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Graham & Doddsville Graham & Doddsville An investment newsletter from the students of Columbia Business School Inside this issue: Issue XXII Fall 2014 Wally Weitz — Omaha Dinner P. 3 Power of Good Management 5x5x5 Student Value Investing Wally Weitz is the Founder and President of Weitz Fund P. 4 Investment Management, an Omaha-based fund manager with over $5 billion in AUM. Influenced by the value investing Wally Weitz P. 6 philosophy of Benjamin Graham and Warren Buffett, Mr. Weitz started his career as a securities analyst in New York Guy Gottfried P. 14 after earning a BA in Economics from Carleton College in 1970. He then joined Chiles, Heider, & Co. in Omaha, Columbia IIC working there for ten years before starting his own fund in Meeting Ideas P. 22 Wally Weitz (Continued on page 6) Development Capital Partners P. 26 Guy Gottfried — Editors: The Value of Capital Allocation Matt Ford MBA 2015 Guy Gottfried is the Founder and Managing Partner of Rational Investment Group, LP, a Toronto-based investment Peter Pan firm following a concentrated, risk-averse value approach. MBA 2015 Prior to founding Rational, Mr. Gottfried was an analyst at Tom Schweitzer, CFA Fairholme Capital Management. He began his career at MBA 2015 Veritas Investment Research, Canada’s largest independent equity research firm. Mr. Gottfried graduated with a BBA Brendan Dawson with Honors from the Schulich School of Business at York MBA 2016 Guy Gottfried University, where he was a President’s Scholarship recipient. Scott DeBenedett (Continued on page 14) MBA 2016 Michael Herman Development Capital Partners — MBA 2016 The Changing Landscape in Africa Visit us at: Development Capital Partners (DCP) is a New York- www.grahamanddodd.com based investment manager focused exclusively on Afri- www.csima.org can markets. The fund was co-founded by Paul Tierney, Matt Tierney ’02, Gordon McLaughlin ’11, and Matt Magenheim ’11. DCP Team Graham & Doddsville (G&D): Could you start by explaining how you became inter- ested in investing? Paul Tierney (PT): I got started in the investment business with no background in investments. I graduated from college having studied philosophy, and then went into (Continued on page 26) Page 2 Welcome to Graham & Doddsville It is our pleasure to bring you They think I’m a book with a Development Capital Partners the 22nd edition of Graham & couple of legs sticking out.” shared with us the excitement Doddsville. This student-led Indeed, continuous reading and and challenges of investing in investment publication of learning is critical to succeeding companies across the African Columbia Business School (CBS) as an investor, and we thank continent. is co-sponsored by the Heil- you for counting G&D as part brunn Center for Graham & of your reading regimen. Lastly, we continue to bring Dodd Investing and the Colum- you pitches from current stu- bia Student Investment Manage- For this issue we spoke with dents at CBS. CSIMA’s Invest- ment Association (CSIMA). six investors from three firms, ment Ideas Club meets regular- each with a distinct investment ly throughout the year, includ- To recap the happenings since style and focus. We believe ing during the summer, and our Spring 2014 issue, the Heil- you will enjoy our interview- provides CBS students the Louisa Serene Schneider brunn Center hosted the fifth ees’ diverse set of perspectives. opportunity to practice crafting ’06, The Heilbrunn Center annual “From Graham to Buffet and delivering investment pitch- Director. Louisa skillfully and Beyond” Dinner in Omaha, Wally Weitz, Founder and es. In this issue, we feature two leads the Center, cultivating held on the eve of the Berkshire President of Weitz Investment ideas from our classmates Kev- strong relationships with Hathaway Shareholders’ meeting Management in Omaha, NE, in Lin ’16 and Sisy Wang ’16: some of the world’s most and featuring a panel of re- was our first interview. We long Countrywide PLC (LON: experienced value inves- nowned speakers. Photos of the discuss how Mr. Weitz’s invest- CWD) and short B&M Europe- tors, and creating numer- event can be found on page 3. ment philosophy has evolved an Value Retail (LON: BME). ous learning opportunities over time, his views on valua- for students interested in We also proudly announce the tion, and assessments of his We strongly believe in the value investing. The classes formation of our inaugural stu- past and current holdings. value of diversity of thought sponsored by the Heil- dent-run Value Investing Fund, and experience. These insights brunn Center are among made possible by a generous gift Guy Gottfried, Founder and come from a variety of sources, the most heavily demanded from Helibrunn Center Advisory Managing Partner of Rational and we look forward to bring- and highly rated classes at Board Member Mr. Thomas Investment Group, shares ing you these unique perspec- Columbia Business School. Russo and his wife Georgina. some of his key investing les- tives and fresh ideas during this Please read more on page 4. sons with us, including the academic year. importance of partnering with As our fellow students begin strong management teams and As always, we thank our their Fall courses at CBS, we are maintaining a high level of in- interviewees for contributing reminded of a humorous quote vesting discipline. their time and insights not only from Charlie Munger: “In my to us, but to the investment whole life, I have known no wise And as we look for investors community as a whole, and we people who didn’t read all the with a global perspective, Paul thank you for reading. time...my children laugh at me. Tierney and his partners at - G&Dsville Editors Professor Bruce Greenwald the Faculty Director of the Heilbrunn Center. The Center sponsors the Value Investing Program, a rigor- ous academic curriculum for particularly committed students that is taught by some of the industry’s best practitioners. The Heilbrunn Center Team, Julia Renowned Columbia Business School Kimyagarov, Louisa Serene Schneider ’06, alumnus Mario Gabelli ’67 shares his and Marci Zimmerman, at the May 2014 experiences as a panelist at the May 2014 Omaha Dinner Omaha Dinner IssueVolume XXII I, Issue 2 Page 3 “From Graham to Buffet and Beyond” Omaha Dinner 2014 Dinner panelists included Bruce Greenwald, Wally Wally Weitz offers his thoughts alongside Bruce Weitz, Bill Ackman, Tom Russo, and Mario Gabelli ’67 Greenwald and Bill Ackman Tom Russo of Gardner, Russo & Gardner, LLC Bill Ackman, Louisa Serene Schneider ’06, Paul Hilal ’92, and Alex Rodriguez converse during the reception Page 4 5x5x5 Student Value Investing Fund Tano Santos, Tom Russo, and Bruce Greenwald at the Louisa Serene Schneider ’06, Glenn Hubbard, Tom Russo, Value Investing Program Welcome Reception. Mr. Russo and Bruce Greenwald at the official inception of the 5x5x5 donated a generous gift to create the first-ever student Student Value Investing Fund value investing fund: 5x5x5 Columbia Business School is delighted to announce the formation of its inaugural student-run Value Investing Fund. This innovative fund was made possible by a generous gift from Thomas Russo and his wife Georgina. Mr. Russo is a frequent guest lecturer at Columbia Business School, and a member of the Heilbrunn Center Advisory Board. Thanks to Mr. Russo’s creativity and leadership, this unique entrepreneurial fund is both long-term and aligns with the fundamental principles of value investing, making it unlike any other student-run fund. The Russos’ gift affords Columbia’s value investing students the opportunity to connect value-oriented investment theories to real world practice as they apply their classroom learning in the management of this fund. The 5x5x5 Student Value Investing Fund was introduced by Mr. Russo to the Heilbrunn community at the Value Investing Program Welcome Reception on September 12, 2014. In addition to Mr. Russo, the 5x5x5 Fund Board will consist of five students from the Value Investing Program along with Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, and Louisa Serene Schneider ’06, Senior Director of the Heilbrunn Center. During the Spring 2015 semester, students in the Value Investing course taught by Bruce Greenwald and Tano Santos will have the opportunity to submit their investment ideas to the 5x5x5 Board. The Board will then choose among these investment ideas and will articulate five reasons behind each investment. Five of the stocks will then be selected and invested in for a period of five years. At the end of five years, the original amount, accounting for inflation, will be invested back into the 5x5x5 Fund and the remainder of the gains will be used to support current-use scholarships for students interested in investment management. As alumni, program students will remain active managers of the 5x5x5 Fund, continuing their support of, and connection to, the Heilbrunn Center and Columbia Business School. Tom Russo discussed the details of the newly created Bruce Greenwald provided an overview of the structure of 5x5x5 Fund with value investing program students and the 5x5x5 Fund to students and alumni from the alumni Columbia Business School Value Investing Program Page 5 SAVE THE DATE 18th Annual Columbia Student Investment Management Association Conference January 30, 2015 A full-day event featuring keynote addresses and panel discussions from some of the most well-known investors in the industry. Presented by: The Columbia Student Investment Management Association and The Heilbrunn Center for Graham & Dodd Investing Visit our website for updates: http://www.csima.org For inquiries contact: Calvin Chan [email protected] Lou Cherrone [email protected] James Leo [email protected] Page 6 Wally Weitz (Continued from page 1) firm in 1970 when I graduated. only three outside 1983 with $11 million in I worked at G.A.
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