Va Value ue Inv nves estin ting g Pr Progr ogram am Stud - PowerPoint PPT Presentation

Va Value ue Inv nves estin ting g Pr Progr ogram am Stud udent ent Inf nfor ormation mation Session ion Uris 301, , 12:30 30 p.m. February 10, 2015

Agenda da ● Introduction to the Heilbrunn Center: Who we are and what we do ● Investing at Columbia: Something for everyone ● The Value Investing Program – Overview of the Application Process: Steps to Apply – Testimonials: Advice from current value investing program students ………………………………………………………………………………………………………………………………………… 2

Heilbru lbrunn nn Cent nter er Lead aders ership hip Bruce Greenwald ald, the Robert Heilbrunn Professor of Finance and Asset Management, directs the Heilbrunn Center for Graham & Dodd Investing and the academic program in value investing. Tano Santos, the David L. and Elsie M. Dodd Professor of Finance, is the research director of the Heilbrunn Center for Graham & Dodd Investing. Louisa a Serene e Schneider er'0 '06, the senior administrative director of the Heilbrunn Center for Graham & Dodd Investing, is responsible for all operational aspects of the center. Executiv utive Advisory ory Board William von Mueffling ’95 , Chair Cantillon Capital Management Lauren Krueger ’02 , Columbia Business School Michae ael l Blizt izter er ’04 , Kingstown Capital Thomas omas Russo o ,Gardner Russo & Gardner LLC Will l Brow owne, Tweedy, Browne Company, LLC Jennif ifer r Walla lace ’94 , Summit Street Capital Management Budge e Collin lins, Collins/Bay Island Securities David Gree eenspan an ’00 , Slate Path Capital Andrew S. Gundlach ’01 , Arnhold & S. Bleichroeder Advisors LLC ………………………………………………………………………………………………………………………………………… 3

Value ue In Investing ing Faculty ty Affiliatio iliations: : 2014 14-2015 2015  David Horn ’02, Kiron Advisors, LLC Arnaud Ajdler, Engine Capital   Munib Islam, Third Point LLC Gavin Albert, Soros Fund Management   Paul Johnson, Nicusa Capital Partners Eric Almeraz ’02, Apis Capital Advisors, LLC   Mike Kimpel ’12, Permian Investment Partners Christopher Begg, East Coast Asset Management, LLC   Terrence Kontos ’05, TIAA -CREF Avi Berg ’97, Jennison Associates, LLC   Dan Krueger ’02, Owl Creek Asset Management, LP Naveen Bhatia, Blackstone Group LP   Lauren Krueger ’02, Columbia Business School Ethan Binder ’06, Slate Path Capital   Stirling Levy ’00, Hound Partners Michelle Borre ’96, Oppenheimer Funds, Inc.   Jonathon Luft ’08, Eagle Capital Ryan Brown, Davis Selected Advisers   Keith Luh ’03, Franklin Mutual Series Margaret Cannella ’76, CHF International, LLC   Michael Mauboussin, Credit Suisse Ellen Carr, Weaver Barksdale   Ian McDonald, Hilltop Park Associates Jeff Cino ’06, PIMCO   Justin Muzinich, Muzinich & Co. Mark Cooper ’02, First Eagle Investment Management   Neal Nathani, Totem Point Management LLC Mike Corasaniti ’92, Tourmalet Advisors   Kevin Oro- Hahn ’10, Ingalls & Synder Wouter Dessein, Columbia Business School   T. Charlie Quinn ’06, Gardner, Russo, and Gardner Peter Eliot ’04, Capital World Investors   Rishi Renjen, Maverick Capital Jean-Marie Eveillard, First Eagle Investment Management   Jon Salinas ’08, Plymouth Lane Capital Kian Ghazi, Hawkshaw Capital Management   Tano Santos, Columbia Business School Jefferson Gramm ’03, Bandera Partners, LLC   Ken Shubin Stein, Spencer Capital Joel Greenblatt, Gotham Asset Management   Guy Shanon ’99, Kingstown Capital Management, LP David Greenspan ’00, Slate Path Capital   Joseph Stiglitz, Columbia Business School Bruce Greenwald, Columbia Business School   Tom Tryforos ’84, Columbia Business School Andrew Gundlach ’01, Arnhold and S. Bleichroeder Advisors  LLC  Artie Williams ’02, Summit Street Capital Management Scott Hendrickson ’07, Permian Investment Partners   Dan Yarsky ’06, Moore Capital ………………………………………………………………………………………………………………………………………… 4

Introduction: tion: Heilbr lbrunn Team am ● Louisa uisa Serene Schneider der, Senior Director: 212-851-5992 ● Emily McClain, Senior Associate Director: 212-851-0150 ● Julia Kimyagar garov ov, Associate Director: 212-854-1933 ● Ashleigh gh Hussey, Program Coordinator, 212-851-9558 ● Contact Info: – Email: valueinvesting@gsb.columbia.edu – Offices: Centers’ Suite, 2M – Office Hours: Email for appointment – Website: www.grahamanddodd.com – LinkedIn Group: Value Investing Network of Heilbrunn Center at Columbia Business School ………………………………………………………………………………………………………………………………………… 5

Heilbr lbrunn Center: r: Overvi view ew ● Our mission is to lead the theory and practice of investing Walter Schloss • ● Our approach: Investing Archives / Library VI Program for • Newsletter – Graham • MBA students & Doddsville 40+ investors • Research ch Heilbrunn Research • teaching as Board Educa cation ion Initia tiativ tives s & adjunct faculty Heilbrunn Center • Investment Ideas • Special al Projects ts Annual Letter Club (IIC) CSIMA education • series Graham and Dodd Breakfast • Class speakers • CSIMA Conference • Pershing Square Outreach ch • Omaha Dinner —”From Graham to • Challenge Buffett and Beyond” Amici Capital • Annual Omaha Student Trip • Prize Networking events • Sonkin Prize • Discussion forums • Practitioner Chair • Recruiting support – mentors, etc • Recognition of excellence • Industry Partnerships – NYSSA, etc. • ………………………………………………………………………………………………………………………………………… 6

“Graham & Dodd” Investing Approa roaches ches to I Inv nvestin sting Long Term Short Term Efficient Markets • Asset Allocation • Cost Minimization Fundamental Fundamental Technical (Value) (Value) • Momentum • Price/Volume Patterns Levels Changes • Current Price • Market Price vs. + Forecast Intrinsic Value Change (Micro and We are here = Macro) “Graham & Dodd” ………………………………………………………………………………………………………………………………………… Long only funds, Hedge funds, Mutual funds, Private Equity, separate accounts, etc. 7

Value e Invest stin ing g Process ess Graham am & Dodd In Invest stin ing g Frame mewor work REVIEW EW & RISK SEARCH VALUATI TION ON RESEAR EARCH MANAGMEN GMENT Cheap, Ugly, Portfolio • • Asset coverage Key Issues • • Obscure management Earnings Power Collateral • • Otherwise Ignored Insurance • • Evidence Franchise & • Areas where you positions • growth analysis Personal Biases • have expertise / Some • ‘edge’ (circle of Diversification competence) Margin of Safety • Patience – • Default Strategy ………………………………………………………………………………………………………………………………………… 8