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Graham & Doddsville Graham & Doddsville An investment newsletter from the students of Columbia Business School Inside this issue: Issue XXXIV Fall 2018 From Graham to Tweedy, Browne Company Tweedy, Browne Buffett and Beyond Company is a value- Omaha Dinner P. 3 oriented asset manager that Howard Marks manages domestic, Book Signing P. 4 international, and Tweedy, Browne global equity portfolios for Company P. 6 individuals, family Student groups, and Investment Ideas P. 17 institutions from all over the world. The Scott Miller P. 21 firm was one of the Clockwise from top left: Roger De Bree; Andrew Ewert ‘07; Frank Hawrylak, few investment firms Steve Tusa P. 28 CFA; Jay Hill, CFA; Bob Wyckoff; John Spears; Tom Shrager; Amelia Koh ‘16 mentioned by Warren Buffett in his Editors: (Continued on page 6) Ryder Cleary MBA 2019 Scott Miller, Greenhaven Road Capital Gregory Roberson, Esq. MBA 2019 Scott Miller formally launched long-biased value hedge fund Greenhaven Road Capital in 2011. Prior to founding David Zheng Greenhaven, Mr. Miller was the Co-Founder and CFO/Chief of MBA 2019 Strategy of Acelero Learning, a Head Start education services Frederic Dreyfuss company that has grown to over 1,200 employees. He was MBA 2020 previously an Analyst at Litmus Capital, an Associate at NewSchools Venture Fund, and has further experience as a Sophie Song, CFA business owner-operator. Mr. Miller earned a B.A. in Political MBA 2020 Science from the University of Pennsylvania, an M.B.A. from Scott Miller the Stanford University Graduate School of Business, and an John Szramiak MBA 2020 (Continued on page 21) Steve Tusa, Wall Street’s GE Bear Visit us at: www.grahamanddodd.com Rolf Heitmeyer www.csima.info JP Morgan’s Steve Tusa is Institutional Investor magazine’s #1 ranked analyst covering the Electrical Equipment & Multi- Industry sector. He has covered the sector since 1998, with lead coverage since 2005. In 2017, he gained notoriety for being Wall Street’s lone outspoken bear on GE, when the stock was trading in (Continued on page 28) Page 2 Welcome to Graham & Doddsville We are pleased to bring you members of the investment As a sell-side equity research the 34th edition of Graham & committee: Roger De Bree, analyst at JP Morgan, Steve Doddsville. This student-led Frank Hawrylak, Jay Hill, Tusa has gained notoriety as investment publication of Co- Tom Shrager, John the lone bear covering GE. lumbia Business School (CBS) Spears, and Bob Wyckoff, Since he first recommended is co-sponsored by the Heil- along with a pair of CBS an Underweight rating in May brunn Center for Graham & alumni who are currently 2016, the stock has fallen Dodd Investing and the Co- working as analysts at the more than 60%. Wall Street lumbia Student Investment firm: Andrew Ewert ’07 commentators have called it Management Association and Amelia Koh ’16. In the “one of the greatest stock Meredith Trivedi, Managing (CSIMA). interview, we discuss the calls of all time.” Steve runs Director of the Heilbrunn legacy of Ben Graham, the through his research on GE, Center. Meredith skillfully Since our Spring 2018 issue, dynamics of international the legacies of Jack Welch leads the Center, cultivating the Heilbrunn Center hosted investing, the firm’s invest- and Jeff Immelt, his prepara- strong relationships with the eighth annual “From Gra- ments in companies like Au- tion for TV appearances, and some of the world’s most ham to Buffett and Beyond” tozone, WPP, and Baidu, and the importance of patience in experienced value investors Omaha Dinner. This event is changes in the equity markets an investing career. and creating numerous held on the eve of the Berk- since the firm’s last G&D learning opportunities for shire Hathaway shareholder interview in 2010. Lastly, we continue to bring students interested in value meeting and features a panel of you stock pitches from cur- investing. renowned speakers. The Heil- We sat down with Scott rent students at CBS. In this brunn Center also hosted a Miller, the founder of issue, Winter Li ’19 and presentation and book signing Greenhaven Road Capital, a Shengyang Shi ’19 present by best-selling author How- long-biased value hedge fund. their long thesis on JD.com ard Marks after the release of The fund’s impressive track (JD), and Michael Wooten ’19 his new book Mastering the record since its founding in shares his long idea in the Market Cycle. 2011 has drawn notable at- semi-conductor company tention from the investing Qorvo (QRVO). Our first interview is with community. Scott discusses Tweedy, Browne Company, his background as a business We thank our interviewees one of the few investment operator, the prospects for for contributing their time firms mentioned by Warren autonomous vehicles, his and insights not only to us, Professor Tano Santos, the Buffett in his 1985 speech The philosophy on position sizing, but to the investment com- Faculty Director of the Heil- Superinvestors of Graham & as well as his investments in munity as a whole. brunn Center. The Center Doddsville, from which this companies like Etsy, TripAd- sponsors the Value Investing newsletter gets its name. We visor, Schein Vineyards, and Program, a rigorous aca- demic curriculum for partic- sat down with six of the seven Fiat Chrysler. - G&Dsville Editors ularly committed students that is taught by some of the industry’s best practitioners. The classes sponsored by the Heilbrunn Center are among the most heavily demanded and highly rated classes at Columbia Business School. Second-year Value Investing Program Meredith Trivedi with Professor Tano students chat with CBS Professor Kian Santos, Faculty Director of the Heilbrunn Ghazi at the 2018 Value Investing Center for Graham and Dodd Investing. Program welcome reception. Volume I, Issue Page 2 3 Page 3 “From Graham to Buffett and Beyond” Omaha Dinner 2018 Professor Bruce Greenwald presents at the annual Mario Gabelli ’67 addresses the crowd Omaha dinner and shares some words of wisdom Professor Bruce Greenwald, Mario Gabelli ’67, Jan Professor Bruce Greenwald signs a copy of his book Hummel, and Thomas Russo share a laugh Omaha attendees enjoy some downtime during the reception Page 4 Howard Marks’ Mastering the Market Cycle Book Signing and Discussion Mastering the Market Cycle, the newly released follow-up Howard Marks discusses markets and cycles in a to Marks’ highly regarded The Most Important Thing discussion moderated by CBS professor Ellen Carr Professor Tano Santos introducing Howard Marks to an Howard Marks signing a copy of his book alongside his excited crowd of students and professionals at Columbia associate Caroline Heald Former Graham & Doddsville editors Adam Schloss ‘18 (left) and Abheek Bhattacharya ‘18 with a copy of Mastering the Market Cycle Volume I, Issue Page 2 5 Page 5 SAVE THE DATE 22nd annual Columbia Student Investment Management Association Conference February 15, 2019 A full-day event featuring some of the most well-known investors in the industry, including keynote speakers: Jan Hummel of Paradigm Capital, Susan Byrne of Westwood Holdings Group, and Richard Pzena of Pzena Investment Management Presented by: The Columbia Student Investment Management Association and The Heilbrunn Center for Graham & Dodd Investing Visit our website for updates: http://www.csima.info For inquiries contact: Shara Singh [email protected] Matthew Stevenson [email protected] Page 6 Tweedy, Browne Company (Continued from page 1) 1985 speech The Jay Hill joined Tweedy, Institute of Business Superinvestors of Graham & Browne in 2003 and is a Administration, Drexel Doddsville from which this member of the Investment Institute of Technology, newsletter gets its name. Committee. He previously and The Wharton School Founded in 1920, Tweedy, worked at Banc of at the University of Browne Company now has America Securities LLC, Pennsylvania. 53 employees. Credit Lyonnais Securities (USA) Inc., and Providence Bob Wyckoff has been at Roger De Bree has been at Capital, Inc. Mr. Hill holds Tweedy, Browne since Roger De Bree Tweedy, Browne since a B.B.A. from Texas Tech 1991. He is a Managing 2000. He is the firm’s University. Director, a member of Treasurer and a member both the Investment and of the Investment Amelia Koh joined Management Committees, Committee. Mr. De Bree Tweedy, Browne in 2016 and Chairman and Vice previously worked at ABN as an Analyst focused on President of Tweedy, AMRO Bank and global companies. She Browne Fund Inc. Mr. MeesPierson Inc. He holds previously worked at Wyckoff previously worked an undergraduate degree Deutsche Bank Securities at Bessemer Trust, C.J. in business administration Inc. Ms. Koh holds a B.A. Lawrence, J&W Seligman, from Nijenrode, the from Macalester College and Stillrock Management. Business School in and an M.B.A. from He holds a B.A. from Breukelen, Netherlands, as Columbia Business School. Washington & Lee Andrew Ewert ‘07 well as an M.B.A. from University and a J.D. from IESE, the University of Tom Shrager has been at the University of Florida Navarre Business School in Tweedy, Browne since School of Law. Barcelona, Spain. 1989. He is a Managing Director, a member of Graham & Doddsville Andrew Ewert joined both the Investment and (G&D): How relevant is Ben Tweedy, Browne in 2016 Management Committees, Graham’s philosophy today? as an Analyst focused on and President and Director global companies. He of Tweedy, Browne Fund Tom Shrager (TS): I would previously worked at Inc. Mr. Shrager previously argue that Graham’s Equinox Partners, L.P., worked in M&A at Bear philosophy is still fully Ruane, Cunniff & Goldfarb Stearns and as a consultant applicable today. He was one Inc., MTS Health Partners, at Arthur D. Little. He of the first investors to create Frank Hawrylak, L.P., and Bear Stearns.
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