin to trace his unorthodox journey from Bombay to Concordia to founding a value investing…

  11. Bill Ackman - Evolving Investment Playbook, From MBIA to Moats

    · 57 min · S11 E5

    Bill Ackman, founder and CEO of Pershing Square Capital Management, joins hosts Michael Mauboussin and Tano Santos to trace the arc of his investing journey—from his early days in real estate finance to founding Gotham…

  12. Kristin Gilbertson - Risk, Resilience, and Returns

    · 50 min · S11 E4

    In this episode, hosts Tano Santos and Michael Mauboussin speak with Kristin Gilbertson, CIO of Access Industries and former CIO of the University of Pennsylvania Endowment. Kristin shares her early interest in…

  13. Seth Klarman - Contrarian Investing, Discipline, and Building Baupost

    · 55 min · S11 E2

    In this episode, host Michael Mauboussin sits down with Seth Klarman, CEO and portfolio manager of The Baupost Group. One of the most influential practitioners of value investing, Seth shares his formative stories —…

  14. Kent Daniel — From Physics to Finance: Exploring Market Inefficiencies

    · 1 h 12 min · S11 E2

    In this episode of Value Investing with Legends, Tano Santos and Michael Mauboussin sit down with Kent Daniel, Professor of Finance at Columbia Business School, to discuss his journey from physics at Caltech to leading…

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

    · 1 h 25 min · S11 E1

    In this episode, Cliff Asness joins Tano Santos and Michael Mauboussin for a conversation that spans the evolution of quantitative investing, lessons from market crises, and the enduring tension between risk and…

  16. Phil Ruvinsky - Sustainable Competitive Advantages in Technology

    · 37 min · S10 E6

    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…

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

    · 1 h 01 min · S10 E5

    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…

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

    · 1 h 04 min · S10 E4

    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…

  19. James Bessen - Understanding the Tech Paradigm

    · 46 min · S10 E3

    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…

  20. Jan Hummel - Deep Diligence at Paradigm Capital

    · 49 min · S10 E2

    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.…

  21. Todd Combs - Charlie Munger's Legacy

    · 27 min · S10 E1

    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…

  22. Kim Lew - The Dynamics of Risk Management and Asset Allocation

    · 1 h 03 min · S9 E6

    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…

  23. John Armitage - Navigating Macroeconomic Shifts

    · 52 min · S9 E5

    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…

  24. Nicolai Tangen - Decision-Making and Intuition in Investing

    · 45 min · S9 E4

    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…

  25. John Rogers - The Power of Patience

    · 1 h 00 min · S9 E3

    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…

  26. Sheldon Stone - Liquidity, Covenants, and Capital Availability

    · 1 h 02 min · S9 E2

    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…

  27. Ray Dalio - Risk, Return, and Asset Allocation

    · 1 h 00 min · S9 E1

    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,…

  28. Fireside Chat with Tom Gayner, Markel Corporation

    · 39 min · S8 E8

    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…

  29. Scott Hendrickson - An Unmasking of Quality

    · 52 min · S8 E7

    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…

  30. Bill Nygren - Fundamental Investing From A Generalist's Perspective

    · 1 h 05 min · S8 E6

    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…

  31. Angela Aldrich - Developing A Differentiated View

    · 1 h 05 min · S8 E5

    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…

  32. Charley Ellis - The Evolution of the Asset Management Industry

    · 1 h 16 min · S8 E4

    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…

  33. Felix Oberholzer-Gee - The Competitive Advantage of Value-Based Strategy

    · 1 h 11 min · S8 E3

    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.…

  34. Mitch Julis - Finding the Opportunity in Complexity

    · 1 h 22 min · S8 E2

    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…

  35. Andrew Wellington & Dan Kaskawits - Finding the Gems Amid the Junk

    · 1 h 13 min · S8 E1

    "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…

  36. Amy Zhang - Identifying Exceptional Potential

    · 57 min · S7 E4

    "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…

  37. Ashvin Chhabra - The Aspirational Investor

    · 57 min · S7 E3

    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.…

  38. Abby Joseph Cohen - Blending the Quantitative with the Qualitative

    · 51 min · S7 E2

    "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,…

  39. Allison Fisch - Unlocking Value in Emerging Markets

    · 48 min · S7 E1

    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…

  40. Munib Islam - Creating Long-Term Value

    · 1 h 14 min · S6 E6

    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…

  41. Lauren Taylor Wolfe - Adding Value With A Creative Approach to Environmental, Social, and Governance Change

    · 58 min · S6 E5

    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…

  42. Bringing An Outside Perspective Through Transformational Activism with Mason Morfit

    · 1 h 00 min · S6 E4

    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…

  43. 5x5x5 Russo Student Investment Fund: Class of 2021

    · 57 min · S6 E3

    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…

  44. Chris Davis - A Multifaceted Perspective on Financial Services

    · 1 h 17 min · S6 E2

    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…

  45. The Art of Fund Management with Chase Sheridan & Will Pan

    · 1 h 17 min · S6 E1

    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…

  46. Anne-Sophie d'Andlau - Driving Change By Engaging With Impact

    · 49 min · S5 E7

    Listeners of this podcast will know that I believe one of the most dynamic areas of investing is that of activism. In the true spirit of value investing, there's a crop of activist investors who are now embracing their…

  47. Florian Schuhbauer and Klaus Roehrig - Applying Activist Tactics to European Markets

    · 1 h 19 min · S5 E6

    One of our goals with this podcast is to get to know new markets, new situations, and new investors who bring dynamism to all markets. A great example of this is the new generation of activist investors in Europe.…

  48. Elizabeth Lilly - Embodying the Principles of Value Investing

    · 57 min · S5 E5

    The value investing in legends class is one of the highlights of the Heilbrunn year. It's filled with special moments, including the annual visit from our guest today, Elizabeth Lilly. Beth embodies the principles and…

  49. Anna Nikolayevsky - The Value of Independent Thought

    · 46 min · S5 E4

    Any sound investment strategy must include both a tactical and a structural component. The tactical side requires close attention to the firm's financials and prospects, while the structural side puts that analysis in…

  50. David Marcus - Developing a 3D Perspective of Investing

    · 1 h 21 min · S5 E3

    Over the last few years, the opportunities for global value investing have improved significantly. Yields are incredibly low across the board, putting pressure on improving operational performance to generate returns.…

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