Value ue Inv nvestin ting g Prog ogram ram Stud udent ent Inf nfor ormation mation Session ion Uris 301, , 12:30 30 p.m. m. March 23, 2017
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: Q&A with current Value Investing Program students ………………………………………………………………………………………………………………………………………… 2
Heilbru lbrunn nn Cent nter er Lead aders ership hip Bruce Greenwald ald, 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, David L. and Elsie M. Dodd Professor of Finance, is the research director of the Heilbrunn Center for Graham & Dodd Investing. Meredith ith Trived edi, 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 , Drivetrain, LLC Michael l Blizt izter ’04 , Kingstown Capital Thoma omas s Russ sso, Gardner Russo & Gardne,r LLC Will l Brow owne, Tweedy, Browne Company, LLC Jennif ifer er Wallac lace e ’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
Introduction: tion: Heilbr lbrunn Team am ● Meredi edith th Trivedi edi, Director: 212-851-5992 ● Jennifer er Aaron, Associate Director: 212-851-0150 ● Julia Kimyagar agarov, Associate Director: 212-854-1933 ● Caroline ne Reicher ert, Program Manager: 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 ………………………………………………………………………………………………………………………………………… 4
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 • Heilbrunn Research Research ch • teaching as Board Initia tiativ tives s & Educa cation tion 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” Heilbrunn Center • Annual Omaha Student Trip • Stock Pitch Networking events • Competition Discussion forums • Sonkin Prize • Recruiting support – mentors, etc. • Practitioner • Recognition of excellence Chair • Industry Partnerships – NYSSA, etc. • ………………………………………………………………………………………………………………………………………… 5
“Graham & Dodd” Investing Approa roache ches s 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. 6
Value e Inv nvest stin ing g Facul ulty ty Affilia liations tions Arnaud Ajdler, Engine Capital LP Peter Lawrence ’11, Arlington Value Capital Gavin Albert, Soros Fund Management Mike Kimpel ’12, Permian Investment Partners Eric Almeraz ’02, Apis Capital Advisors, LLC Terrence Kontos ’05, TIAA -CREF Charles Angelucci, Columbia Business School Dan Krueger ’02, Owl Creek Asset Management, LP Christopher Begg, East Coast Asset Management, LLC Lauren Krueger ’02, Drivetrain, LLC Naveen Bhatia, Blackstone Group LP Jonathon Luft ’08, Eagle Capital Ethan Binder ’06, Slate Path Capital Keith Luh ’03, Franklin Mutual Series Ryan Brown, Davis Selected Advisers Michael Mauboussin, Credit Suisse Ellen Carr, Weaver C. Barksdale & Associates, Inc. Justin Muzinich, Muzinich & Co Jeff Cino ’06, Columbia Business School Kevin Oro- Hahn ’10, Ingalls & Synder Mark Cooper ’02, First Eagle Investment Management Stephen Penman, Columbia Business School Mike Corasaniti ’92, Tourmalet Advisors T. Charlie Quinn ’06, Gardner, Russo, & Gardner Wouter Dessein, Columbia Business School Eli Rabinowich ’04, Pzena Investment Management Cheryl Einhorn, CSE Consulting Rishi Renjen, Maverick Capital Peter Eliot ’04, Capital World Investors Jon Salinas ’08, Hound Partners Michael Gatto ’93, Silver Point Capital Tano Santos, Columbia Business School Kian Ghazi, Hawkshaw Capital Management Guy Shanon ’99, Kingstown Capital Management, LP Jefferson Gramm ’03, Bandera Partners, LLC Ken Shubin Stein, Spencer Capital Joel Greenblatt, Gotham Asset Management Joseph Stiglitz, Columbia Business School Tom Tryforos ’84, Columbia Business School Bruce Greenwald, Columbia Business School Scott Hendrickson ’07, Permian Investment Partners Artie Williams ’02, Summit Street Capital Management David Horn ’02, Kiron Advisors, LLC Dan Yarsky ’06, Moore Capital Paul Johnson, Nicusa Capital Partners ………………………………………………………………………………………………………………………………………… 7
Heilbr lbrun unn n Cent nter r Cour urses es (2016 16-20 2017 17) ) Fall 2016 Spring 2017 Course se Name Profess essor Course se Name Profess essor Advanced Investment Research ^* Kian Ghazi Accounting for Value ~* Stephen Penman Applied Value Investing #* Mark Cooper/Jonathon Luft Advanced Investment Research ^* Kian Ghazi Applied Value Investing #* Artie Williams/T. Charlie Quinn Advanced Investment Research ^* Cheryl Einhorn/ Peter Lawrence Applied Security Analysis I & II ~* Naveen Bhatia/Rishi Renjen Applied Value Investing #* Rishi Renjen/Kevin Oro-Hahn Applied Value Investing ~* David Horn Applied Value Investing #* Scott Hendrickson/ Mike Kimpel Applied Value Investing (EMBA) ~+ Paul Johnson Applied Value Investing ~* Jeff Gramm/Terrence Kontos Applied Value Investing (EMBA) ~ + Arnaud Ajdler Applied Value Investing ~* Anuroop Duggal Applied Value Investing (EMBA) ~ + Tom Tryforos Credit Markets and Leveraged Margaret Cannella The Art of Forecasting~* + Ellen Carr Buy-Outs (MBA) ~* + Distressed Value Investing #~* + Dan Krueger Economics of Strategic Behavior #~* + Charles Angelucci Distressed Value Investing *~ Michael Gatto Mental Models #^ * Jon Salinas Economics of Strategic Behavior #~*+ Wouter Dessein Misunderstood Securities #^ * Lauren Krueger Economics of Strategic Behavior (EMBA) ~* + Bruce Greenwald Security Analysis ~* + Chris Begg From Feast to Famine and Back Again ~* Ellen Carr Seminar in Value Investing (EMBA) ~* + Paul Johnson Security Analysis ~* + Michael Mauboussin Security Analysis ~* + Ryan Brown/Dale Wettlaufer Special Situations #* Joel Greenblatt/Dan Yarsky Security Analysis ~* + Eli Rabinowich Value Investing (EMBA) ~ + Tano Santos Value Investing (EMBA) ~ + Tano Santos Value Investing Block Week (EMBA) ~ + Tano Santos Value Investing (A Term) ~* Bruce Greenwald/ Tano Santos Value Investing in Credit Markets ~* Justin Muzinich Value Investing with Legends #~* Bruce Greenwald/ Tano Santos Course se Key: : Independent Study: Applied Horse Hunting *^ Yen Liow • * MBA Courses, + EMBA Courses, # Value Investing Program Application, ~ Bidding, ^ Additional Screening Required Notes: es: Summer er 2017 • All Value Investing Program classes have two pre-requisites: Capital Markets & Corporate Finance Course se Name Profess essor • In some cases, Capital Markets can serve as a co-requisite (contact Advanced Investment Research Peter Eliot the Heilbrunn Center for more information) Globalization (EMBA) ~*+ Joseph Stiglitz/ Bruce Greenwald • All courses depend on availability and are subject to change without notice. Security Analysis ~* + Keith Luh ………………………………………………………………………………………………………………………………………… Seminar in Value Investing (EMBA) ~* + Paul Johnson 8
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