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. Mauboussin has been an adjunct professor of by Barron’s to its All-Century Investment Team. He finance at Columbia Business School since 1993 and is
8 Columbia Business School Heilbrunn Center for Graham & Dodd Investing The 24th Annual Columbia Student Investment Management Association Conference 9 received the Sauren Golden Award in 2015 and 2017 Rishi Renjen for best US Equity Manager, and Two Gold Medals in ROAM Global Management 2019 for Excellent Fund Management. Rishi is currently the Founder and Managing Partner Mr. Miller was the director of research for Legg Mason of ROAM Global Management LP, a New York-based from October 1981 through June 1985, and assumed investment firm that embraces an independent overall responsibility for Legg Mason’s equity funds disposition and global perspective on investing. The management division in 1990. He co-founded Legg firm takes a fundamental approach to investing in Mason Capital Management in 1982 and served as the global equities both long and short, with a strong Firm’s CIO for 30 years. emphasis on single name alpha shorts. The investment Mr. Miller earned his economics degree from strategy is an extension of Rishi’s prior portfolio Washington and Lee University where he graduated management experience and focuses on four areas with honors in 1972. Subsequent to graduation, he of expertise – consumer, media & telecom, business served as a military intelligence officer overseas and services and select cyclicals. This focus allows the firm then pursued graduate studies in philosophy in the PhD to be opportunistic to idea flow while honing in on the program at The Johns Hopkins University. He received team’s core competencies. his CFA in 1986. Mr. Miller is Chairman Emeritus of the Prior to founding ROAM Global, Rishi was a Managing Board of Trustees of the Santa Fe Institute. The Santa Director and Sector Head at Maverick Capital, Ltd. in Fe Institute is one of the world’s leading scientific New York, where he managed the firm’s multi-billion research organization, conducting multidisciplinary dollar portfolio of equity investments in consumer, research in complex systems theory. media & telecom, business services and consumer 1. Legg Mason Value Trust-Class C beat the S&P 500 on an annual financial industries. In addition to his role as a portfolio basis from 1990-2005. Bill Miller no longer manages the fund. decision-maker and steward of client capital, Rishi 2. Morningstar’s Award for “Domestic Equity Fund Manager of was a member of the firm’s Stock Committee and the Year 1988” recognizes portfolio managers who demonstrate involved in business-building decisions through his role excellent investment skill, the courage to differ from consensus, and the commitment to shareholders necessary to deliver on Maverick’s Advisory Committee. Prior to Maverick, outstanding long-term performance. Rishi was a Partner at TPG-Axon Capital in London and New York, where he led global public market Dan Rasmussen investing across various industries with a particular Verdad Advisers focus on international markets. Rishi began his public investing career as a Senior Analyst at Glenview Capital Before starting Verdad, Dan worked at Bain Capital Management LLC, where he focused on business and Bridgewater Associates. Dan earned an AB from services. Previously, he was a Private Equity Analyst Harvard College summa cum laude and Phi Beta Kappa in the LBO and Special Situations Group at Warburg and an MBA from the Stanford Graduate School of Pincus LLC, and an Investment Banking Analyst in the Business. He is the New York Times bestselling author Financials Sponsors Group at Citigroup Global Markets. of American Uprising: The Untold Story of America’s Rishi earned a Bachelor of Science in Economics, with a Largest Slave Revolt. In 2017, he was named to the concentration in Finance, from The Wharton School at Forbes 30 under 30 list. the University of Pennsylvania.
Since 2012, Rishi has nurtured his passion for investing and talent development through a teaching role at Columbia Business School, where he serves as
10 Columbia Business School Heilbrunn Center for Graham & Dodd Investing The 24th Annual Columbia Student Investment Management Association Conference 11 an Adjunct Assistant Professor in the Value Investing Economic Review Papers and Proc., the Journal of Program. Rishi has taught the Applied Value Investing Political Economy, the Review of Financial Studies and class for almost a decade, and has also taught Applied the Journal of Public Economics. Of these publications, Security Analysis I & II. Furthering his involvement in his “Prospect Theory and Asset Prices” (with N. Barberis education, Rishi is a member of the Board of Trustees and M. Huang) Quarterly Journal of Economics, of the Excellence Community Schools, a charter school February 2001, vol. 116 (1), pp. 1-53 was the Winner of management organization. This builds upon his role on the 2000 FAME Research Prize. the liaison committee to the DREAM Charter School and Washington Heights Expeditionary Learning Andrew Skatoff ‘09 Schools (WHEELS) as a prior Board Member of the Bancreek Capital Management, LP Maverick Capital Foundation Andrew Skatoff is the Founder of Bancreek Capital Management, LP an investment firm that will focus Tano Santos on the public market investment strategy Andrew David L. and Elsie M. Dodd Professor developed and managed while at Belfer Management of Finance; LLC, a single family investment office based out of Faculty Director, Heilbrunn Center for New York. Andrew spent the past 11 years as a senior Graham & Dodd Investing member of the investment team at Belfer, focused on Professor Tano Santos joined the faculty of Columbia identifying direct public and private equity opportunities Business School in 2003. He received his Ph. D. in to compound permanent capital on an after-tax/ Economics, Department of Economics, University of risk adjusted basis. Andrew received his M.B.A. from Chicago, Chicago, IL in 1996. He received his BS in Columbia Business School, where he completed the Economic and Business Sciences, Facultad de CC. Value Investing Program, and received his Bachelor Económicas y Empresariales, Universidad Complutense of Science in Accounting and Master of Accounting de Madrid, Madrid, Spain in 1990. Before joining degrees from the University of Florida. Andrew is a Columbia, professor Santos was an Associate Professor member of the Financial Accounting Standards Advisory of Finance at the Graduate School of Business, Council (FASAC). He currently lives in Santa Monica with University of Chicago. Professor Santos is a Faculty his wife, two children, and their dog, Ozzie. Research Fellow at the National Bureau of Economic Research (NBER) and a researcher at the Centre for Amy Zhang ‘97 Economic Policy Research (CEPR). Alger Professor Santos focuses his research on two distinct Amy Y. Zhang is Executive Vice President and Portfolio areas. A first interest is the field of asset pricing with Manager of the Alger Small Cap Focus, Alger Mid Cap a particular emphasis on theoretical and empirical Focus and Alger Small Cap Growth Strategies. She models that can account for the predictability of joined Alger in 2015 and has 25 years of investment returns, both in the time series and the cross section. A experience. Additionally, Amy is a member of The Alger second interest is applied economic theory, specifically, Partners Plan. During her tenure at Alger, she has been the economics of financial innovations as well as theory featured and quoted in a number of publications such of organizations. He teaches the value investing class. as: The Wall Street Journal, Barron’s, The New York Professor Santos has written academic publications Times, Citywire, Investor’s Business Daily, Bloomberg, which have appeared in leading journals such as Business Insider, Investment News, MarketWatch, China Quarterly Journal of Economics, the American Business Network, Xinhua, Forbes, CNBC, and CNN.
12 Columbia Business School Heilbrunn Center for Graham & Dodd Investing The 24th Annual Columbia Student Investment Management Association Conference 13 In 2019 and 2018, Amy received the following awards: “Top 20 Female Portfolio Managers” by Citywire, “Women to Watch” honoree by Investment News, “50 outstanding Asian Americans in Business Award 2019” by the Asian American Business Development Center, “Top Women in Asset Management” by Money Management Executive, “Best Stock-Fund Managers” by the Wall Street Journal, “Top 20 Female Portfolio Managers” by Citywire*, “The Mulan Award” by the Mulan Club.
Prior to joining Alger, Amy worked at Brown Capital Management as a Partner, Managing Director, and Senior Portfolio Manager of its Brown Capital Small Company Strategy, including the Brown Capital Small Company Fund. Her previous experience includes working as a Portfolio Manager/Analyst at Epsilon Investment Management, Research Analyst at Templeton Worldwide, and Associate at Citicorp Securities. She is a former President of the CFA Society Baltimore and is currently chair of their Advisory Board. She served as a member on the Board of Directors, as well as Vice President and Programs Chair for the CFA Society of Stamford. Amy is a board member of the Mulan Club. Amy is also a member of the Board of Trustees of Manhattanville College, where she founded the AYZ STEM scholarship. Amy earned her B.A. from Manhattanville College, where she graduated summa cum laude. She earned her M.B.A. from Columbia Business School, where she was inducted into the Beta Gamma Sigma honor society and named to the Dean’s List. Amy is a CFA charterholder and a member of the CFA Institute.
14 Columbia Business School Heilbrunn Center for Graham & Dodd Investing The 24th Annual Columbia Student Investment Management Association Conference 15 About CSIMA CSIMA Board 2020—2021
The Columbia Student Investment Management Association (CSIMA) CO-PRESIDENTS Saumini Shah ‘21 Michael Weng ‘22 is a student-led club dedicated to the education and professional EXECUTIVE VICE Ryan Albert ‘21 PRESIDENTS Jocelyn Bohn ‘21 development of Columbia Business School students interested Tim Lechleider ‘21 in investment management. As such, CSIMA works closely with Ethan Liu ‘21 Ronald Ma ‘21 the Heilbrunn Center for Graham & Dodd Investing and provides a Michael Zauderer ‘21 critical point of contact for hedge funds, mutual funds, family offices, VICE PRESIDENTS ASSISTANT VICE PRESIDENTS private wealth managers, and other investment managers seeking CONFERENCE Kyle Campbell ‘21 Bryant Gil ‘22 interaction with Columbia Business School students. In addition to Ruth Chen ‘21 Sagar Dave ‘22
hosting an annual conference and an inter-business school stock pitch IIC Rainbow Chik ‘21 David Winslow ‘22 competition, CSIMA publishes the Graham & Doddsville newsletter; Jack Ken ‘21 Sherry Zhang ‘22 Sean Lee ‘21 Joseph Zhang ‘22 sponsors guest lectures and panels featuring industry practitioners; Eric Tse ‘21
hosts monthly Investment Ideas Club meetings; facilitates visits to CAREERS Amitaabh Sahai ‘21 Rodrigo Viada Campos ‘22 firms in key investment management cities around the globe; runs Joseph Allan Sinay ‘21 Will Husic ‘22 an annual trip to Omaha to attend the Berkshire Hathaway Annual Meeting; assists student members with the recruiting process through PROFESSIONAL EVENTS Grant Hugueny-Clark ‘21 Cathy Yao ‘22 educational events and a robust mentorship program; and organizes Alex Feng ‘21 Maggie Brady ‘22 Sung Lee ‘21 Dickson Pau ‘22 social and alumni events to strengthen our community. SOCIAL Robert Horn ‘21 John Bleday ‘22 Andrew Karp ‘21 Maria van Heeckeren ‘22 CBS COMPETITION April Yin ‘22 24TH ANNUAL CSIMA Chirag Sapra ‘22 Flora Chai ‘22 CONFERENCE ORGANIZERS Neil Parekh ‘22 EXTERNAL COMPETITIONS Manas Bajaj ‘21 Yi Cheng ‘21 Conference Vice Presidents Mark Hu ‘21 Shaunak Misra ‘21 Kyle Campbell ‘21 Ruth Chen ‘21 G&D NEWSLETTER Matt Habig ‘21 Bill Ledley ‘22 Rodrigo de Paula ‘21 Franklin Shieh ‘22 Alison Tien ‘21 Tom Moore ‘22 Conference Assistant Vice Presidents FINANCE Geoff Parr ‘21 Dylan Quenneville ‘22 Wenbo Zhao ‘22 Bryant Gil ‘22 Sagar Dave ‘22 COMMUNICATIONS Michael Lee ‘21 ALUMNI Andreas Helland ‘21 Arjun Kapur ‘22
ONBOARDING Andrew Iftode ‘21 Noah Kraff ‘22 Leo Pertsovsky ‘21 Jeffrey Shi ‘22
Visit www.CSIMA.info to learn more about the Columbia Student CBS TREKS Dean Ebozue ‘21 Frank Wan ‘22 Brendan Gaglia ‘21 Connor Flood ‘22 Investment Management Association. To obtain a copy of the CSIMA Xiaolan Xu ‘21 Jorge Eguidazu ‘22 Kyle Heck ‘22 resume book, please contact the Heilbrunn Center staff SPECIAL PROJECTS Joe Li ‘21 Harrison Liftman ‘22 at [email protected]. WEALTH MANAGEMENT Lyn Luo ‘21 Dongming Kim ‘22 Philip Zhou ‘21 FICC Akshay Chawla ‘21 Bill Henry ‘22 ALTERNATIVE DATA Hugues Dongmo ‘21 Taiyo Hamanaka ‘22 OMAHA Yichen Sun ‘22
16 Columbia Business School Heilbrunn Center for Graham & Dodd Investing The 24th Annual Columbia Student Investment Management Association Conference 17 About the Heilbrunn Center Save the Date
The Heilbrunn Center for Graham and Dodd Investing was established in 2001 to ensure a permanent home for value investing at Columbia Business School, the birthplace of the value approach. The Heilbrunn Center’s mission is to promote the dynamic study and development of Value Investing; improve the practice of investing with world-class education, research, and practitioner-academic dialogue; and to further Columbia Business School’s role as the leading resource for investment The Heilbrunn Center for Graham & Dodd Investing management. Today, the Heilbrunn Center is helping educate new generations of at Columbia Business School presents value investors who carry on the legacy of Graham and Dodd.
Leadership and Staff THE 12TH ANNUAL Tano Santos Meredith Trivedi David L. and Elsie M. Dodd Managing Director From Graham to Professor of Finance, Buffett and Beyond Academic Director Julia Kimyagarov Director OMAHA DINNER
Virtual Executive Advisory Board
William von Mueffling ’95, Andrew S. Gundlach ’01 Chair Bleichroeder Tickets go on sale in March at Cantillon Capital Management www.grahamanddodd.com Lauren Krueger ’02 Mike Blitzer ’04 KKR Kingstown Capital Management The annual From Graham to Buffett and Beyond Dinner is generously sponsored by: Thomas Russo William Browne Gardner Russo & Gardner Tweedy, Browne Company Jennifer Wallace ’94 Budge Collins Summit Street Capital Collins/Bay Island Securities Management
David Greenspan ’00 Slate Path Capital
18 Columbia Business School Heilbrunn Center for Graham & Dodd Investing The 24th Annual Columbia Student Investment Management Association Conference 19 www.gsb.columbia.edu