Munib Islam - Creating Long-Term Value

Today’s conversation is with Dan Davidowitz and Jeff Mueller of Polen Capital, which is a firm that is dedicated to researching and analyzing the highest-quality companies around the globe and investing for the long haul and with a business owner’s mindset. Dan is the co-head of the Large Company Growth Team and the lead portfolio manager of the firm’s flagship Focus Growth strategy. Jeff is co-portfolio manager of the Global Growth strategy and earned his MBA from Columbia Business School, where he was a graduate with honors and distinction of the Value Investing Program. This episode is our third recording since the coronavirus health crisis, and we have kept doing it remotely. Since Spring Break, Columbia Business School has gone fully online and I am absolutely in awe of how the school has been able to pivot to this new format almost seamlessly and we owe this to the terrific people who have been working tirelessly throughout this challenging period and who deserve all our appreciation. My goal with these episodes is to bring guests on who can help us navigate the investment environment and the enormous uncertainty surrounding the economic impact of the virus, which in my opinion is far from clear. I believe our listeners should be focusing on a rigorous, bottom-up approach or on funds that practice a bottom-up approach that is resilient to a variety of scenarios. Thus far the economic impact is probably a bit under-estimated, but it affects different sectors differently and thus the opportunity to build a resilient portfolio is there. On this episode, Dan, Jeff and I discuss how they developed their investment philosophies, what value means in today’s market environment, what you need to know about investing in compounders, the value of guardrails, and so much more!   Key Topics: The impact of the current coronavirus pandemic on life at Columbia University (1:02) How Dan found an interest in business and finance while pursuing studies in Public Health (6:13) What Dan’s first buy-side job taught him about value investing (7:54) Why frustration led Dan to learn more about the modern approach to value investing (9:00) Polen’s compounder approach to value investing (9:42) The importance of being with an organization whose approach aligns with your investment philosophy (11:07) How the events of September 11, 2001 re-routed Jeff’s career (12:15) Why Jeff set himself the goal of attending Columbia University (13:02) Jeff’s philosophy on wealth generation and investment (14:24) The evolution of the US financial markets since Graham’s first writings (15:20) What does value mean today (21:00) The key elements to consider when analyzing compounders (24:32) Why Polen doesn’t seek new investment opportunities based on economic trends (29:53) Polen’s approach to quality analysis of potential investments (34:57) Investing within a small pool of potential companies (40:22) The never-ending quest for knowledge (42:51) What moat attacks reveal about barriers to entry (44:53) Polen’s perspective on building resilient portfolios (50:07) How the Polen Focus Growth portfolio has been adjusted in light of the coronavirus crisis (54:57) The importance of Polen’s guardrails (57:44) The changes to the Polen Global Growth portfolio in the current crisis (59:25) Dan and Jeff’s outlook for the future of value investing (1:02:08) And much more!  Mentioned in this Episode: Polen Capital Value Investing with Legends Season 3, Episode 4 | C.T. Fitzpatrick - Value Investing in Times of Deep Distress  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 valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

17 Apr 20201h 7min

Today’s conversation is with C.T. Fitzpatrick, Founder, Chief Executive Officer, Chief Investment Officer at Vulcan Value Partners. C.T. founded Vulcan in 2007 and since then, all five strategies have peer rankings in the top 1% of value managers in their respective categories. Before starting Vulcan Value Partners, C.T. worked as a principal and portfolio manager at Southeastern Asset Management and over his 17-year tenure, his team achieved double-digit returns and was ranked in the top 5% of money managers over five, ten, and twenty-year periods consistently. We’re again taking a different approach to this episode of the podcast. The health crisis has worsened significantly since our last episode and though there has been some stabilization in valuations, the market’s fragility is still apparent as the uncertainty about the extent of the economic shutdown and the long-run impact of the crisis remains. In light of the extraordinary circumstances we find ourselves in, I couldn’t think of anyone better to talk about investing in the current environment than C.T. Fitzpatrick, with the benefit of his more than 30 years of experience in financial markets. On this episode, CT and I discuss how Vulcan has improved their portfolio over the past few weeks, why it’s critical to stress-test your portfolio, how this crisis will accelerate the demise of certain industries while benefitting other companies, the parallels between the global financial crisis in 2008-2009 and the current market behavior, and so much more!   Key Topics: Using your investment horizon as your main risk management tool (3:57) Why Vulcan prioritizes value stability over discount (6:32) How Vulcan has improved its portfolio over the past few weeks (7:28) What it means to stress-test your portfolio (8:14) Why thorough analysis is critical in light of this extraordinary event (8:46) The benefit of a strong balance sheet for weathering this crisis (11:22) Vulcan’s approach to different asset classes (12:58) The strategy behind concentrating portfolios in periods of volatility (15:13) Why CT considers the margin of safety to be the most important risk metric (18:01) How the crisis will accelerate the demise of certain industries (19:44) The evolution of the airline industry and its weaknesses during this crisis (21:24) Companies that will benefit from the behavior changes triggered by lockdowns and quarantines (22:58) The parallels between the global financial crisis in 2008-2009 and the current market behavior (25:17) How the political climate has colored policymakers’ response to market volatility (28:16) A key difference between the global financial crisis and the current crisis caused by the pandemic (29:52) Analyzing potential scenarios and outcomes for companies (33:45) Why you need to monitor the economies in countries which are at a more advanced stage of the pandemic (35:48) The Vulcan investment philosophy (37:26) How CT analyzes a company’s valuation (40:10) The importance of value stability (41:47) Why CT believes value investing is here to stay for the long term (43:23) And much more!   Mentioned in this Episode: Vulcan Value Partners   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 valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

3 Apr 202045min

Today’s conversation is with Michael Mauboussin, Head of Consilient Research at Counterpoint Global. Before joining Counterpoint Global, Michael was the Director of Research at BlueMountain Capital Management in New York and previously the Head of Global Financial Strategies at Credit Suisse and Chief Investment Strategist at Legg Mason Capital Management. Michael has also authored several books and has been an adjunct professor of finance at Columbia Business School since 1993, where he is on the faculty of the Heilbrunn Center for Graham and Dodd Investing. As of this recording, the university campus is quiet and empty, with classes moving online for the spring semester. Of course, this is due to the coronavirus global pandemic which hit the world quite suddenly and has required extreme public health measures. The markets have responded as expected to the crisis and the economy is in a tailspin. In light of all of this, I wanted to take a slightly different approach to today’s episode and have a discussion about not only how to think about markets, but also the psychological stress caused by the crisis. For that, I couldn’t think of anyone better than our first repeat guest, Michael Mauboussin. On this episode, Michael and I talk about the debate on the economic impact of the coronavirus pandemic, the argument for the centralized implementation of public health solutions, using the expectations infrastructure to analyze companies, how stress affects investment decisions, how risk attitudes are shaped by loss and crisis, and so much more!   Key Topics: The two main sides of the debate on the economic impact of coronavirus (5:11) What pandemics and wars in the past demonstrate about the resilience of the economy (7:14) How Michael believes the economic impact of coronavirus will compare to previous world wars and pandemics (8:48) Why the response to the coronavirus crisis has been so different in Asia, Europe and the US (12:05) The argument for the centralized implementation of public health solutions (14:57) Framing the current crisis as an externality (16:21) Our theories about the sharp correction in equity prices (18:15) Will the current crisis measures result in long-term changes to our collective behavior? (20:03) The consistency of the underlying reality of financial markets (21:38) Assessing the effect of increasing concentration (24:11) Why it’s so important to have a protocol in place for tackling the crisis (26:30) Using the expectations infrastructure to analyze companies (30:37) Measuring volatility as an indicator of risk in the short-term (35:01) Why psychological stress can have a bigger impact than physical stress (38:07) The conditions for psychological stress (38:44) How stress affects investment decisions (39:24) The interaction between psychological and agency issues during periods of massive uncertainty (40:28) How to reduce the stresses of social isolation during the coronavirus crisis (42:51) Teaching without in-person classes (45:04) What is myopic loss aversion? (46:42) How risk attitudes are shaped by loss and crisis (47:44) And much more! Mentioned in this Episode: Michael Mauboussin’s Website Michael Mauboussin’s Books Michael Mauboussin and Alfred Rappaport’s Book | Expectations Investing: Reading Stock Prices for Better Returns Tyler Cowen’s Bloomberg Article | Bill Gates Is Really Worried About the Coronavirus. Here’s Why. Mancur Olson’s Book | The Logic of Collective Action: Public Goods and the Theory of Groups   Thomas Philippon’s Book | The Great Reversal: How America Gave Up on Free Markets     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 valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

23 Mars 202053min

Today’s conversation is with Francisco García Paramés, chairman and chief investment officer at Cobas Asset Management, which he founded in 2016. Before founding Cobas, Francisco was with Bestinver for over 25 years. During that time, he built a legendary record and posted an average annual return of 15%, outperforming the reference benchmark by more than 700 basis points. Francisco is based in my home country of Spain and his reputation has extended far beyond its border. As a self-taught follower of Warren Buffett’s investment approach, he is a vocal advocate of the core ideas behind value investing. Francisco is also the author of a book that I highly recommend, called Investing for the Long Term, in which he explains the underpinnings of his investment approach and experience. On this episode, Francisco and I talk about his self-taught route to becoming a value investor, his experiences over more than 25 years in asset management during huge events in the financial markets, how he approaches valuation and portfolio construction, what it was like to run a one-man shop, and so much more!   Key Topics: Why Francisco recommends to always keep your options open (4:46) How basketball helped Francisco in his business studies (5:37) The influence of Peter Lynch on Francisco’s investing philosophy (7:45) From portfolio analyst to manager in less than two years (9:28) Finding value in the Spanish market during the early 90s economic crisis (11:21) Francisco’s self-taught approach to growing as a value investor (12:30) The importance of patience and having a long-term perspective (13:05) How Francisco managed the Bestinver portfolio analysis in his first decade (14:15) Francisco’s approach to valuation (15:27) Shifting to a quality and growth perspective (16:56) The lessons learned over 25 years of bubbles and crashes (19:30) How Francisco builds up the resilience of a portfolio (22:00) How to think about cash in a bottoms-up approach (24:43) Francisco’s portfolio construction strategy (28:02) Building conviction as a one-man shop (31:10) Francisco’s journey to becoming an author (36:40) Getting started with Cobas Asset Management (38:58) Why Francisco values a team approach at Cobas (40:32) The importance of client relationships in developing a strong base (42:10) Analyzing the growth of Limited Holding Group (43:15) Analyzing the growth and quality of Melia (47:48) Aligning the long-run outlook of the team, clients, and management (48:42) Francisco’s thoughts on the market’s current underperformance relative to growth (50:39) And much more!   Mentioned in this Episode: Cobas Asset Management Francisco García Paramés’ Book | Investing for the Long Term Bestinver S.A. Peter Lynch’s Book | One Up On Wall Street: How To Use What You Already Know To Make Money In The Market Joel Greenblatt’s Book | The Little Book That Still Beats the Market Cobas Letters from the Asset Manager Benjamin Graham’s Book | The Intelligent Investor: The Definitive Book on Value Investing   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 valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

20 Mars 202054min

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: Season 2 Episode 6 | Bruce Greenwald - Staying on the Right Side of the Trade Season 1, Episode 2 | Tom Russo - The All Important Power of Consumer Brands   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 valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

6 Mars 202055min

Today’s conversation is with Professor Bruce Greenwald, guru to Wall Street’s gurus. Bruce is the Robert Heilbrunn Professor of Finance and Asset Management Emeritus at Columbia Business School and is the former Academic Director of the Heilbrunn Center for Graham & Dodd Investing. He has been the recipient of numerous awards, including the Columbia University Presidential Teaching Award and his classes are consistently oversubscribed, with more than 650 students taking his courses every year. Columbia Business School’s unmatched tradition in value investing started with the teaching of Ben Graham and later David Dodd and Roger Murray. But for almost a decade after Roger Murray retired, that tradition lay dormant. That’s when Bruce joined Columbia in 1991, after leaving Harvard Business School and has since played a critical role in reinvigorating value investing. On this episode, Bruce and I talk about how he revitalized value investing at Columbia Business School, why you should be a specialist, how to approach valuations, why investment managers can’t build a portfolio, how to remain relevant despite the growth of passive investing, and so much more! This is our last episode of the season but we will be doing our first live podcast at the Columbia Student Investment Management Association (CSIMA) Conference on February 7, 2020, at Columbia University. There will be a wonderful collection of speakers, many of whom have been past guests on the podcast, as well as some very distinguished value investors who will be visiting from Europe. We hope to see you there and until then, thank you for listening and Happy Holidays!   Key Topics: How Bruce received the Heilbrunn chair (3:58) Bruce’s unintentional initiation into value investing (4:51) The start of the value investing course at Columbia (6:12) Becoming the “Guru to Wall Street’s gurus” (6:46) How the value investing course developed into a full program (7:14) Bruce’s career journey from Bell Labs to Harvard Business School (8:16) The value investing oral tradition (10:30) Applying a value orientation to your investment search strategy (12:11) Why you need to be a specialist (13:24) What you can learn from Warren Buffett about specialization (14:56) Paul Hilal’s approach to investing by first spending the time to learn (16:28) How the economics of the business fits into the valuation (18:21) The implicit role of economics in Ben Graham’s methodology (20:11) How to approach the valuation of a moat business (24:11) The factors to consider when calculating your return (26:51) Why you have to pay attention to management behavior (30:48) How Intel’s acquisition of Altera showed a shift in management’s strategy (31:50) The importance of active research for value investors (34:14) The evolution of value investing away from a sole focus on asset values (36:11) Why investment managers can’t build a portfolio (36:56) Bruce’s approach to risk management (38:31) How economic changes are creating new opportunities for value investors (41:07) The role government will have to play in the changing economy (45:01) How regulatory uncertainty affects businesses (49:10) Why Bruce isn’t worried about the growth of passive investing (53:28) And much more!  Mentioned in this Episode: New York Times Article | PRIVATE SECTOR; A Guru to Wall Street's Gurus Bruce C. N. Greenwald’s Books Value Investing: From Graham to Buffett and Beyond Competition Demystified: A Radically Simplified Approach to Business Strategy The Columbia Student Investment Management Association (CSIMA) Conference 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 valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

20 Dec 201955min

Today’s conversation is with Matthew McLennan, head of the Global Value team and a portfolio manager of the Global Value, International Value, US Value and Gold strategies at First Eagle Investment Management, where host Tano Santos also works as a Senior Advisor.  Matt is interested in the field of education, and he is a trustee of the Trinity School in New York City. He serves as co-chair of the Board of Dean’s Advisors of the Harvard School of Public Health and as a board member of the University of Queensland in the United States of America. He is also a trustee of the Board of Directors for the Library of America. After sparking his interest in investing in boarding school, Matt went on to study at the University of Queensland where he was given a unique opportunity to take part in the management of a $10 billion pool of capital at the Queensland Investment Corporation. This was to be the first of many successful career moves as that experience positioned him perfectly to join the Goldman Sachs team in Sydney. After rising through the ranks at Goldman Sachs, Matt joined First Eagle in the heart of the global financial crisis and where he once again proved the importance of fundamentals, selectivity, and patience. On this episode, Matt and I talk about what sparked his interest in investing, why learning how to think is more valuable than specific finance theory, his investment approach, the role of temperament in investing, his career at Goldman Sachs, how joining First Eagle during the global financial crisis ended up being a blessing in disguise, why you shouldn’t try to predict market activity, and so much more!   Key Topics: Why theFirst Eagle Investment Management Foundation Scholarship was created (3:09) How the First Eagle fellowship will benefit the recipient and the firm (4:07) Matt’s early life growing up in a small town in Australia (6:04) Looking at his parent’s land as a metaphor for the power of selectivity and patience (7:08) How a boarding school investment club sparked Matt’s interest in investing (7:40) Matt’s opportunity to work in asset management for a large capital pool (9:23) Why learning how to think was more valuable to Matt than specific finance theory (10:33) How the state of the markets in the 80s provided an interesting environmental backdrop for Matt during his studies (11:34) How working with the Queensland Investment Corporation helped to shape Matt’s investment philosophy later in life (12:51) Matt’s investment approach and the role of temperament (14:18) Leaving the backyard to join Goldman Sachs (16:12) The role of mentors at Goldman Sachs in developing Matt as a value investor (17:14) Why you need to consider the two important assets missing from the balance sheet (17:54) How the market’s perspective on value investing changed during Matt’s career at Goldman Sachs (20:00) Why the late 90s was a difficult time to be a value investor (21:33) The reason that joining First Eagle was appealing for Matt (23:43) How joining First Eagle during the global financial crisis ended up being a blessing in disguise (26:54) Why instead of trying to predict market activity you should take advantage of markets after the fact (29:20) Matt’s perspective on measuring growth (32:06) How Matt identifies potential investment ideas (34:54) Why Matt invests in businesses with scarce intangible assets (35:51) The challenge you face when buying companies in competitive industries (36:46) The role of specialized knowledge in investment analysis (38:53) Why First Eagle reinforces a culture where continuous learning is valued (40:47) How First Eagle decided on hedging with a real asset (43:02) The usefulness of gold as a hedge in comparison to other commodities (45:12) Matt’s views on the current unusual state of the markets (48:51) The right portfolio response to the current state of the markets (53:47) Why Matt attributes a lot of the success of passive investing to the poor approach taken by some active managers (58:04) And much more! Mentioned in this Episode: First Eagle Investment Management First Eagle Investment Management Foundation Scholarship Tanya Kostrinsky, the inaugural recipient of the First Eagle Investment Management Foundation scholarship Bruce C. N. Greenwald’s Book | Value Investing: From Graham to Buffett and Beyond The Columbia Student Investment Management Association (CSIMA) Conference Goldman Sachs Jean-Marie Eveillard, Senior Advisor to the First Eagle Investment Management Global Value team Value Investing with Legends | Taking a Top-Down Approach to Value Investing with Jean-Marie Eveillard Value Investing with Legends | Looking For More For Less with Leon Cooperman Bill White, former Chairman of the Economic and Development Review Committee at the OECD   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 valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

29 Nov 20191h

Today’s conversation is with Joel Greenblatt, Founder and Managing Partner of Gotham Asset Management. Since founding Gotham in 1985, Joel and his partner Robert Goldstein have developed the firm into a large asset management company, well beyond the traditional hedge fund model and offering mutual fund products for the retail investor. Throughout his career, Joel has been a very successful adjunct professor here at Columbia Business School and has also published several successful books. Growing up, Joel intuitively learned about business from his father, a shoe manufacturer. From these dinner table lessons, his biggest takeaway was the idea that stocks are not simply pieces of paper that bounce around and to remember you own a piece of a business. After completing his MBA at Wharton School of the University of Pennsylvania, Joel started his investment career and quickly progressed from analyst to partner, and soon started Gotham where he has successfully bridged theory and practice for over 30 years. On this episode, Joel and I talk about his introduction to Ben Graham and value investing, why he switched from law school to a career in the investment world, his early role in risk arbitrage, why he decided to start his firm, how he turned a tough negotiation with Mike Milken into a win for Gotham, why he advocates for a value-based approach to investing, and so much more!   Key Topics: What Joel learned from his father about business (2:46) How Joel developed his core perspective on investing (3:13) Why Ben Graham’s stock-picking rules resonated with Joel (4:35) How Joel ended up writing an article for the Journal of Portfolio Management while a student at Wharton (5:51) How trading options at Bear Stearns helped Joel realize he wanted to pursue an investment-related career (7:23) Joel’s experience as the only analyst at a startup hedge fund (7:58) Why Joel’s early role in risk arbitrage was a good foundation for his Special Situations course at the Heilbrunn Center (9:28) The lucky situation Joel found himself in when he went to Wall Street (10:51) Why Joel decided to start his firm (12:26) Joel’s tough negotiation with Mike Milken (13:17) The influences that shaped Joel’s initial investment approach at Gotham (15:01) How Joel succeeds without specializing (19:09) The advantage of investing off the beating path (19:41) Why Joel decided to become an author (23:29) How writing and teaching have helped Joel become a better investor (24:23) Why it returned the outside capital from Gotham (25:38) Joel’s investment philosophy (28:02) Joel’s career-long rebellion against the efficient market hypothesis and portfolio management theory (28:49) The fascinating results from Joel’s benevolent brokerage firm (35:11) Why the strategy from The Little Book That Still Beats the Market can be difficult readers to implement (37:48) Why Joel advocates for a valuation-based approach to investing (42:14) The prudent approach most people should take when investing in the market (48:22) And much more!   Mentioned in this Episode: Gotham Asset Management Joel Greenblatt’s Books: The Little Book That Still Beats the Market The Big Secret for the Small Investor - A New Route to Long-Term Investment Success You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits Joel Greenblatt’s Journal of Portfolio Management Article | How the small investor can beat the market Malcolm Gladwell’s Book | Outliers: The Story of Success Mike Milken, Financier Benjamin Graham and David L. Dodd’s Book | Security Analysis Benjamin Graham’s Book | The Intelligent Investor Warren Buffet’s Shareholder Letters John Train’s Books David Dreman’s Books Joel Greenblatt’s Morningstar Paper | Adding Your Two Cents May Cost a Lot Over the Long Term Cliff Asness, Managing and Founding Principal of AQR Capital Managements   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 valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

15 Nov 201950min