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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
  • Amit Wadhwaney - From Montreal to Moerus: Amit Wadhwaney's Deep Value Discipline

    Amit Wadhwaney - From Montreal to Moerus: Amit Wadhwaney's Deep Value Discipline
    Oct 24 2025

    Amit Wadhwaney, founding partner and portfolio manager at Moerus Capital Management, joins hosts Tano Santos and Michael Mauboussin to trace his unorthodox journey from Bombay to Concordia to founding a value investing firm focused on the balance sheet. Along the way, he discusses his early exposure to Marty Whitman, lessons from Third Avenue's international expansion, and what led him to start Moerus.

    Amit outlines the core of his investment approach—asset-based valuation, downside protection, and long-term holding periods—and explains why macro factors are typically disqualifiers, not drivers, in his process. He shares insights into portfolio construction, the role of currency risk, and how Moerus identified undervalued opportunities in places like Argentina, Japan, and the gold sector.

    Key Topics:

    ● Growing up in India and finding investing through chemical engineering and economics (3:04)

    ● Discovering Marty Whitman via an obscure academic book on value investing (5:05)

    ● Lessons from selling real estate during Quebec's post-referendum panic (9:23)

    ● Joining MJ Whitman and watching Third Avenue evolve (11:12)

    ● Pioneering international value investing at Third Avenue (17:05)

    ● Founding Moerus Capital: philosophy, culture, and investment constraints (24:38)

    ● Moerus's asset-based investment framework (28:48)

    ● Managing macro risk and volatility through conservatism, not forecasts (30:41)

    ● Risk management: internal, external, and business model-related risks (33:00)

    ● Portfolio construction, position sizing, and concentration limits (46:39)

    ● Currency exposure and when to hedge (49:12)

    ● Case studies: Grupo Galicia and Despegar during Argentina's political shift (51:15)

    ● What keeps Amit up at night: industrial policy, broken immigration, and political gridlock (1:00:52)

    ● What Amit is reading—and what the Norton Simon Museum can teach investors (1:03:39)

    ● And much more!

    Mentioned in this Episode:

    ● Moerus Capital Management

    ● Third Avenue Management

    ● MJ Whitman

    ● Marty Whitman

    ● Grupo Financiero Galicia

    ● Despegar.com

    ● Wheaton Precious Metals

    ● Major Drilling Group

    ● Dundee Corporation

    ● UniCredit

    ● LATAM Airlines

    ● Journal of Economic Literature

    ● Shubik and Whitman's The Aggressive Conservative Investor

    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 8 m
  • Bill Ackman - Evolving Investment Playbook, From MBIA to Moats

    Bill Ackman - Evolving Investment Playbook, From MBIA to Moats
    Oct 10 2025
    Bill Ackman, founder and CEO of Pershing Square Capital Management, joins hosts Michael Mauboussin and Tano Santos to trace the arc of his investing journey—from his early days in real estate finance to founding Gotham Partners and eventually building Pershing Square into a $30 billion firm. Bill discusses formative moments that shaped his thinking, including his controversial early short of MBIA, the painful lessons of the Valeant episode, and the transformation brought about by adopting a permanent capital structure. He also unpacks his investment philosophy, the importance of durability and moats, and his team's approach to risk, activism, and concentrated investing. Along the way, Bill offers thoughts on AI, higher education, and what excites—and concerns—him about the future — and much more! Key Topics: ● Bill's near-death experience and early independence (2:19) ● Skills learned at Harvard and lessons from rowing and sales (3:50) ● Real estate foundation and Gotham Partners launch (6:44) ● Early credit derivative bet and discovery of MBIA issues (12:23) ● Formation and lessons from Pershing Square (19:02) ● The three eras of Pershing Square and the importance of permanent capital (21:03) ● Bill's investment philosophy and focus on durable moats (27:31) ● Thoughts on capital-light, network-effect businesses (33:58) ● How Pershing Square handles portfolio concentration and risk (36:30) ● Impact of AI and the resilience of activist investing (40:17) ● Student pitch trends and what makes a strong investment case (43:25) ● What Pershing looks for when hiring investment professionals (47:29) ● What worries and excites Bill today (51:34) ● Recommended reading and X as a research tool (54:34) ● And much more! Mentioned in this Episode: ● Pershing Square Capital Management ● Gotham Partners ● MBIA Inc. ● Farmer Mac ● Herbalife ● Valeant Pharmaceuticals ● General Growth Properties ● Hilton Worldwide ● Uber Technologies ● Universal Music Group ● Brookfield Asset Management ● The Financial History of Berkshire Hathaway by Adam Mead ● The Compounders: Lessons from 50+ Stories of Business Growth by Travis Wiedower 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
    57 m
  • Kristin Gilbertson - Risk, Resilience, and Returns

    Kristin Gilbertson - Risk, Resilience, and Returns
    Aug 29 2025

    In this episode, hosts Tano Santos and Michael Mauboussin speak with Kristin Gilbertson, CIO of Access Industries and former CIO of the University of Pennsylvania Endowment. Kristin shares her early interest in economic development and her unique journey through the World Bank, Stanford Management Company, and into managing a major university endowment. She outlines how risk awareness and preparation helped her successfully lead through the 2008 financial crisis and gives detailed insights into asset allocation, manager selection, and the nuances of family office investing. Kristin also discusses career strategies for students interested in the endowment and wealth management space and much more!

    Key Topics:

    ● Kristin's early life and interest in economics (3:33)

    ● Influential professors and academic inspirations at Harvard (4:10)

    ● Experience at the World Bank and the Young Professionals Program (10:09)

    ● Joining Stanford Management Company and portfolio repositioning (15:05)

    ● Moving to Penn and addressing portfolio gaps and alumni engagement (18:26)

    ● The responsibilities and structure of a university CIO role (22:00)

    ● Building Penn's VC exposure and getting into Sequoia (26:20)

    ● Kristin's investment philosophy and fixed asset allocations (34:34)

    ● Kristin's role at Access Industries and managing a family office (38:16)

    ● Differences between endowments and family offices (41:10)

    ● Concerns about mega-cap stock valuations and ETF opportunities (46:34)

    ● And much more!

    Mentioned in this Episode:

    ● Pioneering Portfolio Management by David Swensen

    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
    50 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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