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Newsletter Issue 7 Fall09 Final.Pub Graham & Doddsville An investment newsletter from the students of Columbia Business School Issue VII Fall 2009 Inside this issue: “Do an Excellent Job at a Few Things ” — Howard Marks Amedysis Home p. 12 Howard Marks is co- G&D: Can you tell us about Health Svc. Stock founder and Chairman of your early career and what Analysis Oaktree Capital Manage- got you interested in invest- ment. Founded in 1995, ing? Care Investment p. 14 Trust Stock Analysis Oaktree manages over $60 billion of investments HM: Well, I’m not one of in a variety of less effi- those guys who started buy- Dave Samra— p. 16 cient arenas, including ing stocks at the age of six. Artisan Partners High Yield Debt, Dis- The key is that unlike the tressed Debt, and Private rest of the guys you talk to Kevin Dreyer— p. 22 Equity, among other as- who liked investing all of GAMCO Asset set classes. Oaktree’s their lives, I did not. It was Management excellent long-term track something I discovered late. record and Mr. Marks’ My dad was an accountant. I went to Wharton and Howard Marks, Portfolio Editors: unique investment phi- losophy have resulted in planned on majoring in Ac- Manager - Oaktree Capital Matthew Martinek a loyal following of in- counting, but I got more MBA 2010 vestment professionals. interested in Finance and I had a summer job in the Clayton Williams Since starting his career changed majors. In those investment research depart- MBA2010 in 1969, Mr. Marks has days we went straight to ment at First National City Bank (now Citibank) in 1968. James Dunavant seen a range of ups and grad school, so I went to the MBA2011 downs in the financial University of Chicago where When I was getting out of markets, from the I did major in Accounting to grad school, I had no idea Garrett Jones growth of the high yield complement my degree in what I wanted to do, so I MBA 2011 bond market to the cur- Finance. interviewed with one large Dan Kaskawits rent leverage meltdown. (Continued on page 2) MBA 2011 Welcome Back to Graham & Doddsville Contact us at: [email protected] Oaktree Capital Manage- philosophy. Mr. Samra and As we enter our fourth year, ment. His client memos his co-Portfolio Manager Visit us at: we are pleased to present www.grahamanddodd.com you with the seventh issue of have become must-reads for Daniel O’Keefe were named their insightful thoughts and 2008 International-Stock www0.gsb.columbia.edu/students/ Graham & Doddsville , Colum- entertaining commentary. Fund Manager of the Year by organizations/ cima/ bia Business School’s student -led investment newsletter We are privileged to have Morningstar . him share his investment co-sponsored by the Heil- Finally, we interview Kevin brunn Center for Graham & philosophy with us. Dreyer ‘05, a recent alum of Dodd Investing and the Co- Dave Samra ‘93, a CBS alum the Applied Value Investing lumbia Investment Manage- and portfolio manager for Program to gain the insight ment Association. Artisan Partners’ Interna- of a recent alumni whose This edition features an in- tional Value and Global Value career has spanned a very funds, provides some unique interesting time in financial terview with Howard Marks, insights into his investment the founder and Chairman of (Continued on page 2) Page 2 Welcome to Graham & Doddsville (continued from page 1) (Continued from page 1) markets. Kevin provides an interesting perspective for investors and students alike. Along with providing our readers with insightful inter- views, we also aim to offer specific investment ideas that are relevant today. Inside are two student in- vestment recommendations, Amedisys (AMED) and Care Investment Trust (CRE). Please feel free to contact us if you have comments or ideas about the newsletter, as we continue to refine this publication for future edi- Seth Klarman, David Abrams, and Howard Marks at the 2008 tions. Enjoy! Security Analysis 75th anniversary symposium. Howard Marks (continued from page 1) (Continued from page 1) took place during this pe- were considered major re- management consultant, one riod. Citibank was a growth sponsibilities for both small management consult- investing shop and practiced budget and people, and it ant, one investment bank, what was called “nifty-fifty” was my job to know two one public accounting firm, investing. As a result, eve- sentences on three hundred one corporate treasury op- ryone who was in the non- companies – which I found eration, one investment growth areas – oil and gas, very unsatisfying. It was a manager, and in the end, I basic materials and so forth period in which I would say ended up going back to Citi- – kind of slipped away, and that I was disaffected. One bank because it had been a by the time the embargo of the great challenges in good experience. happened, we had no en- investing is captured in the ergy analyst, forest products saying that an analyst is So I started off 40 years ago analyst, chemicals analyst, someone who knows a in September of 1969 as an metals analyst, etc. So I was great deal about a few equity analyst following con- asked to put together en- things and learns more and glomerates and office equip- ergy and basic industry re- more about less and less ment other than computers, search groups, and it was until he knows everything which meant mostly copiers great to study the cyclical about nothing. And a port- and facsimile. I did invest- businesses to compliment folio manager knows a little ment research from 1969 the growth research. bit about a lot of things and until 1975 when I became learns less and less about director of research. One In 1975 I became director of more and more until he of the things that really research and that was a job knows nothing about every- added to my experience that I sorely disliked. I was thing. That is a dilemma, was the oil embargo that a 29 year old guy with what (Continued on page 3) Volume III, Issue 1 Page 3 Howard Marks (continued from page 2) (Continued from page 2) able” and know it better quality of life, but there goes and I was very unhappy than others do. my career.” However, it is knowing a little about a lot. very important to be doing We had a new chief invest- High yield bonds have given what you like in circum- ment officer join in 1977, me the best possible seat stances that you like if you Peter Vermilye. Since we for observing what took can arrange it. I stayed with had been practicing “nifty- place in finance over the last Citi until 1985, and then I fifty” in a terrible environ- 31 years. was hired by Trust Com- ment for it, our perform- pany of the West (TCW) to ance was terrible, so the build their high yield bond whole existing team de- department. In 1987 my served to be sacked. I was “The single partner Sheldon Stone and I very fortunate that he asked decided to start a fund for me to start up a portfolio of most important distressed debt, and that’s convertible bonds, which I when I joined up with Bruce did on August 1, 1978. adage in the Karsh. Then a couple of months later Peter came to me and investment It helps to be early. I think said, “there is some guy both our high yield bond named Milken or something world is “what fund at Citi in 1978 and our out in California and he distressed debt fund at works with junk bonds – the wise man TCW in 1988 were the first whatever that is – and can funds of their kind to be you figure out what that is does in the offered by mainstream finan- because one of our clients beginning, the cial institutions. The single asked for a junk bond port- most important adage in the folio.” fool does in the investment world is “what the wise man does in the So I started managing both end.” beginning, the fool does in high yield and convertible the end.” I don’t know how portfolios. I went from hav- wise it was – maybe it ing these big organizational should be what the lucky responsibilities to just being G&D: Why do you say man does in the beginning, me at a desk, knowing all I that? the fool does in the end. could about some narrow But by the time all the fools market niches, and I was HM: Everything interesting jump on a trend and take it ecstatic. In our business, has taken place via the high to excess, it is a disaster. I success is a relative game. If yield bond market – buy- left TCW in 1995 with the you know X and everybody outs, recaps, and leverage. MDs who reported to me else knows X, then you The private equity industry and we started Oaktree. haven’t succeeded because has had a very significant The rest is recent history. you don’t have an advan- effect on altering the finan- tage. The key to success in cial landscape. For all of G&D: When did you read our business is beating the these things, the high yield Security Analysis? other people. To do this, bond market gave you a you have to know more front row seat. HM: While at Wharton, I than the other people. The took an undergraduate smaller the arena you try to In 1980 I asked the bank to course in investments in know about, the more it is move me out to California 1965, when there was no possible to know more than because I didn’t like New talk about CAPM or effi- the next person.
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