Value Investing with Legends
Columbia Business School
All episodes
Best episodes
Seasons
Top 10 Value Investing with Legends Episodes
Goodpods has curated a list of the 10 best Value Investing with Legends episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to Value Investing with Legends for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite Value Investing with Legends episode by adding your comments to the episode page.
Ray Dalio - Risk, Return, and Asset Allocation
Value Investing with Legends
10/13/23 • 59 min
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, and the patterns that govern financial markets.
As an iconic investor and author, Ray offers a wealth of knowledge backed by years of experience in the finance industry. He has written the seminal book, "Principles for Navigating Big Debt Crisis," which serves as a crucial resource for anyone interested in understanding historical financial crises.
Ray is a legendary investor and the founder of Bridgewater Associates, one of the largest hedge funds in the world. He has extensive experience with debt crises, having navigated them multiple times in his career. In addition to his achievements in finance, he is the author of several highly acclaimed books that have garnered him a massive following both inside and outside of the financial community.
In this episode, Ray, Michael, and Tano discuss a range of topics from the evolution of wealth throughout history to the rise of populism in the modern world. They delve into the role of capital markets in wealth creation, the importance of understanding risk-return trade-offs, and much more. Ray also shares his unique perspectives on the challenges faced by countries like China and talks about the importance of deleveraging in today's economic climate.
Join us as we dive deep into these captivating topics with one of the most brilliant minds in the finance industry. Stay tuned for an enriching conversation that promises to offer valuable insights and much more!
Key Topics:
- An overview of Ray’s background (2:56)
- Ray’s early foray into commodities (5:18)
- Shifting from micro to macro via commodities (6:59)
- Founding and pivoting Bridgewater (8:37)
- Alpha and beta separation in investing (11:29)
- Client portfolio customization, beating traditional methods (14:04)
- Decision systemization for diverse returns (16:13)
- Navigating 2008 with debt dynamics knowledge (21:42)
- Transition from assets to future earnings (26:00)
- Market links to economic boom, risks of future promises (31:48)
- Growth's double-edged sword: innovation vs. debt and conflict (33:15)
- US-China war likelihood in the next decade (39:34)
- China's trio of challenges: Debt, demographics, economic model (46:37)
- Advocacy for bipartisan societal reform (54:06)
- Ray’s book recommendations (58:28)
- And much more!
Mentioned in this Episode:
- Bridgewater Associates
- Principles for Navigating Big Debt Crises | Ray Dalio
- Principles for Dealing with the Changing World Order: Why Nations Succeed or Fail | Ray Dalio
- Henry Kissinger’s Books
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 [email protected].
Follow the 
David Samra - Leveraging Fundamentals to Remain Relevant
Value Investing with Legends
03/06/20 • 55 min
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:
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 [email protected].
Follow the
Anu Bradford - EU Influence, Big Tech Challenges, and the Future of Digital Governance
Value Investing with Legends
06/28/24 • 61 min
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 technology regulation. Anu is recognized for her deep expertise in international economic law. Her pivotal books "The Brussels Effect" and "Digital Empires" explore how significant regions like the US, EU, and China shape technological standards worldwide. The conversation probes the complexities of regulating big tech companies across different legal and political landscapes, highlighting the significant influence of European regulations on global markets. She also touches on the impact of regulatory practices on innovation, the challenges of enforcing extensive digital laws, and the future trajectory of global tech governance. This episode offers a comprehensive look into the power struggles and cooperative efforts that define international technology regulation and much more!
Key Topics:
- Introduction to Anu Bradford and her background (04:01)
- The unique position of the EU in global regulatory practices and its impacts (10:48)
- Detailed exploration of "The Brussels Effect" and its significance (12:56)
- Global market influence through regulatory strategies (17:02)
- The challenges and methodologies of tech regulation in the EU, US, and China (31:55)
- The role of data security and privacy in international relations and tech regulation (43:06)
- Future challenges and directions in global technology regulation (52:47)
- The preservation of liberal democracy in the digital age (54:51)
- Anu's book recommendations (58:56)
- And much more!
Mentioned in this Episode:
- Digital Empires: The Global Battle to Regulate Technology by Anu Bradford
- The Brussels Effect: How the European Union Rules the World by Anu Bradford
- Chip War: The Quest to Dominate the World's Most Critical Technology by Chris Miller
- Underground Empire: How America Weaponized the World Economy by Henry Farrell and Abraham Newman
- High Wire: How China Regulates Big Tech and Governs Its Economy by Angela Huyue Zhang
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 [email protected].
Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
Nicolai Tangen - Decision-Making and Intuition in Investing
Value Investing with Legends
11/24/23 • 44 min
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 joins hosts Michael Mauboussin and Tano Santos on Value Investing with Legends. A connoisseur of art history and asset management, Nicolai offers a rare blend of expertise, drawing parallels between the seemingly disparate worlds of art and investment. His approach, marked by a blend of rigorous analysis and intuitive pattern recognition, reveals the underpinnings of a global economy shrouded in paranoia and driven by innovation. In this episode, Nicolai unfolds his journey from being an art student to leading one of the most prominent investment funds, highlighting how understanding historical context informs risk appetite. He brings to the forefront the role of AI in transforming investment strategies and the delicate balance of managing a substantial portfolio while maintaining a contrarian stance. Tune in to learn about the psychological aspects of risk assessment, the implications of AI on future investment strategies, the value of contrarian thinking in an ever-changing market, and so much more!
Key Topics:
- Nicolai's journey from Russian military studies to financial expertise at Wharton (2:45)
- Nicolai's foundational career experiences with John Armitage at Egerton Capital (4:04)
- The refreshing and insightful sabbatical Nicolai took to study art history (6:42)
- AKO Capital's strategy: selecting high-quality stocks for robust growth and solid returns (9:17)
- Investing success through deep reading, contemplative analysis, and rare decisive action (10:34)
- The critical role of pattern recognition in navigating financial uncertainties (13:51)
- Post-mortem analysis as a vital component of investment strategy refinement (15:41)
- The importance of contrarian perspectives in investment strategy and team development (19:09)
- Delving into CEOs' insights on market trends and the underestimated influence of corporate culture (23:04)
- Adapting from selecting individual assets to managing broad asset classes with team collaboration (26:48)
- Proactive engagement in corporate governance through ESG-focused voting practices (30:33)
- The inescapable responsibility of managing a globally influential investment fund (33:08)
- Balancing the promising prospects of AI with the imperative of managing social risks (35:36)
- Defining fund success beyond returns: robust processes and a motivated, fulfilled team (38:07)
- What keeps Nicolai up at night and excited about the future (40:40)
- Nicolai’s book recommendations (43:24)
- And much more!
Mentioned in this Episode:
- Norges Bank
- AKO Capital
- Egerton Capital
- Adam Grant - Think Again: The Power of Knowing What You Don't Know
- Angela Duckworth - Grit: The Power of Passion and Perseverance
- Amy Edmonson - Teaming: How Organizations Learn, Innovate, and Compete in the Knowledge Economy
- Annie Duke - Quit: The Power of Knowing When to Walk Away
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 [email protected].
Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
David Marcus - Developing a 3D Perspective of Investing
Value Investing with Legends
02/12/21 • 81 min
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. In such an environment, Europe is fertile ground for the value investor. With room for operational improvement in many sectors and a robust institutional environment, it’s an ideal market to deploy your activist dollar.
When I decided to bring this topic to the show, I couldn’t think of anyone better than David Marcus to have a thorough conversation. David Marcus is Co-Founder, Chief Executive Officer, and Chief Investment Officer of Evermore Global Advisors, LLC, which he co-founded in 2009, and is also portfolio manager of the Evermore Global Value Fund.
Beginning his career in 1988 at Mutual Series Fund, David was mentored by renowned value investor Michael Price and rose to manage the Mutual European Fund and co-manage the Mutual Shares and Mutual Discovery Funds, representing over $14 billion in assets. In 2000, he founded Marcstone Capital Management, LP, a long-short Europe-focused equity manager, largely funded by Swedish financier Jan Stenbeck. After Mr. Stenbeck passed away in 2002, David closed Marcstone, co-founded a family office for the Stenbeck family, and advised on the restructuring of several public and private companies the family controlled. David graduated from Northeastern University in 1988 with a B.S. in Business Administration and a concentration in Finance.
On this episode, David and I discuss his structured approach to learning that he’s been committed to since starting his career, his comprehensive approach to investment analysis, why he believes there are huge opportunities in the European markets, how many people are taking the wrong approach when assessing investments in Europe, and so much more!
Key Topics:
- How David always knew investing would be in his future (3:51)
- David’s internship experience during the 1987 stock market crash (5:18)
- Getting a shot at a trading desk within a month of working with Michael F. Price (7:37)
- How David’s learned what makes a good analyst (9:24)
- Pivoting into European investing (11:11)
- Learning from the Swedish financial crisis of the early 90s (13:14)
- Looking beyond the CEO to the main shareholder (15:41)
- Leveraging your existing knowledge in new areas (16:45)
- When David became the head of Europe across portfolios at Franklin Mutual (19:46)
- David’s decision to start Marcstone Capital Management (23:36)
- Transitioning from stock picker to operator (26:32)
- Taking a private equity approach to public companies (29:43)
- The birth of Evermore Global Advisors (30:20)
- The advantage of being a generalist and a specialist (33:27)
- Why you must build your network (34:42)
- Deepening your operational understanding by engaging management (36:11)
- Mischaracterization of the European market (39:25)
- Game-changing opportunities in the European Union (EU) (41:19)
- What key areas David looks at in investments (42:53)
- The fundamental lack of knowledge about European institutions (45:37)
- Long-term thinking and European evolution (49:36)
- Understanding the local rules (51:58)
- Why you need to figure out peoples’ motivations (52:27)
- The opportunity behind deconglomeration in Europe (55:20)
- Good managers as an important competitive advantage (57:17)
- Taking advantage of room for operational improvement (59:10)
- Assessing the right time for the right people (1:01:04)
- The confluence of value and growth in Europe (1:02:22)
- Misconceptions about value and growth (1:05:33)
- Finding growth opportunities at value prices (1:06:39)
- Screening with numbers instead of words (1:07:55)
- The benefits of quarterly offsites (1:09:24)
- Getting clear on the reason behind investor activism (1:11:41)
- David’s approach to risk management (1:14:14)
- Why David’s view on leverage has changed (1:16:29)
- Checking and testing your thesis continuously (1:17:55)
- And much more!
Mentioned in this Episode:
- Evermore Global Advisors
- Value Investing with Legends Podcast | Leveraging Fundamentals to Remain Relevant with David Samra
- David Marcus’ Whitepaper | Europe: Lonely and Lumpy, Yet Extremely Compelling
- European Union Website
Thanks for Listening!
Be sure to subscribe on
Mario Gabelli - Welcome to Value Investing with Legends!
Value Investing with Legends
04/16/19 • 46 min
- Mario shares how he first became interested in Graham and Dodd’s investing principles (2:45)
- The early career opportunities that steered Mario’s research focus (3:19)
- How Mario ended up starting his own firm at the bottom of a major economic downturn (4:27)
- The market response to Mario’s niche research focus at his firm (5:38)
- How the private market value and catalyst concepts came about (8:00)
- The important lesson Mario learned on a research trip to Toronto in 1977 (10:55)
- Why Mario uses a global approach to master the dynamics of change in an industry (12:53)
- Mario’s management techniques for working with super-specialized analysts (14:49)
- When did the Gabelli Asset Fund and the Gabelli Growth fund get started? (18:30)
- How Mario identifies and connects political and industry events with investment and growth opportunities (20:22)
- The approach Mario uses for managing clients and the firm’s positioning under difficult market conditions (24:39)
- Mario’s perspective on the effect of economic cycles in various industries (29:39)
- The factors behind the decision to invest talent and funds into specific industries while staying away from others (33:10)
- The changes that Mario expects to see in the business and economic models based on the current market activity and projections (36:07)
- Mario’s thoughts on the evolution of public markets (40:15)
- Why multiple sustainability is Mario’s biggest concern currently (42:59)
- Mario’s advice to people interested in starting companies (45:35)
- And much more!
Christopher Davis - Investing with Curiosity
Value Investing with Legends
06/28/19 • 65 min
Today’s conversation is with the Chairman of Davis Advisors, Christopher Davis. Christopher oversees approximately $30 billion of client assets worldwide. Christopher currently serves as CEO and Portfolio Manager and Davis Advisors continues to be recognized as a leading independent investment management firm and one which wholeheartedly embodies the basic principles of value investing.
Christopher received an early education from his father and grandfather who shared their passion and enthusiasm for investing and business with the family but when it came time to start university, he decided to go in a completely different direction. From veterinary school to seminary, Christopher took the long way around before settling into a career in investing. From his first job at the State Street Bank, Christopher quickly found his own passion and has thrived in the field for the past 30 years.
On this episode, Christopher and I talk about the impact his family had on him on a young age, the importance of finding the right investing style for you, why he placed so much importance on developing a strong accounting foundation, why Wall Street needs to embrace globalization, his approach to assessing competitive advantage, and so much more!
Key Topics:
- How Christopher was impacted from an early age by his father and grandfather’s natural curiosity and passion for business (2:13)
- Why Christopher believes a lot of people get turned off of the investment business (3:53)
- Why curiosity is key in building knowledge and experience (4:46)
- The importance of finding the investment style that resonates with you (5:26)
- The winding path Christopher took before starting his career in investing (6:58)
- Why Christopher decided that working at a bank was the best first step into the investing profession (8:58)
- What Christopher learned as an early employee of Tanaka Capital Management during the S&L crisis (10:24)
- Christopher’s decision to switch his focus to insurance and financial services (11:00)
- The particular advantage in the insurance industry for investors who can gain insight from the accounting choices companies make (12:57)
- The management culture Christopher looks for in insurance companies (14:07)
- The often-overlooked value of business model stability in the financial services industry (15:10)
- Christopher’s transition to Davis Advisors and the joining of the family firms (18:42)
- From breaking the third-generation stigma to leading the firm (20:05)
- How investing with the idea of owner earnings became a core philosophy at Davis Advisors (23:08)
- The drawbacks of rules-based accounting systems versus principles-based accounting systems (27:34)
- Why Christopher believes we're in a period of extreme disconnect between what financial statements show and the underlying reality of many businesses (28:27)
- The importance of correctly assessing a business’s competitive advantages (30:55)
- Christopher’s approach to assessing the durability of a competitive advantage (31:50)
- How technology has created advantages of scale in the financial services industry (38:33)
- Two big trends Christopher expects to play out within the next 20 years (39:54)
- Why the distinctions of domestic, international and emerging markets are becoming less relevant today (41:22)
- Finding investment opportunities where there’s a disconnect between perception and reality (42:19)
- The importance of recognizing opportunities for investors in foreign markets (43:35)
- Christopher’s approach to business valuation (51:27)
- How Christopher’s firm views and evaluates a business’s management (53:15)
- What you can learn from studying a business’s alumni (55:13)
- Why Christopher is such a strong advocate for active management (59:38)
- And much more!
Mentioned in this Episode:
- Christopher Davis’ Firm | Davis Advisors
- Graham Tanaka, President of Tanaka Capital Management
- Kent Daniel and Tobias Moskowitz’s Article | Momentum Crashes
Thanks for Listening!
Be sure to subscribe on Apple,
Rishi Renjen - Evolving Your Investment Process
Value Investing with Legends
10/02/20 • 55 min
Today’s conversation is with Rishi Renjen, the Founder and Chief Investment Officer of ROAM Global Management. Before founding ROAM Global, he was a Managing Director and Sector Head at Maverick Capital, a Partner at TPG-Axon Capital, and a Senior Analyst at Glenview Capital. Rishi earned a Bachelor of Science in Economics, with a concentration in Finance, from The Wharton School at the University of Pennsylvania and he is an Adjunct Assistant Professor in the Value Investing Program at Columbia Business School.
Following his interest in finance from a young age, Rishi built up a wealth of experience over the years across in the financial services industry before launching his fund, ROAM Global in 2018. It is a pleasure to welcome Rishi to the show today and, like everyone involved with the Center, he combines his deep understanding of markets, the practice of investing, and fundamental analysis with the ability to convey these ideas clearly to the students.
On this episode, Rishi and I discuss where his deep interest in finance came from, what he learned from his years in investment banking, how his experience in the private equity world offers him an advantage, the core principles Rishi wanted to incorporate into his firm, a dynamic approach to value investing, and so much more!
Key Topics:
- Rishi’s early affinity towards business (2:59)
- The advantage of a deep understanding of economics (4:10)
- Why it was important to Rishi to do internships and work in the investment banking world (4:40)
- What Rishi learned from his early years in investment banking (5:53)
- How Rishi’s foundation in banking and private equity helps him in difficult economic periods (6:31)
- The similarities between working in private equity and public markets (8:52)
- Why Rishi believes investing is a balance between conviction and price (10:43)
- The evolution of public and private markets in recent years (12:57)
- Why starting his career during a financial crisis was a great opportunity for Rishi (14:56)
- Rishi’s focus during his career in private equity (17:04)
- Why the business services sector is so dynamic and transformative (17:56)
- A dynamic approach to value investing (18:29)
- How Rishi developed his global perspective on investing (20:04)
- Lessons learned from the rapid growth of TPG Axon (22:52)
- The core principles Rishi wanted to incorporate into his firm (25:29)
- Defining the ROAM investment framework (27:28)
- How ROAM has navigated the economic shifts due to COVID (30:01)
- How top of the market activity is creating a biased view of the market (32:44)
- Risk management in times of distress (33:37)
- Why it’s easy to lose all your money quickly in the current economic climate (37:35)
- Why Rishi is a dedicated short seller (40:55)
- The importance of building a company culture of collective success (44:22)
- The value of a postmortem analysis for successes as well as failures (47:01)
- Rishi’s perspective on the future of financial markets (48:57)
- Why I believe there’s going to be a lot of opportunity for nimble investors (50:48)
- Agility as a competitive advantage (52:27)
- And much more!
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 [email protected].
Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
David Abrams - Applying a Fundamental and Value-Oriented Approach to Investing
Value Investing with Legends
06/14/19 • 52 min
Today’s conversation is with investor David Abrams, who was described by the Wall Street Journal as a “one man wealth machine.” David is the CEO and Portfolio Manager of Abrams Capital, an investment firm that he founded in 1999. Abrams Capital is unlevered and long-term oriented and currently holds over $9 billion in assets under management. David is notoriously private and is not keen on interviews and appearances so I’m especially grateful to him for sharing with us today.
After graduating with a BA in History from the University of Pennsylvania, David made an unplanned entrance into a career in investing. It was then that he discovered his love for the field and he went on to work with another value investing legend, Seth Klarman of the Baupost Group, before starting his own firm. David is a member of the Board of Trustees of Berklee College of Music and an overseer of the College of Arts and Sciences at the University of Pennsylvania.
On this episode, David and I discuss how his experience working on merger and risk arbitrage transactions led to his decision to join the Baupost Group, what it was like to start Abrams Capital in the midst of economic uncertainty, why David prefers a generalist approach, the importance of the fundamentals in assessing investment opportunities, and so much more!
Key Topics:
- How David got into investing after completing a BA in History (2:58)
- David’s experience with his first job in the investment world (3:45)
- David’s decision to join The Baupost Group and expand his expertise beyond arbitrage (7:01)
- Why David took a year off after leaving The Baupost Group (9:37)
- What it was like to start Abrams Capital on the heels of the stock market crash in 1998 (11:12)
- Why David wanted to have a broad mandate for Abrams Capital (12:54)
- The key factors to examine when analyzing the fundamental economics of a potential investment opportunity (14:11)
- The importance of forming judgments and using qualitative analysis rather than solely relying on the numbers (16:17)
- How the current market tolerance for risk and uncertainty has changed compared to 20-30 years ago (18:01)
- The increasing value of human and intellectual capital (19:42)
- Why an increased risk appetite and tolerance for failure is beneficial for the markets (20:26)
- The advantages and disadvantages of being a generalist (21:18)
- Why you always need to consider the position of the other side of the market (22:32)
- The assessments David uses to determine the fundamental value of a company (24:13)
- The impact of the relentless forces of competition on investment decisions (26:37)
- How the presence of catalysts affects investment requirements (28:53)
- David’s approach to developing a successful relationship with a company’s management team (29:56)
- Why exiting investments isn’t always a straightforward process (34:32)
- How David develops his investment wish list (36:55)
- How traveling helps David’s keep a broad perspective and outlook on various industries (39:06)
- The relationship between conviction and position sizing for David (40:51)
- David’s approach to industry diversification, currency risk, and hedging (41:26)
- Why David made the decision not to use leverage in his portfolio (44:02)
- Does the state of the economy at large factor into David’s investment process? (45:44)
- David’s perspective on the future of value investing and the asset management industry (49:09)
- And much more!
Mentioned in this Episode:
- David Abrams’ Firm | Abrams Capital
- Rob Copeland’s Wall Street Journal Article | Hedge-Fund World's One-Man Wealth Machine
- Seth Klarman, CEO of the Baupost Group
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 [email protected].
Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
John Rogers - The Power of Patience
Value Investing with Legends
11/10/23 • 60 min
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 practitioner; he's an educator, avidly reading and contributing to seminal works in investment literature. John’s journey began with an early fascination for finance from his youthful days. A Princeton alumnus, he entered the turbulent waters of the stock market and turned a calamity—the infamous crash of 1987—into a career-defining opportunity. In today's episode, John joins us to discuss his formative experiences, the philosophical underpinning of his investment strategy, and the importance of thinking long-term. We also delve into his roles on various corporate boards, where he weighs in on 401k plans, corporate governance, the pivotal role of diversity in creating equal opportunities for minority businesses, and so much more!
Key Topics:
- An overview of John’s professional background (2:15)
- John's journey from William Blair to founding Ariel Investments (07:42)
- The 1987 market crash as a turning point for Ariel's value investing approach (10:04)
- John's philosophy on patient, research-heavy, value-based investing (13:07)
- How longevity in markets solidified John's faith in efficiency (19:15)
- The mechanics of idea generation at Ariel Investments (23:30)
- Ariel's methodology for dissecting investment errors (29:53)
- Drawing teamwork and pressure-handling lessons from Coach Carril (35:20)
- How board experience informs his investing (37:47)
- John's focus on value investing and cautious approach to buybacks (42:20)
- Why John is optimistic about The Sphere in Las Vegas and Adelum (46:18)
- John's fulfillment from social engagement and its business impact (50:18)
- What keeps John up at night and excited about the future (55:48)
- John’s book recommendations (57:41)
- And much more!
Mentioned in this Episode:
- Turn Every Page: The Adventures of Robert Caro and Robert Gottlieb
- Jonathan Eig | King: A Life
- Morgan Housel | The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness
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 [email protected].
Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
Show more best episodes
Show more best episodes
FAQ
How many episodes does Value Investing with Legends have?
Value Investing with Legends currently has 62 episodes available.
What topics does Value Investing with Legends cover?
The podcast is about Management, Investing, Podcasts and Business.
What is the most popular episode on Value Investing with Legends?
The episode title 'Matthew McLennan - The Power of Selectivity and Patience' is the most popular.
What is the average episode length on Value Investing with Legends?
The average episode length on Value Investing with Legends is 59 minutes.
How often are episodes of Value Investing with Legends released?
Episodes of Value Investing with Legends are typically released every 14 days.
When was the first episode of Value Investing with Legends?
The first episode of Value Investing with Legends was released on Apr 16, 2019.
Show more FAQ
Show more FAQ