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24Th Annual CSIMA Conference but First, a Word from Our Sponsors Thursday, February 4, 2021 Friday, February 5, 2021 10:30am – 2:00pm 24th Annual CSIMA Conference But first, a word from our sponsors... The Columbia Student Investment Management Association and the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School are grateful to the following firms for their generous sponsorship of this conference. The 24th Annual Columbia Student Investment Management Association Conference 3 Agenda Featured Speakers Thursday, February 4, 2021 Anne-Sophie D’andlu CIAM 10:30 a.m.—11:30 a.m. Bill Miller Miller Value Funds Anne-Sophie is Co-Founder and Deputy CEO at CIAM, a European Event Driven & Activist investment Moderated by: management firm, which she co-founded with Catherine Michael Mauboussin, Counterpoint Global Berjal in 2010. Over the last seven years, the funds managed by CIAM have been involved in a number of 11:35 a.m.—12:50 p.m. Best Ideas Panel engaged/activist situations, the most public ones being Joyce Meng, FACT Capital Club Med and Euro Disney, which each time addressed Rishi Renjen, ROAM Global poor corporate governance practices. More recently, CIAM also engaged on social and environmental issues. Management Anne-Sophie has a professional experience of almost Amy Zhang '97, Alger twenty five years in Finance, amongst which eighteen years in the Hedge Fund industry. Prior to launching Moderated by: CIAM, Anne-Sophie worked seven years at Systeia Andrew Skatoff '09, Bancreek Capital Capital Management, a Paris based hedge fund Management, LP manager, subsidiary of Amundi, mainly as a portfolio manager of their Event Driven funds. 1:00 p.m.—2:00 p.m Bruce Greenwald Columbia Business School Before this, she worked six years at PwC from 1995 to 2001, first in their Audit department and then in their Corporate Finance department, doing M&A advisory Friday, February 5, 2021 to non-listed companies. During that period, she spent three years in New York. 10:30 a.m.—11:30 a.m. Anne-Sophie D’andlu CIAM Anne-Sophie holds a Master degree in Finance from NEOMA Business School (France). Moderated by: Tano Santos, Columbia Business School Chris Davis 11:35 a.m.—12:50 p.m. Investing in Times of Crisis Panel Davis Advisors Chris Davis, Davis Advisors Chris Davis is Chairman of Davis Advisors, an independent investment management firm founded Dan Rasmussen, Verdad Advisers in 1969 with more than $26.1 billion in AUM. Moderated by: He is a co-Portfolio Manager of the Davis New York Lauren Krueger ‘02, KKR Venture Fund, Davis Large Cap SMA and Davis Select US Equity ETF (DUSA). 1:00 p.m.—2:00 p.m C.T. Fitzpatrick The Davis New York Venture Fund has outperformed Vulcan Value Partners the S&P500 in 98% of rolling 20-year holdings periods since its inceptions in 1969. $10,000 invested in Davis 4 Columbia Business School Heilbrunn Center for Graham & Dodd Investing The 24th Annual Columbia Student Investment Management Association Conference 5 NY Venture since inception grew to $2.6 million vs. Bruce Greenwald $1.5 mullion for the S&P500. Columbia Business School He is also the PM of the Davis Financial Fund and the Bruce C. N. Greenwald is the Robert Heilbrunn Professor Davis Select Financial ETF (DFNL), and is a member Emeritus of Finance and Asset Management at Columbia of the research team for other Davis portfolios. Business School. Described by the New York Times as “a Chris joined Davis in 1989 and has over three guru to Wall Street’s gurus,” Greenwald is an authority on decades of experience in investment management and value investing with additional expertise in productivity securities research. He has been previously recognized and the economics of information. as a Morningstar Manager of the Year. Greenwald has been recognized for his outstanding As Chairman, Mr. Davis focuses on maintaining the teaching abilities. He has been the recipient of culture of research, performance and stewardship numerous awards, including the Business School’s that has characterized Davis Advisors for more than Lifetime Achievement Award, and the Columbia fifty years. The result is 4 out of 5 Davis equity funds University Presidential Teaching Award which honors have outperformed their benchmarks since inception. the best of Columbia’s teachers for maintaining All have low fees and count Davis among the largest the University’s longstanding reputation for shareholders, with over $2 billion invested alongside educational excellence. His classes are consistently shareholders in the funds they manage. oversubscribed. Prior to joining Davis, Chris worked at Tanaka Capital Since 2007, Greenwald has served as Director of Management and State Street Bank & Trust Company. Research and currently Senior Advisor, for First Eagle He received his M.A. from the University of St. Andrews Investment Management. In addition, Bruce consults in Scotland. worldwide on a variety of issues concerning capital markets, business strategy, corporate finance and labor performance. C.T. Fitzpatrick Vulcan Value Partners Greenwald is the author of several books including Value Investing: From Graham to Buffett and Beyond C.T. Fitzpatrick founded Vulcan Value Partners in (with Judd Kahn, et al, Wiley, 2020), The Curse of the 2007 to manage his personal capital. Since inception, Mogul: What’s Wrong with the World’s Leading Media all five strategies have peer rankings in the top 8% of Companies (with Jonathan A. Knee and Ava Seave, value managers in their respective categories.* Prior Penguin, 2009), Competition Demystified: A Radically to founding Vulcan Value Partners, C.T. worked as a Simplified Approach to Business Strategy (with Judd principal and portfolio manager at Southeastern Asset Kahn, Putnam Penguin, 2005), and Adverse Selection in Management. During his 17 year tenure, the team at the Labor Market (Garland Press, 1980). Southeastern Asset Management achieved double digit returns well ahead of inflation and was ranked in top Greenwald has received a B.S. and a Ph.D. from the 5% of money managers over five, ten, and twenty year Massachusetts Institute of Technology, and an M.P.A. periods according to Callan and Associates. and M.S. from Princeton University. C.T. earned his MBA in Finance from the Owen Graduate School of Management at Vanderbilt University. He also has a BS in Corporate Finance from the University of Alabama. 6 Columbia Business School Heilbrunn Center for Graham & Dodd Investing The 24th Annual Columbia Student Investment Management Association Conference 7 Lauren Krueger ‘02 on the faculty of the Heilbrunn Center for Graham and KKR Dodd Investing. He is also the chairman of the board of trustees at the Santa Fe Institute, a research center Lauren Krueger (New York) joined KKR in 2018 as a devoted to the study of complex systems. He earned an Managing Director leading KKR’s corporate governance A.B. from Georgetown University. efforts across U.S. Private Credit and Special Situations strategies. Prior to joining KKR, Mrs. Krueger was an independent fiduciary for Drivetrain Advisors Joyce Meng where she worked with investors to maximize value FACT Capital for stressed and distressed companies. Previously, Joyce is the Founder of FACT Capital (FACT stands for Mrs. Krueger served in investing roles at Esopus Creek Fairness, Alignment, Compounding, and Transparency), Advisors and the D.E. Shaw Group and in restructuring which innovatives on the hedge fund model and applies advisory at Lazard Freres. Mrs. Krueger holds an AB ‘first principles’ thinking to investment framework, degree from Princeton University and a MBA from portfolio/research transparency, technology use, and Columbia Business School, where she served as an incentive alignment for long term compounding. Prior Associate Adjunct Professor of Finance and taught the to FACT, Joyce was Partner at Vernier Capital and course Misunderstood Securities for several years. Mrs. Research Analyst at MSD Capital and Goldman Sachs Krueger also serves on the Advisory Board of Columbia Investment Partners. Joyce graduated summa cum Business School’s Heilbrunn Center for Graham & Dodd laude from the Huntsman Program of the University of Investing. Mrs. Krueger currently sits on the Boards of Pennsylvania, receiving a BA in International Studies Angelica Corporation, ASG Technologies, JW Aluminum and a BS in Economics from the Wharton School. As a Inc., PRG Worldwide Entertainment, Proserv, Sorenson Rhodes Scholar, she graduated with distinction from Communications, Inc., The Collected Group, Constellis Oxford University with an MSc in Financial Economics and the Children’s Health Fund (CHF). and an MSc in Economics for Development. Joyce was also recognized as Forbes 30 under 30 (2014) and Michael Mauboussin Wharton 40 under 40 (2015). She speaks Mandarin Counterpoint Global and Spanish fluently. As hobbies, she volunteers with Givology (www.givology.org), enjoys reading, and plays Michael J. Mauboussin is Head of Consilient Research ice hockey. at Counterpoint Global in New York. Previously, he was Director of Research at BlueMountain Capital, Head of Global Financial Strategies at Credit Suisse, and Bill Miller Chief Investment Strategist at Legg Mason Capital Miller Value Funds Management. Mr. Mauboussin joined Credit Suisse in William “Bill” Miller III, Baltimore, Maryland. Mr. Miller 1992 as a packaged food industry analyst and was is the Chairman and Chief Investment Officer of named Chief U.S. Investment Strategist in 1999. Miller Value Partners. Mr. Miller is widely recognized Mr. Mauboussin is the author of three books, including for beating the S&P 500 for 15 consecutive years The Success Equation: Untangling Skill and Luck in as the sole manager of the Legg Mason Value Trust.1 Business, Sports, and Investing and is co-author, with He was named fund Manager of the Year in 1998 Alfred Rappaport, of Expectations Investing: Reading by Morningstar2, The Greatest Money Manager of Stock Prices for Better Returns. the 1990s by Money Magazine, Fund Manager of the Decade by Morningstar.com, and was named Mr.
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