Value Investing with Legends Podcast Por Columbia Business School arte de portada

Value Investing with Legends

Value Investing with Legends

De: Columbia Business School
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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. 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.© 2019 Columbia Business School Economía Finanzas Personales Gestión Gestión y Liderazgo
Episodios
  • Ricky Sandler - Investing Through Perception Shifts and Market Cycles

    Ricky Sandler - Investing Through Perception Shifts and Market Cycles
    Dec 19 2025
    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 upbringing and early career, Ricky unpacks the foundations of his investment philosophy centered around "change in perception" — a framework shaped by evolving market structures and investor behavior. He shares insights from navigating the 1998 crisis, outlines the value of rigorous risk management, and explains how quality businesses combined with contrarian thinking create lasting opportunities. The conversation also delves into quant integration, thoughtful activism, the nuances of portfolio construction, and his reflections on AI, market structure, and societal risks — and much more! Key Topics: ● Ricky Sandler's upbringing, tennis, and early exposure to finance (0:00) ● The influence of competitive tennis on his investing mindset (3:58) ● Why he considered law before ultimately pursuing finance (5:55) ● Lessons from early roles at Mark Asset and Fusion Capital (7:30) ● Insights from the 1998 market crisis and developing better risk management (10:06) ● Defining 'change in perception' and its role in investment strategy (12:21) ● Understanding shifts in market behavior post-GFC (14:42) ● COVID-era investment case study: Red Rock Resorts (22:31) ● Portfolio construction principles and balancing risk/reward (27:56) ● Integrating quant and data science at Eminence Capital (33:44) ● Activism and engaged ownership strategies (36:34) ● Thoughts on AI, bubbles, and systemic market risks (38:36) ● Risk management and portfolio design in volatile environments (41:06) ● How Ricky trains his team to distill what matters in investing (42:39) ● AI's role in analyst work and future of research (44:27) ● Worries and hopes for the future: market structure, government debt, and optimism (46:39) ● Book and podcast recommendations (49:30) ● Closing remarks (51:02) ● And much more! Mentioned in this Episode: ● Eminence Capital ● Ashland Inc. ● Entain ● Red Rock Resorts ● Live Nation ● Meta ● Tesla ● Salesforce ● Zillow ● KKR ● Pluralsight ● Autodesk ● Men's Wearhouse ● Think Again by Adam Grant ● Grit by Angela Duckworth ● Teaming by Amy Edmondson ● Quit by Annie Duke ● Mindset by Carol Dweck ● Invisible Influence by Jonah Berger ● Lessons of the Titans by Tim Ferriss ● 1929 by William Klingaman 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! Apple Podcasts Google Podcasts Spotify Email Heilbrunn Center Instagram LinkedIn
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    56 m
  • Robert Robotti - From Pink Sheets to Portfolio Management: Bob Robotti's Value Investing Journey

    Robert Robotti - From Pink Sheets to Portfolio Management: Bob Robotti's Value Investing Journey
    Nov 21 2025

    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 like Tweedy, Browne, Bob shares how those early exposures led him to a career buying underfollowed, undervalued companies. In this episode, Bob discusses how his contrarian approach has thrived amid market inefficiencies, especially in cyclical industries and under-the-radar public firms. He breaks down key investments, including Builders FirstSource and Tidewater, and explains why capital allocation, aligned incentives, and patience are critical to long-term success. He also addresses private equity, passive investing, and how AI might affect the future of both business operations and markets — and much more!

    Key Topics:

    • Introduction (0:00)

    • Bob's upbringing and early exposure to entrepreneurship (2:09)

    • How auditing Tweedy, Browne sparked Bob's interest in value investing (4:17)

    • Learning through Tony Pustorino and practical accounting (4:32)

    • Early influences from Walter Schloss, Joe Reilly, and Tweedy, Browne (5:39)

    • Experience working with Mario Gabelli (6:57)

    • Founding Robotti & Company and the original value edge (8:54)

    • Explaining pink sheet stocks and early investment strategies (10:00)

    • Philosophy on intrinsic value and discounted investments (14:31)

    • Mispricings from passive investing and cyclical businesses (16:24)

    • Views on private equity vs. public markets (19:27)

    • Being a generalist with deep knowledge in housing and energy (21:45)

    • Simplified valuation approach and the Builders FirstSource case (23:41)

    • Portfolio construction, sizing, and turnover explained (28:58)

    • Maintaining a patient capital base (33:38)

    • The Tidewater investment: thesis, board involvement, and strategy (36:42)

    • Capital allocation philosophy: buybacks vs. dividends (49:08)

    • Executive incentives and importance of management quality (51:02)

    • How Robotti sees AI impacting business and investing (53:13)

    • Thoughts on traditional business education and tangible assets (57:13)

    • Geopolitical risks, China's influence, and global economic concerns (58:03)

    • And much more!



    Mentioned in this Episode:

    • Robotti & Company Advisors

    • Tweedy, Browne

    • Gabelli & Company

    • Builders FirstSource

    • Tidewater Inc.

    • Amrep Corporation

    • Pulse Seismic Inc.

    • Museum of American Finance

    • U.S. Securities and Exchange Commission (SEC)

    • Lucadia National

    • Third Avenue Value

    • Canadian Natural Resources

    • Think Again by Adam Grant

    • Grit by Angela Duckworth

    • Teaming by Amy Edmondson

    • Quit by Annie Duke

    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!
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    1 h y 2 m
  • Richard Brekka - From Venture to Secondaries: Richard Brekka on Illiquid Market Advantages

    Richard Brekka - From Venture to Secondaries: Richard Brekka on Illiquid Market Advantages
    Nov 7 2025

    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 experience—from venture capital to secondary transactions—Richard shares his journey through private equity at Chase and CIBC, his role in building and reviving companies like Gomez Inc., and how that led him to identify a unique investment niche. He explains the mechanics of sourcing deals in illiquid markets, using data and AI to surface hidden gems, and the psychology of getting deals done. The discussion also explores valuations, exits, and policy implications of private market access for 401(k) investors, plus the impact of AI on business fundamentals and much more!



    Key Topics:

    ● Richard's early exposure to entrepreneurship and finance (3:29)

    ● Lessons from Arthur Laffer and University of Chicago MBA experience (6:15)

    ● Early career in private equity at Chase and learning value investing (8:12)

    ● Starting Dolphin Equity Partners after CIBC and early challenges (14:06)

    ● The rise and fall—and rebirth—of Gomez Inc. (17:18)

    ● Discovering secondary investing through Gomez's cap table (23:58)

    ● The founding and investment strategy of Second Alpha (26:29)

    ● Understanding the structure and dynamics of the secondary market (30:21)

    ● How Second Alpha sources deals and builds its data pipeline (35:49)

    ● The process of deal execution and managing rights of refusal (41:11)

    ● Case study: Prove Identity and growth through secondaries (52:29)

    ● Thoughts on liquidity, valuation, and 401(k) access to private markets (55:35)

    ● AI's impact on private companies and investment strategies (59:19)

    ● Book and podcast recommendations (1:01:34)

    ● And much more!

    Mentioned in this Episode:

    ● Second Alpha

    ● Chase

    ● CIBC

    ● Gomez Inc.

    ● Prove Identity

    ● TouchCommerce

    ● Arthur Laffer

    ● Acquired (podcast)

    ● Warren Buffett – Berkshire Hathaway Annual Letters

    ● Berkshire Hathaway Annual Shareholder Letters

    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!
    Más Menos
    1 h y 4 m
Todas las estrellas
Más relevante
the host keep interrupting the talk
What i really want to listen is about him not the host

Christopher was great but

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